An interesting stock that came up in some of our conversations today is Elastic N.V. (NYSE:ESTC). At current price of $92.24, the shares have already added 3.08 points (3.45% higher) from its previous close of $89.16. Should you buy or avoid them? The stock sets an active trading volume day with a reported 1468685 contracts so far this session. ESTC shares had a relatively better volume day versus average trading capacity of 1.07 million shares, but with a 43.85 million float and a 15.22% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for ESTC stock indicates that the average analyst price target is $102.83 per share. This means the stock has a potential increase of 11.48% from where the ESTC share price has been trading recently which is between $84.37 and $89.16. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $80.
The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Elastic NV (ESTC) Files 10-K for the Fiscal Year Ended on April 30, 2019” and dated June 28, 2019.
Looking at the current readings for Elastic N.V., the two-week RSI stands at 75.27. This figure suggests that ESTC stock, for now, is oversold, meaning that the shares are not stable in terms of price movement. The stochastic readings, on the other hand, based on the current ESTC readings is similarly very revealing as it has a stochastic reading of 99.6% at this stage. This figure means that ESTC share price today is being oversold.
Technical chart claims that Elastic N.V. (ESTC) would settle between $90.76/share to $92.35/share level. However, if the stock price goes below the $85.97 mark, then the market for Elastic N.V. becomes much weaker. If that happens, the stock price might even plunge as low as $82.77 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 6.74. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Monness Crespi & Hardt lifted target price for shares of ESTC but were stick to Buy recommendation for the stock in their opinion released on June 06. The price target has been raised from $120 to $125. BofA/Merrill analysts again handed out a Buy recommendation to Elastic N.V. (NYSE:ESTC) stock but they lifted target price for the shares in a flash note issued to investors on June 06. The target price has been raised from $115 to $135. Analysts at Stifel, made their first call for the equity with a Hold recommendation, according to a research note that dated back to May 14.
ESTC equity has an average rating of 2.31, with the figure leaning towards a bullish end. 13 analysts who tracked the company were contacted by Reuters. Amongst them, 7 rated the stock as a hold while the remaining 6 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 6 analysts rated Elastic N.V. (NYSE:ESTC) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.