Elastic (NYSE:ESTC) Price Target Cut to $106.00

Elastic (NYSE:ESTC) had its target price dropped by analysts at Barclays from $117.00 to $106.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s price objective points to a potential upside of 40.79% from the stock’s current price.

A number of other brokerages have also recently weighed in on ESTC. Robert W. Baird cut shares of Elastic from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $135.00 to $95.00 in a research report on Friday. Jefferies Financial Group reduced their target price on Elastic from $140.00 to $110.00 and set a “buy” rating for the company in a report on Friday. Bank of America downgraded Elastic from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $140.00 to $94.00 in a research note on Friday. Scotiabank reduced their price objective on Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a research note on Friday. Finally, Truist Financial lowered their target price on shares of Elastic from $140.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday. Eight 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 price target of $104.95.

Elastic Stock Down 27.4 %

Shares of NYSE:ESTC traded down $28.35 during trading hours on Friday, reaching $75.29. The stock had a trading volume of 6,842,365 shares, compared to its average volume of 1,272,940. The firm’s 50 day moving average is $110.35 and its 200-day moving average is $108.82. The stock has a market capitalization of $7.66 billion, a price-to-earnings ratio of 142.53 and a beta of 0.98. 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 quick ratio of 1.76 and a current ratio of 1.76.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, May 30th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.03). The company had revenue of $335.00 million during the quarter, compared to analysts’ expectations of $329.15 million. Elastic had a net margin of 4.87% and a negative return on equity of 20.83%. Research analysts predict that Elastic will post -1.12 earnings per share for the current fiscal year.

Insider Activity at Elastic

In related news, CRO Mark Eugene Dodds sold 3,457 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $9,139,128.44. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CRO Mark Eugene Dodds sold 3,457 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $110.78, for a total transaction of $382,966.46. Following the completion of the sale, the executive now owns 82,498 shares of the company’s stock, valued at $9,139,128.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Shay Banon sold 5,260 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $109.89, for a total transaction of $578,021.40. Following the completion of the sale, the chief technology officer now directly owns 4,545,856 shares in the company, valued at $499,544,115.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 355,312 shares of company stock worth $38,626,610. 18.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Elastic

A number of hedge funds have recently bought and sold shares of the company. Asset Dedication LLC boosted its stake in Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after acquiring an additional 280 shares during the period. GAMMA Investing LLC bought a new stake in Elastic in the fourth quarter valued at $39,000. AlphaCentric Advisors LLC acquired a new position in shares of Elastic during the second quarter valued at $40,000. Quarry LP bought a new position in shares of Elastic during the second quarter worth about $40,000. Finally, Lynx Investment Advisory bought a new position in shares of Elastic during the second quarter worth about $43,000. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.