Elastic (NYSE:ESTC) Given New $100.00 Price Target at Piper Sandler

Elastic (NYSE:ESTC) had its target price cut by Piper Sandler from $131.00 to $100.00 in a research note published on Friday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts have also recently issued reports on ESTC. Stifel Nicolaus reduced their price objective on Elastic from $120.00 to $98.00 and set a buy rating on the stock in a research note on Friday. Truist Financial decreased their price objective on Elastic from $140.00 to $105.00 and set a buy rating for the company in a research note on Friday. Bank of America lowered shares of Elastic from a buy rating to a neutral rating and cut their target price for the stock from $140.00 to $94.00 in a research note on Friday. TD Cowen dropped their price objective on shares of Elastic from $110.00 to $80.00 and set a hold rating on the stock in a research report on Friday. Finally, Canaccord Genuity Group decreased their price objective on shares of Elastic from $130.00 to $125.00 and set a buy rating for the company in a research report on Friday, May 31st. Nine equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $105.20.

Elastic Stock Performance

NYSE ESTC opened at $76.19 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.76 and a quick ratio of 1.76. 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 has a 50-day moving average of $109.05 and a two-hundred day moving average of $107.84. Elastic has a 1-year low of $59.30 and a 1-year high of $136.06.

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

Insider Buying and Selling at Elastic

In other 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 value of $639,443.40. Following the completion of the sale, the insider now directly owns 107,448 shares of the company’s stock, valued at $11,805,311.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Elastic news, insider Carolyn Herzog sold 5,820 shares of Elastic stock in a transaction that occurred on Monday, June 10th. The stock was 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 in the company, valued at approximately $11,805,311.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 value of $382,966.46. Following the sale, the executive now 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. Over the last three months, insiders have sold 355,312 shares of company stock worth $38,626,610. 18.10% of the stock is owned by company insiders.

Institutional Trading of Elastic

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP purchased a new position in Elastic during the second quarter worth about $40,000. Creative Planning increased its position in Elastic by 21.5% during the 2nd quarter. Creative Planning now owns 9,413 shares of the company’s stock worth $1,072,000 after purchasing an additional 1,668 shares during the period. Driehaus Capital Management LLC raised its stake in shares of Elastic by 4.3% during the 2nd quarter. Driehaus Capital Management LLC now owns 499,915 shares of the company’s stock worth $56,945,000 after buying an additional 20,633 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Elastic in the second quarter valued at approximately $683,000. Finally, Daventry Group LP grew its holdings in 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 period. Hedge funds and other institutional investors own 97.03% of the company’s stock.

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.