Wells Fargo Upgrades Elastic N.V (ESTC)
Fintel reports that on December 1, 2023, Wells Fargo upgraded their outlook for Elastic N.V (NYSE:ESTC) from Equal-Weight to Overweight .
Analyst Price Forecast Suggests 22.15% Downside
As of November 27, 2023, the average one-year price target for Elastic N.V is 85.79. The forecasts range from a low of 67.67 to a high of $105.00. The average price target represents a decrease of 22.15% from its latest reported closing price of 110.20.
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The projected annual revenue for Elastic N.V is 1,352MM, an increase of 16.67%. The projected annual non-GAAP EPS is 0.80.
What is the Fund Sentiment?
There are 606 funds or institutions reporting positions in Elastic N.V. This is an increase of 13 owner(s) or 2.19% in the last quarter. Average portfolio weight of all funds dedicated to ESTC is 0.37%, an increase of 15.66%. Total shares owned by institutions increased in the last three months by 4.25% to 81,019K shares. 
The put/call ratio of ESTC is 0.53, indicating a bullish outlook.
What are Other Shareholders Doing?
Baillie Gifford holds 7,552K shares representing 7.66% ownership of the company. In it's prior filing, the firm reported owning 7,582K shares, representing a decrease of 0.40%. The firm decreased its portfolio allocation in ESTC by 50.36% over the last quarter.
VWIGX - Vanguard International Growth Fund Investor Shares holds 4,896K shares representing 4.96% ownership of the company. No change in the last quarter.
Sylebra Capital holds 3,924K shares representing 3.98% ownership of the company. In it's prior filing, the firm reported owning 4,591K shares, representing a decrease of 16.97%. The firm increased its portfolio allocation in ESTC by 40.30% over the last quarter.
FIL holds 3,447K shares representing 3.49% ownership of the company. In it's prior filing, the firm reported owning 2,949K shares, representing an increase of 14.43%. The firm decreased its portfolio allocation in ESTC by 19.06% over the last quarter.
Jpmorgan Chase holds 2,970K shares representing 3.01% ownership of the company. In it's prior filing, the firm reported owning 2,808K shares, representing an increase of 5.43%. The firm decreased its portfolio allocation in ESTC by 82.55% over the last quarter.
Elastic N.V Background Information
(This description is provided by the company.)
Elastic is a search company built on a free and open heritage. Anyone can use Elastic products and solutions to get started quickly and frictionlessly. Elastic offers three solutions for enterprise search, observability, and security, built on one technology stack that can be deployed anywhere. From finding documents to monitoring infrastructure to hunting for threats, Elastic makes data usable in real time and at scale. Thousands of organizations worldwide, including Cisco, eBay, Goldman Sachs, Microsoft, The Mayo Clinic, NASA, The New York Times, Wikipedia, and Verizon, use Elastic to power mission-critical systems. Founded in 2012, Elastic is a distributed company with Elasticians around the globe and is publicly traded on the NYSE.
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This story originally appeared on Fintel.