Stifel Nicolaus Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Key Points

• Stifel Nicolaus has raised its price target for Elastic (NYSE:ESTC) stock from $112 to $134, suggesting a potential upside of 52.14% from its current price and maintaining a "buy" rating.
• Other analysts have mixed views, with Cantor Fitzgerald rating it as "neutral", while Wall Street Zen upgraded it to "buy", indicating a consensus rating of "Moderate Buy" with an average target of $114.44.
• In its latest earnings report, Elastic reported $0.47 EPS, surpassing estimates, and a revenue increase of 15.9% year-over-year, amounting to $388.43 million.

Elastic (NYSE:ESTC - Get Free Report) had its price objective boosted by equities researchers at Stifel Nicolaus from $112.00 to $134.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Stifel Nicolaus' price objective would indicate a potential upside of 52.14% from the stock's current price.

Other analysts have also issued research reports about the stock. Cantor Fitzgerald reiterated a "neutral" rating on shares of Elastic in a research note on Friday. Wall Street Zen upgraded Elastic from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Piper Sandler reiterated an "overweight" rating on shares of Elastic in a research report on Friday. Wells Fargo & Company decreased their target price on shares of Elastic from $150.00 to $120.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. Finally, TD Securities lowered their price target on shares of Elastic from $125.00 to $105.00 and set a "hold" rating on the stock in a report on Wednesday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $114.44.

Elastic Price Performance

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

Elastic (NYSE:ESTC - Get Free Report) last released its earnings results on Thursday, May 29th. The company reported $0.47 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $388.43 million during the quarter, compared to the consensus estimate of $380.61 million. During the same quarter in the previous year, the company posted $0.21 earnings per share. The company's revenue was up 15.9% compared to the same quarter last year. On average, equities research analysts predict that Elastic will post -0.77 EPS for the current year.

Insiders Place Their Bets

In other Elastic news, 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 transaction, the insider directly owned 230,494 shares in the company, valued at $20,032,233.54. The trade was a 2.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Shay Banon sold 5,117 shares of Elastic stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $86.91, for a total transaction of $444,718.47. Following the sale, the chief technology officer directly owned 4,560,291 shares in the company, valued at approximately $396,334,890.81. The trade was a 0.11% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 50,913 shares of company stock worth $4,416,324. 15.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Elastic

Hedge funds have recently modified their holdings of the business. Fourth Dimension Wealth LLC purchased a new stake in Elastic in the 4th quarter valued at about $26,000. Cloud Capital Management LLC purchased a new position in shares of Elastic during the 1st quarter worth approximately $25,000. Signaturefd LLC increased its holdings in Elastic by 53.7% in 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. Geneos Wealth Management Inc. acquired a new position in Elastic during the second quarter worth $31,000. Finally, North Capital Inc. acquired a new stake in shares of Elastic in the first quarter valued at $37,000. 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.

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