Elastic (NYSE:ESTC) Price Target Raised to $135.00 at Jefferies Financial Group

Elastic (NYSE:ESTC) had its price objective boosted by Jefferies Financial Group from $110.00 to $135.00 in a research note published on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts also recently issued reports on ESTC. Citigroup raised their target price on Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. TD Cowen dropped their price objective on Elastic from $110.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 30th. Canaccord Genuity Group decreased their price target on shares of Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a report on Tuesday, September 3rd. The Goldman Sachs Group lifted their target price on shares of Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Stifel Nicolaus increased their price objective on Elastic from $98.00 to $132.00 and gave the company a “buy” rating in a research report on Friday. Six investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $122.00.

Elastic Price Performance

Shares of NYSE:ESTC opened at $107.94 on Friday. The company has a market capitalization of $11.09 billion, a P/E ratio of 196.25 and a beta of 0.94. The company’s 50-day moving average is $81.13 and its 200 day moving average is $97.04. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The firm had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. During the same period in the previous year, the company earned ($0.35) earnings per share. The company’s quarterly revenue was up 18.3% on a year-over-year basis. On average, equities research analysts forecast that Elastic will post -0.92 earnings per share for the current year.

Insider Activity at Elastic

In other news, CTO Shay Banon sold 2,666 shares of the business’s stock in a transaction 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 completion of the transaction, the chief technology officer now owns 4,543,190 shares in the company, valued at $319,159,097.50. The trade was a 0.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Janesh Moorjani sold 6,941 shares of Elastic stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $487,605.25. Following the completion of the sale, the chief financial officer now owns 195,550 shares of the company’s stock, valued at $13,737,387.50. The trade was a 3.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,406 shares of company stock valued at $2,627,772. 15.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Elastic

A number of institutional investors and hedge funds have recently modified their holdings of ESTC. Asset Dedication LLC increased its position in shares of Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after purchasing an additional 280 shares during the last quarter. AlphaCentric Advisors LLC purchased a new stake in Elastic during the second quarter valued at approximately $40,000. Quarry LP bought a new position in Elastic in the second quarter worth approximately $40,000. Lynx Investment Advisory purchased a new position in shares of Elastic during the 2nd quarter worth $43,000. Finally, Signaturefd LLC grew its position in shares of Elastic by 44.1% during the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after acquiring an additional 119 shares during the period. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

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.