Elastic (NYSE:ESTC) Receives $127.48 Consensus Price Target from Brokerages

Shares of Elastic (NYSE:ESTC) have earned an average rating of “Moderate Buy” from the twenty-six brokerages that are currently covering the firm, MarketBeat Ratings reports. Seven research analysts have rated the stock with a hold recommendation, eighteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among analysts that have covered the stock in the last year is $127.48.

ESTC has been the subject of several research reports. Guggenheim boosted their target price on Elastic from $130.00 to $136.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Cantor Fitzgerald initiated coverage on shares of Elastic in a research report on Friday, January 17th. They set a “neutral” rating and a $108.00 price target on the stock. Truist Financial dropped their price target on Elastic from $145.00 to $140.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Piper Sandler boosted their target price on shares of Elastic from $130.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Finally, Robert W. Baird raised their target price on Elastic from $135.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday, February 28th.

Insider Activity

In related news, CTO Shay Banon sold 140,129 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $106.68, for a total value of $14,948,961.72. Following the completion of the sale, the chief technology officer now owns 2,254,978 shares of the company’s stock, valued at $240,561,053.04. This trade represents a 5.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ashutosh Kulkarni sold 5,000 shares of Elastic stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $102.64, for a total transaction of $513,200.00. Following the sale, the chief executive officer now directly owns 371,591 shares in the company, valued at $38,140,100.24. The trade was a 1.33 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 198,304 shares of company stock valued at $20,847,452. Insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Geneos Wealth Management Inc. purchased a new stake in Elastic in the fourth quarter worth about $25,000. SBI Securities Co. Ltd. purchased a new stake in Elastic in the fourth quarter worth approximately $25,000. Cloud Capital Management LLC purchased a new position in shares of Elastic in the 1st quarter worth $25,000. Fourth Dimension Wealth LLC purchased a new position in Elastic in the fourth quarter worth about $26,000. Finally, Venturi Wealth Management LLC boosted its holdings in shares of Elastic by 793.3% in the fourth quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock worth $27,000 after buying an additional 238 shares during the last quarter. Institutional investors own 97.03% of the company’s stock.

Elastic Trading Down 3.7 %

ESTC opened at $83.07 on Thursday. The firm has a market capitalization of $8.67 billion, a price-to-earnings ratio of 151.04 and a beta of 1.20. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $123.96. The company’s 50 day moving average price is $89.39 and its two-hundred day moving average price is $96.65. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99.

Elastic (NYSE:ESTC) last announced its earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). The firm had revenue of $382.08 million for the quarter, compared to the consensus estimate of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. As a group, research analysts predict that Elastic will post -0.77 earnings per share for the current year.

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.