Elastic (NYSE:ESTC) Given New $135.00 Price Target at Wells Fargo & Company

Elastic (NYSE:ESTC) had its price target boosted by Wells Fargo & Company from $100.00 to $135.00 in a research report report published on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts also recently issued reports on ESTC. Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a research report on Friday. Jefferies Financial Group lowered their price target on Elastic from $140.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Bank of America increased their price target on Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday. Wedbush upgraded shares of Elastic to a “hold” rating in a report on Thursday, October 17th. Finally, Scotiabank reduced their target price on Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a research report on Friday, August 30th. Six research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Elastic has a consensus rating of “Moderate Buy” and a consensus target price of $122.00.

Elastic Stock Performance

Shares of ESTC stock opened at $107.94 on Friday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.91 and a current ratio of 1.91. The stock has a market capitalization of $11.09 billion, a price-to-earnings ratio of 196.25 and a beta of 0.94. Elastic has a one year low of $69.00 and a one year high of $136.06. The company’s 50-day simple moving average is $81.13 and its 200-day simple moving average is $97.04.

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

Insider Activity

In other Elastic news, insider Carolyn Herzog sold 4,489 shares of the business’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 sale, the insider now directly owns 102,959 shares of the company’s stock, valued at $7,232,869.75. The trade was a 4.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ashutosh Kulkarni sold 19,649 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total value of $1,380,342.25. Following the completion of the transaction, the chief executive officer now owns 432,648 shares of the company’s stock, valued at $30,393,522. The trade was a 4.34 % 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 three months. Corporate insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. FMR LLC grew its position in shares of Elastic by 25.6% in the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after acquiring an additional 1,115,750 shares during the period. 1832 Asset Management L.P. bought a new position in Elastic during the second quarter worth about $248,335,000. Atreides Management LP increased its position in Elastic by 57.2% during the third quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after buying an additional 614,309 shares during the last quarter. State Street Corp increased its position in Elastic by 2.3% during the third quarter. State Street Corp now owns 1,437,243 shares of the company’s stock worth $110,323,000 after buying an additional 31,663 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Elastic by 3.7% in the third quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock valued at $107,058,000 after buying an additional 50,355 shares during the period. 97.03% of the stock is owned by institutional investors and hedge funds.

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.