Elastic (NYSE:ESTC) Given New $140.00 Price Target at Robert W. Baird

Elastic (NYSE:ESTC) had its price target increased by Robert W. Baird from $135.00 to $140.00 in a research note released on Friday,Benzinga reports. They currently have an outperform rating on the stock.

ESTC has been the subject of a number of other research reports. Citigroup boosted their target price on Elastic from $136.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Morgan Stanley initiated coverage on Elastic in a research report on Tuesday, December 17th. They issued an “overweight” rating and a $130.00 target price for the company. Scotiabank reduced their price target on shares of Elastic from $135.00 to $127.00 and set a “sector outperform” rating for the company in a research report on Tuesday, January 21st. Truist Financial upped their price target on shares of Elastic from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Finally, DA Davidson upped their price target on shares of Elastic from $75.00 to $115.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Seven equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $131.09.

Elastic Stock Performance

Shares of Elastic stock opened at $116.38 on Friday. The stock has a market cap of $12.06 billion, a price-to-earnings ratio of 211.61 and a beta of 1.07. The firm’s 50-day moving average is $105.85 and its 200 day moving average is $95.51. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99.

Elastic (NYSE:ESTC) last issued 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. Sell-side analysts anticipate that Elastic will post -0.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Ashutosh Kulkarni sold 7,017 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total transaction of $758,678.04. Following the completion of the transaction, the chief executive officer now directly owns 395,326 shares in the company, valued at approximately $42,742,647.12. This represents a 1.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Elastic during the 4th quarter valued at approximately $3,558,000. Jefferies Financial Group Inc. bought a new position in shares of Elastic during the 4th quarter valued at approximately $456,000. Infinitum Asset Management LLC purchased a new stake in Elastic during the 4th quarter valued at $6,936,000. Public Employees Retirement System of Ohio raised its holdings in Elastic by 1.2% during the 4th quarter. Public Employees Retirement System of Ohio now owns 29,907 shares of the company’s stock valued at $2,963,000 after buying an additional 359 shares during the period. Finally, Fourth Dimension Wealth LLC purchased a new stake in Elastic during the 4th quarter valued at $26,000. 97.03% of the stock is currently 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.