Elastic (NYSE:ESTC) PT Lowered to $105.00 at Truist Financial

Elastic (NYSE:ESTC) had its price target decreased by Truist Financial from $140.00 to $105.00 in a research note published on Friday, Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other research analysts also recently commented on ESTC. UBS Group started coverage on shares of Elastic in a research report on Wednesday, May 22nd. They issued a buy rating and a $135.00 price objective for the company. Robert W. Baird cut Elastic from an outperform rating to a neutral rating and reduced their price target for the stock from $135.00 to $95.00 in a report on Friday. Canaccord Genuity Group dropped their price objective on Elastic from $130.00 to $125.00 and set a buy rating on the stock in a research note on Friday, May 31st. Scotiabank reduced their target price on Elastic from $154.00 to $135.00 and set a sector outperform rating for the company in a research note on Friday, May 31st. Finally, Needham & Company LLC reissued a hold rating on shares of Elastic in a report on Friday, May 31st. Nine research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $105.20.

Elastic Stock Performance

ESTC opened at $76.19 on Friday. The business’s 50-day simple moving average is $109.05 and its 200 day simple moving average is $107.84. Elastic has a 52-week low of $59.30 and a 52-week high of $136.06. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.76 and a current ratio of 1.76. The firm has a market capitalization of $7.83 billion, a PE ratio of 143.75 and a beta of 0.98.

Elastic (NYSE:ESTC) last announced 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 analysts’ expectations of $344.67 million. During the same quarter in the prior year, the business posted ($0.35) EPS. The business’s revenue was up 18.3% compared to the same quarter last year. As a group, sell-side analysts expect that Elastic will post -1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Carolyn Herzog sold 5,820 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $109.87, for a total transaction of $639,443.40. Following the completion of the sale, the insider now owns 107,448 shares of the company’s stock, valued at $11,805,311.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Elastic news, insider Carolyn Herzog sold 5,820 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $109.87, for a total value of $639,443.40. Following the transaction, the insider now directly owns 107,448 shares of the company’s stock, valued at approximately $11,805,311.76. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Mark Eugene Dodds sold 3,457 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $110.78, for a total transaction of $382,966.46. Following the sale, the executive now directly owns 82,498 shares of the company’s stock, valued at approximately $9,139,128.44. The disclosure for this sale can be found here. Insiders have sold a total of 355,312 shares of company stock worth $38,626,610 in the last 90 days. Company insiders own 18.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Quarry LP bought a new stake in Elastic during the 2nd quarter worth approximately $40,000. Creative Planning increased its holdings in Elastic by 21.5% in 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 period. Driehaus Capital Management LLC grew its position in shares of Elastic by 4.3% in the 2nd quarter. Driehaus Capital Management LLC now owns 499,915 shares of the company’s stock valued at $56,945,000 after buying an additional 20,633 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Elastic in the second quarter valued at about $683,000. Finally, Daventry Group LP raised its position in shares of Elastic by 8.6% during the second quarter. Daventry Group LP now owns 316,975 shares of the company’s stock worth $36,107,000 after acquiring an additional 25,008 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors.

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.