Stifel Nicolaus Forecasts Strong Price Appreciation for Elastic (NYSE:ESTC) Stock

Elastic (NYSE:ESTC) had its price target hoisted by stock analysts at Stifel Nicolaus from $98.00 to $132.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ target price would indicate a potential upside of 22.19% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Oppenheimer increased their price target on Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday. Scotiabank decreased their target price on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a research report on Friday, August 30th. Bank of America raised their price target on shares of Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Elastic in a research note on Wednesday. Finally, TD Cowen lowered their target price on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 30th. Six equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Elastic currently has a consensus rating of “Moderate Buy” and an average target price of $122.00.

Elastic Stock Performance

Elastic stock opened at $108.03 on Friday. The business has a 50 day moving average of $81.78 and a 200-day moving average of $97.04. The company has a market capitalization of $11.10 billion, a P/E ratio of 196.42 and a beta of 0.94. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91.

Elastic (NYSE:ESTC) last released its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The firm had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. During the same quarter last year, the firm earned ($0.35) earnings per share. The company’s revenue for the quarter was up 18.3% on a year-over-year basis. On average, equities research analysts predict that Elastic will post -0.92 earnings per share for the current year.

Insider Buying and Selling at Elastic

In other news, insider Carolyn Herzog sold 4,489 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $315,352.25. Following the completion of the sale, the insider now directly owns 102,959 shares of the company’s stock, valued at $7,232,869.75. This represents a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Paul R. Auvil III bought 20,000 shares of Elastic stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the purchase, the director now owns 22,627 shares in the company, valued at approximately $1,680,054.75. This represents a 761.32 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 37,406 shares of company stock valued at $2,627,772. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Several hedge funds have recently modified their holdings of the company. Asset Dedication LLC lifted its holdings in Elastic by 1,333.3% during the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after acquiring an additional 280 shares during the period. AlphaCentric Advisors LLC bought a new stake in shares of Elastic during the 2nd quarter worth $40,000. Quarry LP purchased a new position in shares of Elastic in the 2nd quarter worth about $40,000. Lynx Investment Advisory purchased a new position in shares of Elastic in the 2nd quarter worth about $43,000. Finally, Signaturefd LLC grew its position in Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after buying an additional 119 shares during the period. Institutional investors own 97.03% of the company’s stock.

Elastic Company Profile

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.