JPMorgan Chase & Co. Raises Elastic (NYSE:ESTC) Price Target to $130.00

Elastic (NYSE:ESTC - Free Report) had its price objective hoisted by JPMorgan Chase & Co. from $100.00 to $130.00 in a research note released on Friday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other brokerages also recently weighed in on ESTC. Wedbush upgraded Elastic to a "hold" rating in a report on Thursday, October 17th. Oppenheimer raised their price target on shares of Elastic from $125.00 to $140.00 and gave the stock an "outperform" rating in a research note on Friday. Royal Bank of Canada reduced their price objective on Elastic from $135.00 to $110.00 and set an "outperform" rating on the stock in a report on Friday, August 30th. Stifel Nicolaus upped their target price on Elastic from $98.00 to $132.00 and gave the stock a "buy" rating in a report on Friday. Finally, Guggenheim began coverage on shares of Elastic in a report on Wednesday, September 11th. They issued a "buy" rating and a $100.00 price target for the company. Six investment 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 company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $122.00.

Elastic Price Performance

Shares of NYSE ESTC traded up $13.90 during midday trading on Friday, reaching $108.03. 7,738,508 shares of the stock traded hands, compared to its average volume of 1,185,903. The company's 50 day moving average is $81.78 and its 200 day moving average is $97.04. Elastic has a one year low of $69.00 and a one year high of $136.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. The stock has a market capitalization of $11.10 billion, a PE ratio of 196.42 and a beta of 0.94.

Elastic (NYSE:ESTC - Get Free Report) last issued its quarterly earnings data on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.25 by $0.10. The business had revenue of $347.42 million during the quarter, compared to analysts' expectations of $344.67 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.54%. The business's revenue was up 18.3% on a year-over-year basis. During the same period last year, the company posted ($0.35) EPS. On average, equities research analysts anticipate that Elastic will post -0.92 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Carolyn Herzog sold 4,489 shares of the company's stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $70.25, for a total value of $315,352.25. Following the completion of the transaction, the insider now owns 102,959 shares of the company's stock, valued at approximately $7,232,869.75. This represents a 4.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Janesh Moorjani sold 6,941 shares of the business's stock in a transaction that occurred on Monday, September 9th. The shares were 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 a total of 37,406 shares of company stock valued at $2,627,772 over the last ninety days. Company insiders own 15.90% of the company's stock.

Institutional Trading of Elastic

A number of institutional investors and hedge funds have recently modified their holdings of ESTC. Asset Dedication LLC lifted its position in shares of Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company's stock valued at $34,000 after acquiring an additional 280 shares in the last quarter. AlphaCentric Advisors LLC purchased a new stake in shares of Elastic during the second quarter worth $40,000. Quarry LP acquired a new stake in shares of Elastic in the second quarter valued at about $40,000. Lynx Investment Advisory purchased a new position in shares of Elastic in the second quarter worth about $43,000. Finally, Signaturefd LLC lifted its stake in shares of Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company's stock worth $44,000 after buying an additional 119 shares in the last quarter. Hedge funds and other institutional investors own 97.03% of the company's stock.

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.