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

Shares of Elastic (NYSE:ESTC - Get Free Report) have earned an average recommendation of "Moderate Buy" from the twenty-six research firms that are presently covering the company, Marketbeat.com reports. Seven research analysts have rated the stock with a hold recommendation, eighteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $127.48.

ESTC has been the subject of a number of research analyst reports. Guggenheim boosted their price target on Elastic from $130.00 to $136.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Morgan Stanley dropped their price objective on shares of Elastic from $140.00 to $120.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Truist Financial lowered their target price on Elastic from $145.00 to $140.00 and set a "buy" rating for the company in a report on Monday, March 31st. UBS Group boosted their price target on Elastic from $140.00 to $148.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Finally, DA Davidson reduced their target price on shares of Elastic from $115.00 to $75.00 and set a "neutral" rating on the stock in a report on Monday, April 14th.

Insider Activity

In other news, CEO Ashutosh Kulkarni sold 18,735 shares of the firm's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $90.77, for a total transaction of $1,700,575.95. Following the completion of the sale, the chief executive officer now directly owns 376,591 shares of the company's stock, valued at $34,183,165.07. This trade represents a 4.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Shay Banon sold 140,129 shares of Elastic stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $106.68, for a total transaction of $14,948,961.72. Following the completion of the sale, the chief technology officer now directly owns 2,254,978 shares in the company, valued at $240,561,053.04. This trade represents a 5.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 198,304 shares of company stock worth $20,847,452 over the last three months. 15.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Elastic

Institutional investors and hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. lifted its position in Elastic by 71.0% in the 1st quarter. Victory Capital Management Inc. now owns 18,189 shares of the company's stock worth $1,621,000 after buying an additional 7,552 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Elastic by 5,437.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company's stock worth $203,872,000 after buying an additional 2,246,808 shares during the period. TimesSquare Capital Management LLC grew its stake in shares of Elastic by 9.6% in the 1st quarter. TimesSquare Capital Management LLC now owns 514,030 shares of the company's stock worth $45,800,000 after buying an additional 45,055 shares during the last quarter. Signaturefd LLC grew its position in Elastic by 53.7% during the 1st quarter. Signaturefd LLC now owns 335 shares of the company's stock valued at $30,000 after purchasing an additional 117 shares during the last quarter. Finally, CWM LLC increased its holdings in shares of Elastic by 68.0% in the 1st quarter. CWM LLC now owns 49,477 shares of the company's stock worth $4,408,000 after purchasing an additional 20,027 shares in the last quarter. Hedge funds and other institutional investors own 97.03% of the company's stock.

Elastic Stock Performance

ESTC traded down $3.23 on Thursday, reaching $83.07. The company had a trading volume of 2,753,558 shares, compared to its average volume of 1,402,135. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. The stock has a market cap of $8.67 billion, a P/E ratio of 151.04 and a beta of 1.20. The company's fifty day moving average is $89.39 and its 200 day moving average is $96.65. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $123.96.

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

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.