Elastic’s (NYSE:ESTC) quiet period is set to expire on Wednesday, November 14th. Elastic had issued 7,000,000 shares in its initial public offering on October 5th. The total size of the offering was $252,000,000 based on an initial share price of $36.00. During the company’s quiet period, insiders and any underwriters that worked on the IPO are restricted from issuing any research reports or earnings estimates for the company because of SEC regulations. Following the expiration of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.
Several research analysts recently weighed in on ESTC shares. Bank of America started coverage on shares of Elastic in a research note on Tuesday, October 30th. They set a “buy” rating and a $81.00 price objective on the stock. Goldman Sachs Group assumed coverage on shares of Elastic in a report on Tuesday, October 30th. They set a “buy” rating and a $68.00 target price on the stock. Canaccord Genuity assumed coverage on shares of Elastic in a report on Tuesday, October 30th. They set a “hold” rating and a $65.00 target price on the stock. Jefferies Financial Group assumed coverage on shares of Elastic in a report on Tuesday, October 30th. They set a “hold” rating and a $65.00 target price on the stock. Finally, Citigroup initiated coverage on shares of Elastic in a report on Tuesday, October 30th. They set a “neutral” rating and a $74.00 target price on the stock. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $70.38.
ESTC traded up $1.95 during trading on Friday, reaching $71.45. 137,712 shares of the stock were exchanged, compared to its average volume of 251,836. Elastic has a twelve month low of $58.55 and a twelve month high of $76.80.
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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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