JPMorgan Chase & Co. Lowers Elastic (NYSE:ESTC) Price Target to $98.00

Elastic (NYSE:ESTC) had its price objective cut by analysts at JPMorgan Chase & Co. from $113.00 to $98.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 68.96% from the stock’s current price.

ESTC has been the subject of several other research reports. Scotiabank dropped their price objective on shares of Elastic from $90.00 to $76.00 and set a “sector perform” rating for the company in a research note on Friday, November 21st. Guggenheim restated a “buy” rating and issued a $116.00 price target on shares of Elastic in a research report on Wednesday. Citigroup cut their price target on Elastic from $130.00 to $115.00 and set a “buy” rating for the company in a report on Monday, November 24th. Monness Crespi & Hardt lowered Elastic from a “buy” rating to a “neutral” rating in a research note on Friday, November 21st. Finally, Royal Bank Of Canada cut their target price on Elastic from $115.00 to $95.00 and set an “outperform” rating for the company in a research note on Monday, January 5th. Seventeen research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $102.17.

Elastic Stock Down 6.5%

NYSE ESTC opened at $58.00 on Friday. The business has a fifty day moving average price of $70.32 and a 200 day moving average price of $78.52. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.97 and a current ratio of 1.97. The company has a market cap of $6.11 billion, a P/E ratio of -56.31, a P/E/G ratio of 236.42 and a beta of 0.93. Elastic has a one year low of $56.69 and a one year high of $117.49.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, November 20th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.06. The business had revenue of $423.48 million during the quarter, compared to analyst estimates of $418.27 million. Elastic had a negative net margin of 6.79% and a negative return on equity of 2.02%. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.59 earnings per share. Research analysts anticipate that Elastic will post -0.77 EPS for the current fiscal year.

Insider Activity at Elastic

In related news, CEO Ashutosh Kulkarni sold 5,000 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $74.60, for a total value of $373,000.00. Following the sale, the chief executive officer directly owned 426,901 shares in the company, valued at approximately $31,846,814.60. The trade was a 1.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Navam Welihinda sold 1,046 shares of the company’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $74.51, for a total transaction of $77,937.46. Following the completion of the transaction, the chief financial officer directly owned 123,874 shares in the company, valued at $9,229,851.74. The trade was a 0.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 61,828 shares of company stock valued at $4,641,010 over the last 90 days. Corporate insiders own 12.70% of the company’s stock.

Institutional Investors Weigh In On Elastic

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Focus Partners Wealth purchased a new position in shares of Elastic during the 1st quarter worth approximately $494,000. Stratos Wealth Partners LTD. boosted its position in shares of Elastic by 34.3% during the second quarter. Stratos Wealth Partners LTD. now owns 6,091 shares of the company’s stock worth $514,000 after buying an additional 1,556 shares during the period. Chicago Partners Investment Group LLC purchased a new position in shares of Elastic during the second quarter worth $295,000. DekaBank Deutsche Girozentrale grew its stake in shares of Elastic by 7.6% in the second quarter. DekaBank Deutsche Girozentrale now owns 19,746 shares of the company’s stock valued at $1,637,000 after buying an additional 1,401 shares in the last quarter. Finally, Smith Group Asset Management LLC raised its holdings in shares of Elastic by 11.2% in the 2nd quarter. Smith Group Asset Management LLC now owns 31,700 shares of the company’s stock valued at $2,673,000 after buying an additional 3,200 shares during the period. 97.03% of the stock is owned by hedge funds and other institutional investors.

About Elastic

Elastic N.V. operates as a search and analytics company, offering a suite of open source and subscription-based solutions for search, observability and security use cases. Its flagship product, Elasticsearch, enables fast and scalable full-text search and analytics across large volumes of structured and unstructured data. Complementary tools such as Kibana provide visualization capabilities, while Beats and Logstash serve as lightweight data shippers and data processing pipelines, respectively.

The company was founded in 2012 by Shay Banon, who serves as chief technology officer, and Steven Schuurman.