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

Elastic (NYSE:ESTCGet 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:ESTCGet 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.

Featured Articles

The Fly logo

Analyst Recommendations for Elastic (NYSE:ESTC)

Receive News & Ratings for Elastic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Elastic and related companies with MarketBeat.com's FREE daily email newsletter.