Elastic (NYSE:ESTC) Price Target Cut to $75.00 by Analysts at DA Davidson

Elastic (NYSE:ESTC) had its price target reduced by DA Davidson from $100.00 to $75.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the stock. DA Davidson’s price objective indicates a potential downside of 1.56% from the stock’s current price.

Several other equities analysts have also issued reports on the company. Scotiabank decreased their target price on Elastic from $135.00 to $92.00 and set a “sector outperform” rating on the stock in a research note on Friday. Rosenblatt Securities reissued a “buy” rating and set a $136.00 target price on shares of Elastic in a research note on Tuesday. Bank of America lowered Elastic from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $140.00 to $94.00 in a research note on Friday. Stifel Nicolaus decreased their target price on Elastic from $120.00 to $98.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Jefferies Financial Group decreased their target price on Elastic from $140.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday. Eight research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Elastic has an average rating of “Moderate Buy” and a consensus target price of $105.20.

Elastic Trading Down 26.5 %

NYSE:ESTC traded down $27.45 during trading hours on Friday, hitting $76.19. The company had a trading volume of 11,664,075 shares, compared to its average volume of 1,301,641. Elastic has a 1 year low of $59.30 and a 1 year high of $136.06. The company has a 50-day moving average of $110.35 and a 200 day moving average of $108.82. The company has a market cap of $7.75 billion, a P/E ratio of 143.75 and a beta of 0.98. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.77.

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). Elastic had a net margin of 4.87% and a negative return on equity of 20.83%. The business had revenue of $335.00 million during the quarter, compared to analyst estimates of $329.15 million. Sell-side analysts expect that Elastic will post -1.12 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Ashutosh Kulkarni sold 18,819 shares of Elastic stock in a transaction on Monday, June 10th. The stock was sold at an average price of $109.90, for a total transaction of $2,068,208.10. Following the completion of the transaction, the chief executive officer now directly owns 461,961 shares of the company’s stock, valued at $50,769,513.90. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Elastic news, CEO Ashutosh Kulkarni sold 18,819 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $109.90, for a total transaction of $2,068,208.10. Following the completion of the transaction, the chief executive officer now owns 461,961 shares of the company’s stock, valued at $50,769,513.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Mark Eugene Dodds sold 3,457 shares of the firm’s stock in a transaction 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 transaction, 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. Over the last ninety days, insiders sold 355,312 shares of company stock valued at $38,626,610. 18.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Elastic

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC purchased a new stake in Elastic during the fourth quarter valued at about $25,660,000. Federated Hermes Inc. grew its position in Elastic by 2,474.2% during the fourth quarter. Federated Hermes Inc. now owns 2,291 shares of the company’s stock valued at $258,000 after acquiring an additional 2,202 shares during the period. GAMMA Investing LLC purchased a new stake in Elastic during the fourth quarter valued at about $39,000. Victory Capital Management Inc. lifted its stake in shares of Elastic by 24.1% during the fourth quarter. Victory Capital Management Inc. now owns 10,875 shares of the company’s stock worth $1,226,000 after purchasing an additional 2,114 shares in the last quarter. Finally, New York Life Investment Management LLC lifted its stake in shares of Elastic by 8.0% during the fourth quarter. New York Life Investment Management LLC now owns 8,956 shares of the company’s stock worth $1,009,000 after purchasing an additional 661 shares in the last quarter. 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.