Elastic (NYSE:ESTC) Price Target Raised to $140.00 at Scotiabank

Elastic (NYSE:ESTC) had its price objective increased by research analysts at Scotiabank from $127.00 to $140.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s price objective would indicate a potential upside of 20.29% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Cantor Fitzgerald assumed coverage on shares of Elastic in a research note on Friday, January 17th. They set a “neutral” rating and a $108.00 price objective for the company. UBS Group boosted their price objective on shares of Elastic from $140.00 to $148.00 and gave the company a “buy” rating in a research note on Friday. Wells Fargo & Company lifted their target price on shares of Elastic from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Friday. DA Davidson lifted their target price on shares of Elastic from $75.00 to $115.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Finally, Robert W. Baird lifted their target price on shares of Elastic from $135.00 to $140.00 and gave the company an “outperform” rating in a report on Friday. Seven equities 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $131.09.

Elastic Trading Up 14.9 %

Shares of NYSE ESTC traded up $15.10 during trading on Friday, hitting $116.38. 4,170,173 shares of the company traded hands, compared to its average volume of 1,340,198. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The company has a 50-day moving average price of $105.85 and a 200-day moving average price of $95.51. The firm has a market capitalization of $12.06 billion, a P/E ratio of 211.61 and a beta of 1.07. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70.

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

Insider Activity

In other news, CEO Ashutosh Kulkarni sold 7,017 shares of the company’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 sale, the chief executive officer now owns 395,326 shares in the company, valued at approximately $42,742,647.12. This represents a 1.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

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