Elastic (NYSE:ESTC) Price Target Cut to $107.00 by Analysts at Guggenheim

Elastic (NYSE:ESTC) had its target price reduced by Guggenheim from $136.00 to $107.00 in a research note published on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts also recently weighed in on ESTC. UBS Group upped their target price on Elastic from $140.00 to $148.00 and gave the company a “buy” rating in a report on Friday, February 28th. Wall Street Zen upgraded shares of Elastic from a “hold” rating to a “buy” rating in a research note on Friday. Robert W. Baird increased their target price on shares of Elastic from $135.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday, February 28th. Wells Fargo & Company lifted their target price on shares of Elastic from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Finally, DA Davidson dropped their price target on shares of Elastic from $115.00 to $75.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Seven analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $114.67.

Elastic Price Performance

ESTC opened at $80.95 on Friday. The firm has a market capitalization of $8.45 billion, a P/E ratio of 147.18 and a beta of 1.20. The stock has a fifty day moving average of $85.51 and a 200-day moving average of $97.62. The company has a quick ratio of 1.99, a current 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.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, May 29th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.10. The firm had revenue of $388.43 million for the quarter, compared to analyst estimates of $380.61 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. Elastic’s quarterly revenue was up 15.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.21 earnings per share. Equities analysts forecast that Elastic will post -0.77 EPS for the current fiscal year.

Insider Transactions at Elastic

In related news, CEO Ashutosh Kulkarni sold 18,735 shares of the firm’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 approximately $34,183,165.07. This trade represents a 4.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CTO Shay Banon sold 140,129 shares of Elastic stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $106.68, for a total transaction of $14,948,961.72. Following the completion of the transaction, the chief technology officer now owns 2,254,978 shares in the company, valued at $240,561,053.04. This trade represents a 5.85% 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 worth $20,847,452. 15.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Elastic

Hedge funds have recently bought and sold shares of the company. Barclays PLC increased its stake in shares of Elastic by 56.2% in the third quarter. Barclays PLC now owns 153,155 shares of the company’s stock worth $11,757,000 after purchasing an additional 55,084 shares during the period. Janney Montgomery Scott LLC acquired a new stake in Elastic in the 4th quarter valued at approximately $202,000. Geneos Wealth Management Inc. bought a new position in Elastic in the 4th quarter worth approximately $25,000. KBC Group NV increased its position in Elastic by 42.2% in the 4th quarter. KBC Group NV now owns 3,435 shares of the company’s stock worth $340,000 after buying an additional 1,020 shares during the period. Finally, Pacer Advisors Inc. lifted its holdings in shares of Elastic by 30.7% during the fourth quarter. Pacer Advisors Inc. now owns 2,408 shares of the company’s stock worth $239,000 after buying an additional 566 shares during 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.