Piper Sandler Forecasts Strong Price Appreciation for Elastic (NYSE:ESTC) Stock

Elastic (NYSE:ESTC) had its price objective upped by investment analysts at Piper Sandler from $130.00 to $135.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s target price indicates a potential upside of 16.00% from the stock’s previous close.

Several other research analysts have also recently issued reports on ESTC. JPMorgan Chase & Co. increased their price objective on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research note on Friday, November 22nd. Oppenheimer increased their price objective on Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Stifel Nicolaus increased their price objective on Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Guggenheim increased their price objective on Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Finally, Wedbush cut Elastic from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Seven equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Elastic presently has an average rating of “Moderate Buy” and a consensus target price of $131.09.

Elastic Trading Up 14.9 %

Shares of NYSE ESTC opened at $116.38 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. The business’s 50 day moving average price is $106.11 and its 200-day moving average price is $95.52. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The company has a market cap of $12.06 billion, a price-to-earnings ratio of 211.61 and a beta of 1.07.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate 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 expect that Elastic will post -0.77 earnings per share for the current year.

Insider Transactions at Elastic

In related news, CEO Ashutosh Kulkarni sold 7,017 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total value of $758,678.04. Following the completion of the transaction, the chief executive officer now owns 395,326 shares in the company, valued at $42,742,647.12. This trade represents a 1.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 added to or reduced their stakes in ESTC. Private Advisor Group LLC purchased a new position in Elastic in the 3rd quarter worth $211,000. Van ECK Associates Corp purchased a new position in Elastic in the 3rd quarter worth $2,540,000. Fernwood Investment Management LLC raised its stake in Elastic by 1.3% in the 3rd quarter. Fernwood Investment Management LLC now owns 26,650 shares of the company’s stock worth $2,046,000 after acquiring an additional 350 shares during the last quarter. QRG Capital Management Inc. raised its stake in Elastic by 7.0% in the 3rd quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock worth $235,000 after acquiring an additional 201 shares during the last quarter. Finally, Fiera Capital Corp purchased a new position in Elastic in the 3rd quarter worth $15,623,000. Hedge funds and other 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.