Monness Crespi & Hardt Increases Elastic (NYSE:ESTC) Price Target to $150.00

Key Points

• Monness Crespi & Hardt raised the price target for Elastic (NYSE:ESTC) to $150.00, suggesting a potential upside of 70.31% from its previous closing price.
• Despite the upgrade, other analysts have issued lower price targets, with JPMorgan Chase & Co. lowering theirs to $110.00 and UBS Group adjusting theirs down to $95.00.
• Elastic's recent quarterly earnings beat expectations with $388.43 million in revenue, reflecting a 15.9% year-over-year increase.

Elastic (NYSE:ESTC - Get Free Report) had its price target raised by equities researchers at Monness Crespi & Hardt from $111.00 to $150.00 in a research note issued to investors on Friday,Briefing.com Automated Import reports. The firm presently has a "buy" rating on the stock. Monness Crespi & Hardt's price objective suggests a potential upside of 70.31% from the stock's previous close.

Several other equities research analysts have also weighed in on ESTC. JPMorgan Chase & Co. dropped their price target on Elastic from $120.00 to $110.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. KeyCorp assumed coverage on shares of Elastic in a report on Tuesday, June 10th. They set a "sector weight" rating on the stock. UBS Group restated a "buy" rating and set a $95.00 target price (down previously from $148.00) on shares of Elastic in a report on Wednesday, August 13th. Oppenheimer dropped their price objective on shares of Elastic from $120.00 to $100.00 and set an "outperform" rating on the stock in a research note on Monday, July 21st. Finally, Cantor Fitzgerald dropped their price objective on shares of Elastic from $109.00 to $92.00 and set a "neutral" rating on the stock in a research note on Friday, May 30th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, Elastic has an average rating of "Moderate Buy" and a consensus price target of $112.16.

Elastic Trading Up 5.7%

Shares of ESTC opened at $88.08 on Friday. The firm's 50-day moving average price is $82.67 and its 200-day moving average price is $88.29. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $9.30 billion, a price-to-earnings ratio of -83.88 and a beta of 1.07. Elastic has a 1-year low of $69.00 and a 1-year high of $118.84.

Elastic (NYSE:ESTC - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.10. Elastic had a negative return on equity of 4.46% and a negative net margin of 7.29%.The business had revenue of $388.43 million for the quarter, compared to analysts' expectations of $380.61 million. During the same period in the previous year, the firm posted $0.21 EPS. The business's revenue was up 15.9% on a year-over-year basis. Sell-side analysts anticipate that Elastic will post -0.77 EPS for the current year.

Insider Activity at Elastic

In other news, CRO Mark Eugene Dodds sold 2,500 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $83.50, for a total value of $208,750.00. Following the transaction, the executive owned 172,321 shares in the company, valued at approximately $14,388,803.50. This represents a 1.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Shay Banon sold 5,117 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $86.91, for a total transaction of $444,718.47. Following the completion of the transaction, the chief technology officer owned 4,560,291 shares in the company, valued at approximately $396,334,890.81. This represents a 0.11% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 50,913 shares of company stock worth $4,416,324 in the last ninety days. 15.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Elastic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its position in shares of Elastic by 5.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 383,612 shares of the company's stock valued at $38,014,000 after buying an additional 20,892 shares during the last quarter. MetLife Investment Management LLC lifted its stake in Elastic by 4.6% during the 4th quarter. MetLife Investment Management LLC now owns 5,365 shares of the company's stock valued at $532,000 after acquiring an additional 237 shares during the period. Stifel Financial Corp lifted its stake in Elastic by 14.4% during the 4th quarter. Stifel Financial Corp now owns 22,384 shares of the company's stock valued at $2,218,000 after acquiring an additional 2,820 shares during the period. Hsbc Holdings PLC lifted its position in Elastic by 224.4% during the fourth quarter. Hsbc Holdings PLC now owns 15,982 shares of the company's stock valued at $1,589,000 after purchasing an additional 11,056 shares during the period. Finally, Northern Trust Corp lifted its position in Elastic by 21.5% during the fourth quarter. Northern Trust Corp now owns 488,803 shares of the company's stock valued at $48,431,000 after purchasing an additional 86,612 shares during the period. 97.03% of the stock is owned by 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.

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