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Monness Thinks Elastic’s Stock is Going to Recover

Monness analyst Brian White maintained a Buy rating on Elastic (ESTCResearch Report) today and set a price target of $93.00. The company’s shares closed last Wednesday at $61.94, close to its 52-week low of $50.74.

According to TipRanks.com, White is a 5-star analyst with an average return of 11.1% and a 59.1% success rate. White covers the Technology sector, focusing on stocks such as Palantir Technologies, Spotify Technology SA, and Alphabet Class A.

Currently, the analyst consensus on Elastic is a Strong Buy with an average price target of $101.18, implying a 63.4% upside from current levels. In a report issued on May 20, Barclays also maintained a Buy rating on the stock with a $80.00 price target.

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Elastic’s market cap is currently $5.79B and has a P/E ratio of -31.30.

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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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