UBS Group Trims Elastic (NYSE:ESTC) Target Price to $95.00

Elastic (NYSE:ESTC) had its price objective lowered by UBS Group from $135.00 to $95.00 in a research report report published on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts have also weighed in on the company. Needham & Company LLC reaffirmed a hold rating on shares of Elastic in a research report on Friday, May 31st. TD Cowen lowered their target price on shares of Elastic from $110.00 to $80.00 and set a hold rating on the stock in a report on Friday. Rosenblatt Securities reiterated a buy rating and issued a $136.00 price target on shares of Elastic in a research note on Tuesday, August 27th. Robert W. Baird lowered shares of Elastic from an outperform rating to a neutral rating and lowered their price objective for the stock from $135.00 to $95.00 in a research note on Friday. Finally, Barclays dropped their target price on shares of Elastic from $128.00 to $117.00 and set an equal weight rating on the stock in a report on Friday, May 31st. Nine investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Elastic currently has an average rating of Moderate Buy and a consensus target price of $105.20.

Elastic Stock Down 26.5 %

Shares of ESTC stock opened at $76.19 on Friday. The firm’s fifty day moving average price is $109.05 and its two-hundred day moving average price is $107.84. 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 has a 1 year low of $59.30 and a 1 year high of $136.06. The firm has a market capitalization of $7.83 billion, a P/E 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 for the quarter, beating the consensus estimate of $0.25 by $0.10. The company had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a negative return on equity of 18.41% and a net margin of 4.62%. Elastic’s revenue for the quarter was up 18.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.35) EPS. On average, equities analysts predict that Elastic will post -1.12 EPS for the current fiscal year.

Insider Buying and Selling at Elastic

In related news, CEO Ashutosh Kulkarni sold 18,819 shares of the company’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 $2,068,208.10. Following the transaction, the chief executive officer now directly owns 461,961 shares in the company, valued at $50,769,513.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Ashutosh Kulkarni sold 18,819 shares of Elastic stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $109.90, for a total value of $2,068,208.10. Following the completion of the sale, the chief executive officer now directly owns 461,961 shares in the company, valued at $50,769,513.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CRO Mark Eugene Dodds sold 3,457 shares of the business’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 value 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 disclosure for this sale can be found here. Insiders have sold a total of 355,312 shares of company stock valued at $38,626,610 in the last ninety days. 18.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. International Assets Investment Management LLC bought a new stake in Elastic during the fourth quarter worth about $25,660,000. Federated Hermes Inc. lifted its holdings in shares of Elastic by 2,474.2% during the 4th quarter. Federated Hermes Inc. now owns 2,291 shares of the company’s stock worth $258,000 after acquiring an additional 2,202 shares during the period. GAMMA Investing LLC acquired a new stake in shares of Elastic during the 4th quarter worth approximately $39,000. Victory Capital Management Inc. raised its position in Elastic by 24.1% during the fourth quarter. Victory Capital Management Inc. now owns 10,875 shares of the company’s stock valued at $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 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 during the last quarter. Institutional investors own 97.03% of the company’s stock.

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.