Royal Bank of Canada upgraded shares of Elastic (NYSE:ESTC) from a sector perform rating to an outperform rating in a research report report published on Wednesday morning, BenzingaRatingsTable reports. They currently have $112.00 target price on the stock, up from their previous target price of $94.00.
Other analysts have also recently issued research reports about the stock. Stifel Nicolaus initiated coverage on shares of Elastic in a research note on Monday, May 13th. They issued a hold rating and a $75.00 price objective on the stock. Monness Crespi & Hardt reissued a buy rating and issued a $125.00 price objective (up previously from $120.00) on shares of Elastic in a research note on Thursday, June 6th. KeyCorp reissued a buy rating and issued a $102.00 price objective on shares of Elastic in a research note on Thursday, April 18th. Bank of America boosted their price objective on shares of Elastic from $115.00 to $135.00 and gave the stock a buy rating in a research note on Thursday, June 6th. Finally, Zacks Investment Research raised shares of Elastic from a sell rating to a hold rating in a research note on Monday, August 5th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of Buy and an average price target of $97.33.
NYSE ESTC opened at $85.24 on Wednesday. The firm’s fifty day moving average price is $89.58 and its two-hundred day moving average price is $85.68. The stock has a market cap of $6.32 billion and a PE ratio of -47.36. Elastic has a fifty-two week low of $58.55 and a fifty-two week high of $104.10.
Elastic (NYSE:ESTC) last posted its earnings results on Wednesday, June 5th. The company reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.17. The company had revenue of $80.60 million for the quarter, compared to the consensus estimate of $75.79 million. The firm’s revenue was up 62.5% compared to the same quarter last year. As a group, analysts expect that Elastic will post -2.17 EPS for the current year.
In other Elastic news, CRO Aaron Katz sold 15,000 shares of the company’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $80.38, for a total transaction of $1,205,700.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Shay Banon sold 273,696 shares of the company’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $99.34, for a total transaction of $27,188,960.64. The disclosure for this sale can be found here. Insiders have sold 1,958,440 shares of company stock worth $166,049,106 in the last ninety days. Insiders own 51.80% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Phocas Financial Corp. bought a new stake in Elastic during the second quarter valued at $2,195,000. Pearl River Capital LLC bought a new stake in Elastic during the first quarter valued at $32,000. US Bancorp DE bought a new stake in Elastic during the second quarter valued at $37,000. Machina Capital S.A.S. bought a new stake in Elastic during the second quarter valued at $52,000. Finally, O Shares Investment Advisers LLC boosted its position in Elastic by 9.7% during the second quarter. O Shares Investment Advisers LLC now owns 8,123 shares of the company’s stock valued at $606,000 after acquiring an additional 717 shares during the last quarter. 44.53% of the stock is currently owned by institutional investors and hedge funds.
Elastic N.V. develops and delivers technology that enables users to search structured and unstructured data for a range of consumer and enterprise applications. It primarily provides 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.
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