Wells Fargo & Company Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its target price hoisted by Wells Fargo & Company from $100.00 to $135.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other brokerages also recently commented on ESTC. Scotiabank dropped their price objective on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a research note on Friday, August 30th. TD Cowen dropped their price target on Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 30th. Bank of America boosted their price objective on Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday. Stifel Nicolaus cut their price target on Elastic from $120.00 to $98.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. Finally, DA Davidson reduced their price target on Elastic from $100.00 to $75.00 and set a “neutral” rating on the stock in a report on Friday, August 30th. Six equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.00.

Elastic Price Performance

Shares of NYSE ESTC opened at $107.94 on Friday. The firm has a market cap of $11.09 billion, a P/E ratio of 196.25 and a beta of 0.94. The business’s 50 day moving average is $81.13 and its 200-day moving average is $97.04. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. Elastic had a negative return on equity of 13.54% and a net margin of 4.39%. The company 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 was up 18.3% on a year-over-year basis. Equities research analysts predict that Elastic will post -0.92 earnings per share for the current year.

Insider Transactions at Elastic

In other Elastic news, CTO Shay Banon sold 2,666 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $187,286.50. Following the transaction, the chief technology officer now directly owns 4,543,190 shares in the company, valued at $319,159,097.50. The trade was a 0.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Janesh Moorjani sold 6,941 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total transaction of $487,605.25. Following the sale, the chief financial officer now owns 195,550 shares of the company’s stock, valued at $13,737,387.50. This represents a 3.43 % decrease in their position. The disclosure for this sale 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.

Institutional Inflows and Outflows

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