Elastic (NYSE:ESTC) Price Target Raised to $120.00 at Robert W. Baird

Key Points

• Elastic's price target has been increased by Robert W. Baird from $105.00 to $120.00, indicating a potential upside of 36.24% based on the company's current stock price.
• Insider trading activity saw Carolyn Herzog and Shay Banon sell a combined total of over 10,000 shares, reflecting a decrease in their ownership stakes.
• The company reported a 15.9% year-over-year revenue increase for the quarter, with earnings per share of $0.47, beating consensus estimates.

Elastic (NYSE:ESTC - Get Free Report) had its target price raised by research analysts at Robert W. Baird from $105.00 to $120.00 in a note issued to investors on Friday, Marketbeat reports. The brokerage presently has an "outperform" rating on the stock. Robert W. Baird's price target points to a potential upside of 41.25% from the company's previous close.

Other equities research analysts also recently issued research reports about the company. Canaccord Genuity Group dropped their target price on Elastic from $135.00 to $110.00 and set a "buy" rating for the company in a research report on Monday, June 2nd. Monness Crespi & Hardt boosted their target price on Elastic from $111.00 to $150.00 and gave the stock a "buy" rating in a research report on Friday. TD Securities dropped their target price on Elastic from $125.00 to $105.00 and set a "hold" rating for the company in a research report on Wednesday, May 21st. JPMorgan Chase & Co. dropped their target price on Elastic from $120.00 to $110.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. Finally, Zacks Research downgraded Elastic from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $120.20.

Elastic Price Performance

ESTC traded down $0.11 during trading on Friday, hitting $84.96. The company's stock had a trading volume of 2,871,374 shares, compared to its average volume of 1,741,379. The firm's 50 day moving average price is $82.79 and its two-hundred day moving average price is $87.47. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.61. Elastic has a 12 month low of $69.00 and a 12 month high of $118.84. The stock has a market capitalization of $9.03 billion, a price-to-earnings ratio of -106.19 and a beta of 1.04.

Insider Buying and Selling at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 22,901 shares of the business's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $86.91, for a total value of $1,990,325.91. Following the completion of the transaction, the chief executive officer directly owned 454,841 shares of the company's stock, valued at approximately $39,530,231.31. The trade was a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ken Exner sold 6,918 shares of the business's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $86.91, for a total value of $601,243.38. Following the completion of the transaction, the insider directly owned 230,494 shares of the company's stock, valued at approximately $20,032,233.54. The trade was a 2.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,913 shares of company stock valued at $4,416,324 over the last quarter. 12.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Orion Porfolio Solutions LLC boosted its position in shares of Elastic by 5.4% during the second quarter. Orion Porfolio Solutions LLC now owns 8,475 shares of the company's stock worth $715,000 after buying an additional 437 shares during the period. Promus Capital LLC acquired a new position in shares of Elastic during the second quarter worth about $45,000. Marex Group plc acquired a new position in shares of Elastic during the second quarter worth about $266,000. State of Wyoming acquired a new position in shares of Elastic during the second quarter worth about $721,000. Finally, Hudson Bay Capital Management LP acquired a new position in shares of Elastic during the second quarter worth about $425,000. 97.03% of the stock is owned by institutional investors and hedge funds.

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.