Elastic (NYSE:ESTC) Price Target Cut to $98.00 by Analysts at JPMorgan Chase & Co.

Elastic (NYSE:ESTC) had its price objective reduced by equities research analysts at JPMorgan Chase & Co. from $113.00 to $98.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 68.80% from the company’s current price.

ESTC has been the topic of a number of other research reports. Piper Sandler cut their price target on Elastic from $125.00 to $110.00 and set an “overweight” rating on the stock in a report on Friday, November 21st. Rosenblatt Securities cut their target price on Elastic from $130.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, January 30th. Truist Financial reduced their price target on Elastic from $140.00 to $120.00 and set a “buy” rating for the company in a research report on Wednesday, November 19th. Jefferies Financial Group decreased their price target on Elastic from $105.00 to $95.00 and set a “buy” rating for the company in a research note on Monday, January 5th. Finally, Morgan Stanley set a $80.00 price objective on shares of Elastic in a research note on Thursday. Seventeen equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Elastic has an average rating of “Moderate Buy” and a consensus target price of $103.00.

Elastic Stock Performance

Shares of NYSE:ESTC traded down $4.00 during trading on Friday, hitting $58.06. 1,227,661 shares of the company traded hands, compared to its average volume of 1,704,636. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.64. The business’s fifty day moving average is $70.68 and its 200-day moving average is $78.69. The stock has a market capitalization of $6.12 billion, a price-to-earnings ratio of -56.37, a PEG ratio of 248.26 and a beta of 0.93. Elastic has a one year low of $56.69 and a one year high of $117.49.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, November 20th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.06. Elastic had a negative return on equity of 2.02% and a negative net margin of 6.79%.The firm had revenue of $423.48 million during the quarter, compared to the consensus estimate of $418.27 million. During the same period in the prior year, the business earned $0.59 EPS. The firm’s revenue was up 15.9% on a year-over-year basis. As a group, equities analysts predict that Elastic will post -0.77 earnings per share for the current fiscal year.

Insider Transactions at Elastic

In other news, insider Ken Exner sold 6,544 shares of Elastic stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $75.05, for a total transaction of $491,127.20. Following the transaction, the insider owned 227,038 shares in the company, valued at approximately $17,039,201.90. The trade was a 2.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Carolyn Herzog sold 5,353 shares of Elastic stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $75.05, for a total value of $401,742.65. Following the transaction, the insider directly owned 89,324 shares in the company, valued at approximately $6,703,766.20. This trade represents a 5.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 61,828 shares of company stock worth $4,641,010 in the last three months. Insiders own 12.70% of the company’s stock.

Hedge Funds Weigh In On Elastic

Several institutional investors and hedge funds have recently modified their holdings of ESTC. AQR Capital Management LLC lifted its holdings in shares of Elastic by 153.4% during the 4th quarter. AQR Capital Management LLC now owns 7,545,081 shares of the company’s stock valued at $569,201,000 after buying an additional 4,567,720 shares during the last quarter. FIL Ltd lifted its stake in Elastic by 36.9% in the fourth quarter. FIL Ltd now owns 3,628,748 shares of the company’s stock valued at $273,753,000 after acquiring an additional 977,578 shares during the last quarter. Alyeska Investment Group L.P. grew its position in Elastic by 490.4% in the third quarter. Alyeska Investment Group L.P. now owns 1,113,503 shares of the company’s stock worth $94,080,000 after acquiring an additional 924,911 shares in the last quarter. Vanguard Group Inc. grew its position in Elastic by 7.4% in the third quarter. Vanguard Group Inc. now owns 10,206,204 shares of the company’s stock worth $862,322,000 after acquiring an additional 705,991 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its stake in shares of Elastic by 302.1% during the 2nd quarter. Qube Research & Technologies Ltd now owns 932,630 shares of the company’s stock worth $78,649,000 after purchasing an additional 700,697 shares during the last quarter. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

About Elastic

Elastic N.V. operates as a search and analytics company, offering a suite of open source and subscription-based solutions for search, observability and security use cases. Its flagship product, Elasticsearch, enables fast and scalable full-text search and analytics across large volumes of structured and unstructured data. Complementary tools such as Kibana provide visualization capabilities, while Beats and Logstash serve as lightweight data shippers and data processing pipelines, respectively.

The company was founded in 2012 by Shay Banon, who serves as chief technology officer, and Steven Schuurman.