After Barclays and RBC Capital gave Elastic (NYSE: ESTC) a Buy rating last month, the company received another Buy, this time from Monness. Analyst Brian White maintained a Buy rating on Elastic today and set a price target of $80.00. The company’s shares closed last Monday at $56.41.
According to TipRanks.com, White is a top 100 analyst with an average return of 19.6% and a 62.5% success rate. White covers the Technology sector, focusing on stocks such as Spotify Technology SA, Slack Technologies, and Salesforce.
Currently, the analyst consensus on Elastic is a Strong Buy with an average price target of $90.83, representing a 59.0% upside. In a report issued on March 16, Barclays also maintained a Buy rating on the stock with a $70.00 price target.
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Based on Elastic’s latest earnings release for the quarter ending January 31, the company reported a quarterly revenue of $113 million and GAAP net loss of $44.28 million. In comparison, last year the company earned revenue of $70.84 million and had a GAAP net loss of $21.35 million.
Based on the recent corporate insider activity of 80 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ESTC in relation to earlier this year.
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Elastic NV engages in the provision of open source search and analytics engine services. It offers Elastic Stack, which is a set of software products that ingest and store data from any source, in any format, and perform search, analysis, and visualization. The company was founded by Shay Banon, Uri Boness, Steven Schuurman, and Simon Willnauer on February 9, 2012 and is headquartered in Mountain View, CA.
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