Citigroup Raises Elastic (NYSE:ESTC) Price Target to $125.00

Elastic (NYSE:ESTCGet Rating) had its price target upped by Citigroup from $97.00 to $125.00 in a research report issued on Thursday, The Fly reports. Citigroup’s price objective points to a potential upside of 101.81% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. Oppenheimer lowered their target price on shares of Elastic from $185.00 to $150.00 and set an “outperform” rating on the stock in a research note on Friday, March 4th. Truist Financial cut their price objective on shares of Elastic from $135.00 to $110.00 in a research report on Tuesday, May 10th. William Blair initiated coverage on shares of Elastic in a research report on Monday, April 25th. They issued an “outperform” rating on the stock. Stifel Nicolaus dropped their price target on shares of Elastic from $125.00 to $100.00 in a research report on Thursday. Finally, Royal Bank of Canada dropped their price target on shares of Elastic from $133.00 to $110.00 in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Elastic has an average rating of “Buy” and an average price target of $132.50.

NYSE:ESTC opened at $61.94 on Thursday. The firm has a 50 day simple moving average of $76.01 and a 200-day simple moving average of $96.06. The company has a debt-to-equity ratio of 1.31, a current ratio of 2.22 and a quick ratio of 2.22. The firm has a market cap of $5.79 billion, a PE ratio of -31.28 and a beta of 1.30. Elastic has a 1-year low of $50.74 and a 1-year high of $189.84.

Elastic (NYSE:ESTCGet Rating) last released its quarterly earnings data on Wednesday, June 1st. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.06. Elastic had a negative net margin of 22.67% and a negative return on equity of 34.20%. The company had revenue of $239.36 million during the quarter, compared to analyst estimates of $232.38 million. During the same quarter in the prior year, the business earned ($0.44) earnings per share. The business’s quarterly revenue was up 34.8% compared to the same quarter last year. As a group, sell-side analysts expect that Elastic will post -1.79 earnings per share for the current fiscal year.

In related news, CEO Ashutosh Kulkarni sold 5,822 shares of the business’s stock in a transaction that occurred on Friday, March 11th. The stock was sold at an average price of $75.30, for a total value of $438,396.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Janesh Moorjani sold 343 shares of the company’s stock in a transaction that occurred on Friday, March 11th. The stock was sold at an average price of $75.30, for a total value of $25,827.90. The disclosure for this sale can be found here. Insiders sold a total of 12,415 shares of company stock worth $978,537 in the last 90 days. 18.90% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. XN LP raised its stake in Elastic by 343.5% in the 1st quarter. XN LP now owns 1,298,098 shares of the company’s stock valued at $115,466,000 after acquiring an additional 1,005,396 shares during the period. Anatole Investment Management Ltd bought a new position in Elastic during the 4th quarter worth $118,568,000. Allspring Global Investments Holdings LLC bought a new position in Elastic during the 4th quarter worth $96,794,000. Norges Bank bought a new position in Elastic during the 4th quarter worth $83,957,000. Finally, Lord Abbett & CO. LLC bought a new position in Elastic during the 1st quarter worth $43,614,000. 77.44% of the stock is owned by institutional investors.

About Elastic (Get Rating)

Elastic N.V., a search company, delivers technology that enables users to search through structured and unstructured data for a range of consumer and enterprise applications. It primarily offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as perform search, analysis, and visualization.

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