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

Elastic (NYSE:ESTC) had its target price raised by Guggenheim from $100.00 to $120.00 in a research report sent to investors on Friday morning,Benzinga reports. Guggenheim currently has a buy rating on the stock.

A number of other research firms have also commented on ESTC. Oppenheimer raised their price target on Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday. TD Cowen reduced their price target on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 30th. Needham & Company LLC restated a “hold” rating on shares of Elastic in a report on Friday. UBS Group reduced their target price on shares of Elastic from $135.00 to $95.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Finally, Scotiabank dropped their price target on Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 30th. Six analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $122.00.

Elastic Stock Performance

Shares of NYSE:ESTC opened at $107.94 on Friday. The firm’s 50 day simple moving average is $81.13 and its 200 day simple moving average is $97.04. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The company has a market capitalization of $11.09 billion, a price-to-earnings ratio of 196.25 and a beta of 0.94. 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 announced 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. The company had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The firm’s revenue was up 18.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.35) EPS. As a group, sell-side analysts forecast that Elastic will post -0.92 earnings per share for the current year.

Insider Activity

In other news, Director Paul R. Auvil III bought 20,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the transaction, the director now owns 22,627 shares of the company’s stock, valued at $1,680,054.75. This trade represents a 761.32 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Shay Banon sold 2,666 shares of Elastic 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 $187,286.50. Following the sale, the chief technology officer now directly owns 4,543,190 shares of the company’s stock, valued at approximately $319,159,097.50. The trade was a 0.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,406 shares of company stock valued at $2,627,772 over the last three months. Insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

Institutional investors have recently bought and sold shares of the business. Asset Dedication LLC grew its holdings in shares of Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after purchasing an additional 280 shares in the last quarter. AlphaCentric Advisors LLC bought a new stake in Elastic during the second quarter worth about $40,000. Quarry LP acquired a new stake in Elastic during the second quarter worth about $40,000. Lynx Investment Advisory bought a new position in Elastic in the 2nd quarter valued at about $43,000. Finally, Signaturefd LLC raised 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 in the last quarter. 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.