Canaccord Genuity Group Forecasts Strong Price Appreciation for Elastic (NYSE:ESTC) Stock

Elastic (NYSE:ESTC) had its target price raised by investment analysts at Canaccord Genuity Group from $110.00 to $130.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 20.34% from the stock’s current price.

A number of other research analysts have also issued reports on the stock. Barclays raised their price objective on shares of Elastic from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Wells Fargo & Company increased their price target on Elastic from $100.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday. Citigroup lifted their price target on Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. William Blair raised shares of Elastic from a “market perform” rating to an “outperform” rating in a report on Monday, October 14th. Finally, Truist Financial dropped their target price on Elastic from $140.00 to $105.00 and set a “buy” rating for the company in a report on Friday, August 30th. 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $122.00.

Elastic Price Performance

Shares of NYSE:ESTC opened at $108.03 on Friday. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06. The stock has a market capitalization of $11.10 billion, a PE ratio of 196.42 and a beta of 0.94. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.75. The firm has a 50 day moving average of $81.78 and a 200-day moving average of $97.04.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping 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 firm had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. During the same quarter in the prior year, the business earned ($0.35) earnings per share. The business’s revenue for the quarter was up 18.3% compared to the same quarter last year. On average, equities research analysts predict that Elastic will post -0.92 EPS for the current fiscal year.

Insider Activity at Elastic

In other Elastic news, Director Paul R. Auvil III acquired 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the acquisition, the director now owns 22,627 shares in the company, valued at $1,680,054.75. This represents a 761.32 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Janesh Moorjani sold 6,941 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $487,605.25. Following the completion of the sale, the chief financial officer now owns 195,550 shares of the company’s stock, valued at $13,737,387.50. This trade represents a 3.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,406 shares of company stock valued at $2,627,772 over the last ninety days. Insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

A number of institutional investors have recently bought and sold shares of the business. Toronto Dominion Bank bought a new stake in Elastic in the 1st quarter valued at $5,780,000. Interval Partners LP bought a new position in Elastic in the 1st quarter valued at $1,704,000. Russell Investments Group Ltd. grew its stake in Elastic by 993.0% in the first quarter. Russell Investments Group Ltd. now owns 17,236 shares of the company’s stock worth $1,728,000 after purchasing an additional 15,659 shares in the last quarter. Fifth Third Wealth Advisors LLC purchased a new position in Elastic during the 3rd quarter valued at about $1,262,000. Finally, WD Rutherford LLC purchased a new position in shares of Elastic in the 2nd quarter valued at $422,000. 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.