Jefferies Financial Group Forecasts Strong Price Appreciation for Elastic (NYSE:ESTC) Stock

Elastic (NYSE:ESTC) had its price target increased by Jefferies Financial Group from $110.00 to $135.00 in a research report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also recently issued research reports about the company. UBS Group cut their target price on Elastic from $135.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Wells Fargo & Company lifted their price objective on shares of Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday. TD Cowen dropped their target price on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 30th. Barclays lifted their price target on shares of Elastic from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, Oppenheimer increased their price objective on shares of Elastic from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Friday. Six research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $122.00.

Elastic Price Performance

Shares of NYSE:ESTC opened at $107.94 on Friday. The company has a market capitalization of $11.09 billion, a P/E ratio of 196.25 and a beta of 0.94. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The firm’s 50 day simple moving average is $81.13 and its two-hundred day simple moving average is $97.04. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The company had revenue of $347.42 million for the quarter, compared to analysts’ expectations of $344.67 million. During the same quarter in the previous year, the company earned ($0.35) EPS. Elastic’s revenue for the quarter was up 18.3% on a year-over-year basis. Research analysts expect that Elastic will post -0.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Paul R. Auvil III purchased 20,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the acquisition, the director now owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. This trade represents a 761.32 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Carolyn Herzog sold 4,489 shares of the 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 $315,352.25. Following the completion of the transaction, the insider now directly owns 102,959 shares in the company, valued at approximately $7,232,869.75. This trade represents a 4.18 % decrease in their position. 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 quarter. Company insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of hedge funds and other institutional investors have recently made changes to their positions in ESTC. Advisors Asset Management Inc. lifted its stake in Elastic by 12.7% in the first quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after acquiring an additional 119 shares during the period. Signaturefd LLC raised its holdings in shares of Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after purchasing an additional 119 shares in the last quarter. M&T Bank Corp lifted its position in shares of Elastic by 3.1% in the 3rd quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock worth $357,000 after purchasing an additional 139 shares during the period. QRG Capital Management Inc. boosted its stake in shares of Elastic by 7.0% during the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock valued at $235,000 after purchasing an additional 201 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its holdings in Elastic by 3.3% during the third quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock valued at $523,000 after buying an additional 219 shares during the period. Institutional investors 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.