Piper Sandler Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its target price raised by Piper Sandler from $100.00 to $130.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price target indicates a potential upside of 18.75% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. The Goldman Sachs Group boosted their target price on shares of Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a report on Friday. Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a report on Friday. UBS Group reduced their target price on Elastic from $135.00 to $95.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Rosenblatt Securities reissued a “buy” rating and issued a $120.00 price target on shares of Elastic in a research report on Wednesday. Finally, Robert W. Baird upgraded Elastic from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $95.00 to $135.00 in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $113.52.

Elastic Trading Up 16.3 %

Elastic stock traded up $15.34 during trading hours on Friday, hitting $109.47. The stock had a trading volume of 4,630,474 shares, compared to its average volume of 1,309,618. The stock has a market cap of $11.25 billion, a price-to-earnings ratio of 201.33 and a beta of 0.94. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. The business’s 50 day simple moving average is $80.71 and its 200-day simple moving average is $97.05. Elastic has a one year low of $69.00 and a one year high of $136.06.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.10. The company had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a negative return on equity of 17.54% and a net margin of 4.62%. The business’s quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.35) earnings per share. On average, equities analysts predict that Elastic will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling at Elastic

In other news, Director Paul R. Auvil III bought 20,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average price of $74.25 per share, for a total transaction 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. The trade was a 761.32 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Shay Banon sold 2,666 shares of Elastic stock in a transaction on Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $187,286.50. Following the transaction, the chief technology officer now owns 4,543,190 shares in the company, valued at approximately $319,159,097.50. This trade represents a 0.06 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,406 shares of company stock worth $2,627,772. Company insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ESTC. Toronto Dominion Bank bought a new stake in Elastic during the first quarter worth approximately $5,780,000. Interval Partners LP bought a new position in shares of Elastic during the 1st quarter valued at approximately $1,704,000. Russell Investments Group Ltd. lifted its position in Elastic by 993.0% in the first quarter. Russell Investments Group Ltd. now owns 17,236 shares of the company’s stock worth $1,728,000 after buying an additional 15,659 shares during the last quarter. Fifth Third Wealth Advisors LLC purchased a new position in Elastic during the third quarter worth $1,262,000. Finally, WD Rutherford LLC bought a new position in Elastic during the second quarter valued at $422,000. 97.03% of the stock is currently owned by institutional investors.

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.