Elastic (NYSE:ESTC) Price Target Raised to $83.00

Elastic (NYSE:ESTC) had its price target increased by investment analysts at The Goldman Sachs Group from $73.00 to $83.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective suggests a potential upside of 13.79% from the company’s previous close.

ESTC has been the subject of a number of other reports. Royal Bank of Canada raised their price objective on shares of Elastic from $84.00 to $87.00 and gave the stock an “outperform” rating in a report on Friday. Canaccord Genuity Group raised their price target on shares of Elastic from $79.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday. Oppenheimer reiterated an “outperform” rating and issued a $80.00 price objective on shares of Elastic in a research note on Friday. Wells Fargo & Company raised their target price on Elastic from $67.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Wedbush reiterated a “neutral” rating and issued a $67.00 price target on shares of Elastic in a research report on Tuesday, July 18th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $78.44.

Elastic Stock Performance

ESTC stock traded down $1.33 during midday trading on Tuesday, hitting $72.94. The stock had a trading volume of 410,830 shares, compared to its average volume of 1,173,855. Elastic has a 52 week low of $46.18 and a 52 week high of $91.30. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 1.42. The stock has a 50-day simple moving average of $63.91 and a 200 day simple moving average of $61.96. The firm has a market capitalization of $7.18 billion, a price-to-earnings ratio of -32.62 and a beta of 1.01.

Insiders Place Their Bets

In other news, insider Ken Exner sold 2,235 shares of Elastic stock in a transaction on Friday, June 9th. The stock was sold at an average price of $70.41, for a total value of $157,366.35. Following the completion of the sale, the insider now directly owns 120,882 shares of the company’s stock, valued at approximately $8,511,301.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Ken Exner sold 2,235 shares of the firm’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $70.41, for a total value of $157,366.35. Following the transaction, the insider now owns 120,882 shares of the company’s stock, valued at approximately $8,511,301.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ashutosh Kulkarni sold 10,708 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $70.41, for a total transaction of $753,950.28. Following the sale, the chief executive officer now directly owns 332,329 shares of the company’s stock, valued at $23,399,284.89. The disclosure for this sale can be found here. In the last quarter, insiders have sold 372,694 shares of company stock valued at $25,962,227. 18.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Elastic

Several institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted its stake in Elastic by 418.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 441 shares of the company’s stock worth $26,000 after acquiring an additional 356 shares during the last quarter. Whittier Trust Co. acquired a new stake in Elastic in the first quarter worth $31,000. Quarry LP raised its holdings in Elastic by 79.6% in the first quarter. Quarry LP now owns 591 shares of the company’s stock worth $34,000 after purchasing an additional 262 shares during the period. Steward Partners Investment Advisory LLC boosted its position in shares of Elastic by 50.7% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 707 shares of the company’s stock worth $36,000 after purchasing an additional 238 shares in the last quarter. Finally, Amundi grew its holdings in shares of Elastic by 2,063.8% in the 4th quarter. Amundi now owns 1,017 shares of the company’s stock valued at $53,000 after buying an additional 970 shares during the period. 74.66% of the stock is currently 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.