Elastic (NYSE:ESTC) Price Target Raised to $150.00 at Wells Fargo & Company

Elastic (NYSE:ESTC) had its target price increased by equities research analysts at Wells Fargo & Company from $135.00 to $150.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 31.64% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Morgan Stanley initiated coverage on shares of Elastic in a report on Tuesday, December 17th. They set an “overweight” rating and a $130.00 target price on the stock. Royal Bank of Canada raised their price objective on Elastic from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Citigroup upped 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. Baird R W raised Elastic from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Finally, Barclays boosted their price target on Elastic from $105.00 to $138.00 and gave the company an “overweight” rating in a research note on Monday, November 25th. Seven equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $127.78.

Elastic Stock Performance

ESTC traded up $12.67 during trading on Friday, hitting $113.95. The stock had a trading volume of 2,293,723 shares, compared to its average volume of 1,290,725. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The company has a 50 day moving average price of $105.85 and a 200-day moving average price of $95.51. Elastic has a one year low of $69.00 and a one year high of $136.06. The firm has a market cap of $11.81 billion, a price-to-earnings ratio of 206.84 and a beta of 1.07.

Elastic (NYSE:ESTC) last announced its earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share (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 during the quarter, compared to the consensus estimate of $368.85 million. As a group, research analysts predict that Elastic will post -0.77 EPS for the current year.

Insider Buying and Selling

In other Elastic news, CEO Ashutosh Kulkarni sold 7,017 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the transaction, the chief executive officer now directly owns 395,326 shares in the company, valued at $42,742,647.12. The trade was a 1.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 15.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Elastic

A number of hedge funds have recently modified their holdings of ESTC. Private Advisor Group LLC bought a new position in Elastic during the third quarter valued at $211,000. Van ECK Associates Corp purchased a new position in shares of Elastic during the 3rd quarter valued at $2,540,000. Fernwood Investment Management LLC lifted its position in shares of Elastic by 1.3% during the 3rd quarter. Fernwood Investment Management LLC now owns 26,650 shares of the company’s stock valued at $2,046,000 after buying an additional 350 shares during the last quarter. QRG Capital Management Inc. raised its stake in Elastic by 7.0% in the 3rd quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after acquiring an additional 201 shares during the period. Finally, Fiera Capital Corp purchased a new stake in Elastic during the third quarter valued at about $15,623,000. 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.