Royal Bank of Canada Forecasts Strong Price Appreciation for Elastic (NYSE:ESTC) Stock

Elastic (NYSE:ESTC) had its target price hoisted by equities researchers at Royal Bank of Canada from $110.00 to $130.00 in a report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 18.45% from the company’s current price.

Several other brokerages have also weighed in on ESTC. The Goldman Sachs Group lifted their price objective on Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday. William Blair raised shares of Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. Guggenheim initiated coverage on shares of Elastic in a research report on Wednesday, September 11th. They set a “buy” rating and a $100.00 target price on the stock. Citigroup increased their price target on shares of Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Finally, Oppenheimer upped their price objective on Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday. Seven analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, Elastic has an average rating of “Moderate Buy” and a consensus target price of $112.10.

Elastic Stock Performance

Shares of ESTC stock traded up $15.62 during trading hours on Friday, reaching $109.75. 4,241,907 shares of the company’s stock were exchanged, compared to its average volume of 1,307,907. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $11.28 billion, a P/E ratio of 205.05 and a beta of 0.94. The business has a fifty day moving average price of $80.71 and a 200-day moving average price of $97.05.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.10. The company had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The business’s quarterly revenue was up 18.3% on a year-over-year basis. During the same period last year, the business posted ($0.35) EPS. Analysts predict that Elastic will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling

In other Elastic news, CTO Shay Banon sold 2,666 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $187,286.50. Following the completion of the transaction, the chief technology officer now directly owns 4,543,190 shares in the company, valued at $319,159,097.50. This trade represents a 0.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Carolyn Herzog sold 4,489 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $315,352.25. Following the completion of the sale, the insider now directly owns 102,959 shares in the company, valued at approximately $7,232,869.75. The trade was a 4.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,406 shares of company stock worth $2,627,772 over the last ninety days. Company insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Several hedge funds have recently bought and sold shares of ESTC. Asset Dedication LLC increased its stake in shares of Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after buying an additional 280 shares during the period. AlphaCentric Advisors LLC bought a new stake in shares of Elastic during the 2nd quarter valued at about $40,000. Quarry LP acquired a new stake in Elastic during the second quarter worth approximately $40,000. Lynx Investment Advisory bought a new stake in Elastic in the second quarter worth approximately $43,000. Finally, Signaturefd LLC boosted its holdings in shares of Elastic by 44.1% during the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after buying an additional 119 shares in the last quarter. 97.03% of the stock is owned by institutional investors.

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.