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

Elastic (NYSE:ESTC) had its price target lifted by UBS Group from $140.00 to $148.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s price target indicates a potential upside of 29.19% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $130.00 target price on shares of Elastic in a research report on Tuesday. Baird R W raised shares of Elastic from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Truist Financial boosted their target price on Elastic from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Piper Sandler increased their target price on Elastic from $130.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday. Finally, JPMorgan Chase & Co. lifted their price target on Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Seven 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. According to MarketBeat, Elastic currently has an average rating of “Moderate Buy” and a consensus target price of $130.52.

Elastic Stock Performance

Elastic stock traded up $13.28 during trading hours on Friday, hitting $114.56. The stock had a trading volume of 2,719,019 shares, compared to its average volume of 1,300,451. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The company has a market cap of $11.87 billion, a PE ratio of 208.33 and a beta of 1.07. The company has a 50-day moving average of $105.85 and a two-hundred day moving average of $95.51. 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 issued 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). The company had revenue of $382.08 million during the quarter, compared to analyst estimates of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. On average, equities research analysts anticipate that Elastic will post -0.77 EPS for the current fiscal year.

Insider Buying and Selling

In other 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 transaction 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 15.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Elastic

Several hedge funds have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. acquired a new position in shares of Elastic in the fourth quarter valued at $25,000. SBI Securities Co. Ltd. acquired a new stake in Elastic during the fourth quarter worth approximately $25,000. Fourth Dimension Wealth LLC bought a new stake in shares of Elastic during the fourth quarter worth approximately $26,000. Venturi Wealth Management LLC boosted its holdings in shares of Elastic by 793.3% during the fourth quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock worth $27,000 after acquiring an additional 238 shares during the period. Finally, Smartleaf Asset Management LLC grew its position in shares of Elastic by 126.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock valued at $28,000 after purchasing an additional 158 shares during the last quarter. Institutional investors and hedge funds 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.