Elastic (NYSE:ESTC) Stock Price Expected to Rise, Piper Sandler Analyst Says

Elastic (NYSE:ESTC) had its price objective upped by investment analysts at Piper Sandler from $130.00 to $135.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 16.00% from the company’s current price.

A number of other equities research analysts have also recently commented on ESTC. Citigroup raised their target price on Elastic from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Bank of America raised their target price on Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Rosenblatt Securities restated a “buy” rating and set a $130.00 target price on shares of Elastic in a research report on Tuesday, February 25th. Guggenheim raised their target price on Elastic from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Finally, Baird R W upgraded Elastic from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Seven research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Elastic currently has a consensus rating of “Moderate Buy” and an average target price of $131.09.

Elastic Stock Performance

NYSE ESTC opened at $116.38 on Friday. The stock has a 50-day simple moving average of $106.11 and a two-hundred day simple moving average of $95.52. The firm has a market capitalization of $12.06 billion, a P/E ratio of 211.61 and a beta of 1.07. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, February 27th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The business had revenue of $382.08 million for the quarter, compared to analyst estimates of $368.85 million. On average, equities analysts forecast that Elastic will post -0.77 earnings per share for the current year.

Insider Activity

In other news, CEO Ashutosh Kulkarni sold 7,017 shares of Elastic stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total transaction of $758,678.04. Following the sale, the chief executive officer now owns 395,326 shares of the company’s stock, valued at approximately $42,742,647.12. The trade was a 1.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Elastic by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company’s stock valued at $926,607,000 after buying an additional 168,483 shares during the period. FMR LLC raised its position in Elastic by 25.6% in the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after purchasing an additional 1,115,750 shares during the period. Sylebra Capital LLC raised its position in Elastic by 62.6% in the fourth quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock valued at $451,950,000 after purchasing an additional 1,756,842 shares during the period. Pictet Asset Management Holding SA raised its position in Elastic by 15.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company’s stock valued at $339,820,000 after purchasing an additional 462,974 shares during the period. Finally, Atreides Management LP raised its position in Elastic by 57.2% in the third quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after purchasing an additional 614,309 shares during the period. Hedge funds and other institutional investors own 97.03% of the company’s stock.

About Elastic

Elastic N.V., a data analytics company, delivers solutions designed to run in public or private clouds in multi-cloud environments. It primarily offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as performs search, analysis, and visualization on that data.