Elastic (NYSE:ESTC) Stock Price Expected to Rise, Piper Sandler Analyst Says

Elastic (NYSE:ESTC) had its price objective lifted by Piper Sandler from $130.00 to $135.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective points to a potential upside of 33.59% from the stock’s previous close.

ESTC has been the topic of several other reports. Jefferies Financial Group lifted their target price on shares of Elastic from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Wedbush lowered shares of Elastic from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Stifel Nicolaus increased their price objective on Elastic from $98.00 to $132.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Bank of America lifted their target price on Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Finally, Cantor Fitzgerald assumed coverage on Elastic in a research note on Friday, January 17th. They issued a “neutral” rating and a $108.00 price target for the company. Seven equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.00.

Elastic Stock Down 2.4 %

ESTC stock opened at $101.05 on Friday. The stock has a market capitalization of $10.47 billion, a P/E ratio of 183.73 and a beta of 1.07. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. The firm has a 50-day moving average price of $105.85 and a 200-day moving average price of $95.51. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06.

Elastic (NYSE:ESTC) last issued its quarterly earnings data 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). Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. As a group, equities research analysts anticipate that Elastic will post -0.77 EPS for the current fiscal year.

Insider Activity

In other news, CEO Ashutosh Kulkarni sold 7,017 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the transaction, the chief executive officer now owns 395,326 shares of the company’s stock, valued at $42,742,647.12. This represents a 1.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Large investors have recently added to or reduced their stakes in the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Elastic during the fourth quarter valued at about $3,558,000. Jefferies Financial Group Inc. purchased a new stake in Elastic during the 4th quarter valued at about $456,000. Infinitum Asset Management LLC purchased a new position in Elastic in the 4th quarter worth approximately $6,936,000. Public Employees Retirement System of Ohio lifted its position in Elastic by 1.2% in the fourth quarter. Public Employees Retirement System of Ohio now owns 29,907 shares of the company’s stock valued at $2,963,000 after purchasing an additional 359 shares during the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new stake in shares of Elastic during the fourth quarter valued at approximately $26,000. Hedge funds and other institutional investors own 97.03% of the company’s stock.

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.