Oppenheimer Lowers Elastic (NYSE:ESTC) Price Target to $125.00

Elastic (NYSE:ESTC) had its target price lowered by Oppenheimer from $150.00 to $125.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other brokerages also recently issued reports on ESTC. Stifel Nicolaus lowered their price objective on Elastic from $130.00 to $120.00 and set a buy rating on the stock in a research report on Friday, May 31st. Truist Financial reduced their target price on Elastic from $140.00 to $105.00 and set a buy rating on the stock in a research note on Friday. Rosenblatt Securities reissued a buy rating and issued a $136.00 target price on shares of Elastic in a research note on Tuesday, August 27th. Canaccord Genuity Group reduced their target price on Elastic from $130.00 to $125.00 and set a buy rating on the stock in a research note on Friday, May 31st. Finally, Bank of America cut Elastic from a buy rating to a neutral rating and reduced their target price for the company from $140.00 to $94.00 in a research note on Friday. Nine equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Elastic has an average rating of Moderate Buy and a consensus target price of $105.20.

Elastic Trading Down 26.5 %

NYSE:ESTC opened at $76.19 on Friday. The company has a market cap of $7.83 billion, a P/E ratio of 143.75 and a beta of 0.98. The stock’s fifty day moving average price is $109.70 and its two-hundred day moving average price is $108.24. Elastic has a 1 year low of $59.30 and a 1 year high of $136.06. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.76 and a quick ratio of 1.76.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. Elastic had a negative return on equity of 18.41% and a net margin of 4.62%. The company had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. During the same quarter last year, the business posted ($0.35) earnings per share. The firm’s revenue was up 18.3% compared to the same quarter last year. As a group, analysts expect that Elastic will post -1.12 EPS for the current year.

Insiders Place Their Bets

In other Elastic news, CRO Mark Eugene Dodds sold 2,281 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $109.90, for a total value of $250,681.90. Following the completion of the sale, the executive now directly owns 106,344 shares in the company, valued at $11,687,205.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Elastic news, CRO Mark Eugene Dodds sold 2,281 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $109.90, for a total value of $250,681.90. Following the completion of the sale, the executive now directly owns 106,344 shares in the company, valued at $11,687,205.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Shay Banon sold 180,000 shares of the firm’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $107.82, for a total transaction of $19,407,600.00. Following the completion of the sale, the chief technology officer now owns 2,874,978 shares of the company’s stock, valued at $309,980,127.96. The disclosure for this sale can be found here. Insiders sold 355,312 shares of company stock worth $38,626,610 over the last three months. Company insiders own 18.10% of the company’s stock.

Institutional Trading of Elastic

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP purchased a new position in shares of Elastic during the second quarter valued at approximately $40,000. Creative Planning lifted its holdings in shares of Elastic by 21.5% during the second quarter. Creative Planning now owns 9,413 shares of the company’s stock valued at $1,072,000 after purchasing an additional 1,668 shares during the last quarter. Driehaus Capital Management LLC lifted its holdings in shares of Elastic by 4.3% during the second quarter. Driehaus Capital Management LLC now owns 499,915 shares of the company’s stock valued at $56,945,000 after purchasing an additional 20,633 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Elastic during the second quarter valued at approximately $683,000. Finally, Daventry Group LP lifted its holdings in shares of Elastic by 8.6% during the second quarter. Daventry Group LP now owns 316,975 shares of the company’s stock valued at $36,107,000 after purchasing an additional 25,008 shares during the last quarter. 97.03% of the stock is currently owned by hedge funds and other 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.