Elastic (NYSE:ESTC) Price Target Cut to $137.00 by Analysts at Scotiabank

Elastic (NYSE:ESTC) had its price target cut by Scotiabank from $140.00 to $137.00 in a research note published on Thursday morning,Benzinga reports. They currently have a sector outperform rating on the stock.

Several other analysts have also weighed in on the stock. Morgan Stanley lifted their target price on shares of Elastic from $130.00 to $140.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. Guggenheim upped their price objective on Elastic from $130.00 to $136.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Wells Fargo & Company raised their target price on Elastic from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Wedbush lowered Elastic from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Finally, Truist Financial raised their price objective on shares of Elastic from $135.00 to $145.00 and gave the company a “buy” rating in a research report on Monday, March 3rd. Seven investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $131.39.

Elastic Stock Down 3.7 %

ESTC stock opened at $91.55 on Thursday. Elastic has a twelve month low of $69.00 and a twelve month high of $123.96. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. The company has a market cap of $9.56 billion, a PE ratio of 166.46 and a beta of 1.20. The business’s 50-day simple moving average is $105.25 and its 200 day simple moving average is $96.13.

Elastic (NYSE:ESTC) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). The firm had revenue of $382.08 million for the quarter, compared to the consensus estimate of $368.85 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. On average, research analysts anticipate that Elastic will post -0.77 earnings per share for the current year.

Insider Activity

In other Elastic news, CTO Shay Banon sold 25,668 shares of the stock in a transaction on Sunday, March 2nd. The stock was sold at an average price of $112.53, for a total transaction of $2,888,420.04. Following the completion of the transaction, the chief technology officer now directly owns 2,408,541 shares of the company’s stock, valued at approximately $271,033,118.73. This represents a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $90.77, for a total value of $1,700,575.95. Following the transaction, the chief executive officer now directly owns 376,591 shares in the company, valued at $34,183,165.07. This represents a 4.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 198,304 shares of company stock valued at $20,847,452 over the last three months. Corporate insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Geneos Wealth Management Inc. bought a new position in Elastic in the 4th quarter valued at $25,000. SBI Securities Co. Ltd. bought a new position in Elastic in the fourth quarter valued at $25,000. Fourth Dimension Wealth LLC bought a new stake in Elastic during the fourth quarter worth about $26,000. Venturi Wealth Management LLC boosted its holdings in shares of Elastic by 793.3% in the 4th quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock worth $27,000 after purchasing an additional 238 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its stake in Elastic by 126.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock worth $28,000 after buying an additional 158 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors.

About Elastic

Elastic N.V., a data analytics company, delivers solutions designed to run in public or private clouds in multi-cloud environments. It primarily offers 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 on that data.