TD Securities Lowers Elastic (NYSE:ESTC) Price Target to $105.00

Elastic (NYSE:ESTC) had its price target decreased by equities researchers at TD Securities from $125.00 to $105.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. TD Securities’ price target indicates a potential upside of 12.87% from the company’s current price.

Other analysts also recently issued reports about the company. Robert W. Baird boosted their price target on Elastic from $135.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Truist Financial reduced their price target on Elastic from $145.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Morgan Stanley reduced their price target on Elastic from $140.00 to $120.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. DA Davidson reduced their price target on Elastic from $115.00 to $75.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Finally, Scotiabank reduced their price target on Elastic from $140.00 to $137.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 27th. Nine analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $125.96.

Elastic Stock Performance

Shares of NYSE ESTC opened at $93.03 on Wednesday. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a 12 month low of $69.00 and a 12 month high of $123.96. The stock has a 50 day moving average of $86.35 and a 200-day moving average of $97.47. The company has a market capitalization of $9.71 billion, a P/E ratio of 169.15 and a beta of 1.20.

Elastic (NYSE:ESTC) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.48). The firm had revenue of $382.08 million during 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%. As a group, equities research analysts predict that Elastic will post -0.77 EPS for the current year.

Insider Transactions at Elastic

In other Elastic news, CTO Shay Banon sold 2,683 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $90.78, for a total value of $243,562.74. Following the completion of the transaction, the chief technology officer now owns 4,535,456 shares of the company’s stock, valued at $411,728,695.68. This represents a 0.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ashutosh Kulkarni sold 5,000 shares of the company’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $102.64, for a total value of $513,200.00. Following the completion of the transaction, the chief executive officer now directly owns 371,591 shares of the company’s stock, valued at approximately $38,140,100.24. The trade was a 1.33% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 198,304 shares of company stock valued at $20,847,452. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of institutional investors and hedge funds have recently bought and sold shares of ESTC. Massachusetts Financial Services Co. MA increased its holdings in Elastic by 5,437.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company’s stock worth $203,872,000 after purchasing an additional 2,246,808 shares in the last quarter. Sylebra Capital LLC increased its holdings in Elastic by 62.6% in the 4th quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock worth $451,950,000 after purchasing an additional 1,756,842 shares in the last quarter. AQR Capital Management LLC increased its holdings in Elastic by 6,651.3% in the 1st quarter. AQR Capital Management LLC now owns 1,403,859 shares of the company’s stock worth $122,978,000 after purchasing an additional 1,383,065 shares in the last quarter. Norges Bank acquired a new position in Elastic in the 4th quarter worth about $102,485,000. Finally, Driehaus Capital Management LLC grew its position in shares of Elastic by 1,450.8% in the 1st quarter. Driehaus Capital Management LLC now owns 880,454 shares of the company’s stock valued at $78,448,000 after buying an additional 823,680 shares during the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.

Elastic Company Profile

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.