Elastic (NYSE:ESTC) Price Target Raised to $145.00 at Truist Financial

Elastic (NYSE:ESTC) had its target price lifted by Truist Financial from $135.00 to $145.00 in a research note published on Monday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other equities analysts have also recently commented on ESTC. Wells Fargo & Company raised their target price on Elastic from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, February 28th. Scotiabank raised their target price on Elastic from $127.00 to $140.00 and gave the company a “sector outperform” rating in a report on Friday, February 28th. Canaccord Genuity Group raised their target price on Elastic from $130.00 to $135.00 and gave the company a “buy” rating in a report on Friday, February 28th. Royal Bank of Canada raised their target price on Elastic from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. Finally, Piper Sandler raised their target price on Elastic from $130.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, February 28th. 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 company. Based on data from MarketBeat.com, Elastic has an average rating of “Moderate Buy” and an average price target of $131.52.

Elastic Stock Up 1.7 %

Shares of NYSE:ESTC opened at $109.80 on Monday. The business has a 50-day moving average price of $106.28 and a 200 day moving average price of $95.43. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $11.38 billion, a price-to-earnings ratio of 199.64 and a beta of 1.20. Elastic has a 12-month low of $69.00 and a 12-month high of $123.96.

Elastic (NYSE:ESTC) last issued its quarterly earnings data 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 business had revenue of $382.08 million for 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%. Sell-side analysts expect that Elastic will post -0.77 EPS for the current year.

Insider Transactions at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 7,017 shares of Elastic stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total transaction of $758,678.04. Following the transaction, the chief executive officer now owns 395,326 shares of the company’s stock, 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 filing with the SEC, which is available at this hyperlink. Also, CTO Shay Banon sold 25,668 shares of Elastic stock in a transaction that occurred on Sunday, March 2nd. The stock was sold at an average price of $112.53, for a total value of $2,888,420.04. Following the transaction, the chief technology officer now directly owns 2,408,541 shares in the company, valued at approximately $271,033,118.73. This trade represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 172,814 shares of company stock valued at $18,596,060. Corporate insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ESTC. Vanguard Group Inc. increased its holdings in shares of Elastic by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company’s stock valued at $926,607,000 after purchasing an additional 168,483 shares during the period. FMR LLC increased its holdings in shares of Elastic by 25.6% in the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after purchasing an additional 1,115,750 shares during the period. Sylebra Capital LLC increased its holdings in shares of Elastic by 62.6% in the fourth quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock valued at $451,950,000 after purchasing an additional 1,756,842 shares during the period. Pictet Asset Management Holding SA increased its holdings in shares of Elastic by 15.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company’s stock valued at $339,820,000 after purchasing an additional 462,974 shares during the period. Finally, Atreides Management LP increased its holdings in shares of Elastic by 57.2% in the third quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after purchasing an additional 614,309 shares during the period. 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.