Elastic (NYSE:ESTC) Given New $148.00 Price Target at UBS Group

Elastic (NYSE:ESTC) had its target price increased by UBS Group from $140.00 to $148.00 in a report published on Friday,Benzinga reports. UBS Group currently has a buy rating on the stock.

Other research analysts have also issued reports about the stock. Rosenblatt Securities reissued a “buy” rating and issued a $130.00 target price on shares of Elastic in a research note on Tuesday. Truist Financial raised their target price on shares of Elastic from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Morgan Stanley raised their target price on shares of Elastic from $130.00 to $140.00 and gave the stock an “overweight” rating in a research note on Friday. Cantor Fitzgerald initiated coverage on shares of Elastic in a research note on Friday, January 17th. They issued a “neutral” rating and a $108.00 target price on the stock. Finally, Citigroup raised their target price on shares of Elastic from $136.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Seven analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Elastic has a consensus rating of “Moderate Buy” and an average price target of $131.09.

Elastic Trading Up 14.9 %

Shares of Elastic stock opened at $116.38 on Friday. The firm has a market capitalization of $12.06 billion, a PE ratio of 211.61 and a beta of 1.07. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06. The firm’s 50-day moving average price is $105.85 and its 200 day moving average price is $95.51. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70.

Elastic (NYSE:ESTC) last released its earnings results 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%. The business had revenue of $382.08 million during the quarter, compared to analysts’ expectations of $368.85 million. On average, sell-side analysts predict that Elastic will post -0.77 EPS for the current fiscal year.

Insider Activity at Elastic

In related news, CEO Ashutosh Kulkarni sold 7,017 shares of Elastic stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 395,326 shares in the company, valued at approximately $42,742,647.12. This trade represents a 1.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 15.90% of the stock is owned by insiders.

Institutional Trading of Elastic

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Elastic by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company’s stock valued at $926,607,000 after purchasing an additional 168,483 shares during the last quarter. FMR LLC boosted its position in Elastic by 25.6% in the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after buying an additional 1,115,750 shares during the period. Sylebra Capital LLC boosted its position in Elastic by 62.6% in the 4th quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock valued at $451,950,000 after buying an additional 1,756,842 shares during the period. Pictet Asset Management Holding SA boosted its position in Elastic by 15.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company’s stock valued at $339,820,000 after buying an additional 462,974 shares during the period. Finally, Atreides Management LP boosted its position in Elastic by 57.2% in the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after buying an additional 614,309 shares during the period. Institutional investors and hedge funds own 97.03% of the company’s stock.

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.