In a report released today, Brian White from Monness initiated coverage with a Buy rating on Elastic NV (ESTC – Research Report) and a price target of $100. The company’s shares closed on Friday at $76.69.
“We are initiating coverage of Elastic N.V. with a BUY rating and 12-month price target of $100. Elastic N.V. describes itself as a “search company,” but not in the conventional sense that conjures up images of a multicolored Google search bar. When we think of search, general purpose search engines such as Alphabet’s Google (GOOGL/Buy) or Microsoft’s (MSFT/Not Rated) Bing come to mind; however, this is not the business of Elastic N.V. The use cases for the company’s open source software expand well beyond these search engines and focus on the IT market. Elastic N.V.”
According to TipRanks.com, White is a top 100 analyst with an average return of 18.5% and a 64.7% success rate. White covers the Technology sector, focusing on stocks such as Spotify Technology SA, Salesforce.com, and Alphabet Inc.
Elastic NV has an analyst consensus of Moderate Buy, with a price target consensus of $75, representing a -2.2% downside. In a report issued on December 5, Barclays also maintained a Buy rating on the stock with a $85 price target.
The company has a one-year high of $83.84 and a one-year low of $58.55. Currently, Elastic NV has an average volume of 442.6K.
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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.