Elastic (NYSE:ESTC) Given New $110.00 Price Target at Truist Financial

Elastic (NYSE:ESTC – Get Rating) had its price objective cut by Truist Financial from $135.00 to $110.00 in a report issued on Tuesday morning, The Fly reports.

A number of other research analysts also recently commented on ESTC. Zacks Investment Research downgraded Elastic from a hold rating to a sell rating in a research note on Wednesday, May 4th. Stifel Nicolaus lowered their price objective on Elastic from $148.00 to $125.00 and set a buy rating for the company in a research note on Monday, March 21st. Barclays lowered their price objective on Elastic from $200.00 to $135.00 in a research note on Wednesday, January 12th. Royal Bank of Canada lowered their price objective on Elastic from $165.00 to $133.00 in a research note on Monday, February 28th. Finally, William Blair initiated coverage on Elastic in a research note on Monday, April 25th. They set an outperform rating for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Buy and a consensus price target of $146.94.

Shares of NYSE ESTC opened at $57.36 on Tuesday. Elastic has a twelve month low of $56.90 and a twelve month high of $189.84. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 1.31. The company has a market capitalization of $5.36 billion, a price-to-earnings ratio of -28.97 and a beta of 1.28. The business has a 50 day simple moving average of $83.22 and a 200-day simple moving average of $108.59.

Elastic (NYSE:ESTC – Get Rating) last issued its quarterly earnings results on Thursday, March 3rd. The company reported ($0.53) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.53). The business had revenue of $223.94 million during the quarter, compared to the consensus estimate of $209.71 million. Elastic had a negative return on equity of 34.20% and a negative net margin of 22.67%. The business’s quarterly revenue was up 42.5% on a year-over-year basis. During the same period in the previous year, the business earned ($0.33) EPS. As a group, equities analysts predict that Elastic will post -1.79 earnings per share for the current year.

In other news, CFO Janesh Moorjani sold 343 shares of the company’s stock in a transaction on Friday, March 11th. The stock was sold at an average price of $75.30, for a total transaction of $25,827.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ashutosh Kulkarni sold 5,822 shares of Elastic stock in a transaction dated Friday, March 11th. The stock was sold at an average price of $75.30, for a total value of $438,396.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,415 shares of company stock valued at $978,537. Insiders own 18.90% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Selective Wealth Management Inc. purchased a new position in shares of Elastic in the fourth quarter worth approximately $25,000. EverSource Wealth Advisors LLC purchased a new position in shares of Elastic in the fourth quarter worth approximately $31,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its position in shares of Elastic by 2,844.4% in the fourth quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 265 shares of the company’s stock worth $33,000 after acquiring an additional 256 shares in the last quarter. CVA Family Office LLC purchased a new position in shares of Elastic in the first quarter worth approximately $31,000. Finally, GraniteShares Advisors LLC purchased a new position in shares of Elastic in the fourth quarter worth approximately $56,000. 77.44% of the stock is currently owned by institutional investors and hedge funds.

About Elastic (Get Rating)

Elastic N.V., a search company, delivers technology that enables users to search through structured and unstructured data for a range of consumer and enterprise applications. It primarily offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as perform search, analysis, and visualization.

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