Elastic (NYSE:ESTC) Given New $130.00 Price Target at Royal Bank of Canada

Elastic (NYSE:ESTC) had its price target increased by stock analysts at Royal Bank of Canada from $110.00 to $130.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 18.45% from the company’s previous close.

A number of other equities research analysts also recently commented on the stock. Guggenheim began coverage on shares of Elastic in a report on Wednesday, September 11th. They set a “buy” rating and a $100.00 price target for the company. TD Cowen lowered their price objective on Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 30th. DA Davidson reduced their target price on Elastic from $100.00 to $75.00 and set a “neutral” rating on the stock in a research report on Friday, August 30th. Robert W. Baird upgraded Elastic from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $95.00 to $135.00 in a report on Friday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Elastic in a research report on Friday. Seven analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat, Elastic presently has a consensus rating of “Moderate Buy” and a consensus price target of $112.10.

Elastic Stock Performance

Shares of NYSE:ESTC traded up $15.62 during trading on Friday, reaching $109.75. The company had a trading volume of 4,241,907 shares, compared to its average volume of 1,307,907. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The firm has a market capitalization of $11.28 billion, a price-to-earnings ratio of 205.05 and a beta of 0.94. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The stock’s fifty day moving average price is $80.71 and its 200 day moving average price is $97.05.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, August 29th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.25 by $0.10. The firm had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The business’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.35) earnings per share. As a group, equities research analysts predict that Elastic will post -0.92 EPS for the current year.

Insider Activity at Elastic

In other Elastic news, Director Paul R. Auvil III bought 20,000 shares of Elastic stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the acquisition, the director now owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. This represents a 761.32 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available 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 transaction of $187,286.50. Following the completion of the transaction, the chief technology officer now owns 4,543,190 shares in the company, valued at approximately $319,159,097.50. This trade represents a 0.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,406 shares of company stock worth $2,627,772 over the last ninety days. 15.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Elastic

Hedge funds have recently made changes to their positions in the company. FMR LLC grew its stake in shares of Elastic by 25.6% in the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after buying an additional 1,115,750 shares in the last quarter. 1832 Asset Management L.P. bought a new stake in Elastic in the second quarter worth approximately $248,335,000. Atreides Management LP increased its stake in shares of Elastic by 57.2% during the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after purchasing an additional 614,309 shares during the last quarter. State Street Corp raised its holdings in shares of Elastic by 2.3% during the 3rd quarter. State Street Corp now owns 1,437,243 shares of the company’s stock valued at $110,323,000 after purchasing an additional 31,663 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Elastic by 3.7% in the third quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock worth $107,058,000 after purchasing an additional 50,355 shares in the last quarter. Hedge funds and other 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.