Elastic (NYSE:ESTC) Price Target Lowered to $95.00 at Citigroup

Elastic (NYSE:ESTC) had its price objective decreased by stock analysts at Citigroup from $115.00 to $95.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective indicates a potential upside of 63.79% from the company’s current price.

A number of other analysts also recently weighed in on ESTC. Canaccord Genuity Group reduced their price target on shares of Elastic from $120.00 to $115.00 and set a “buy” rating for the company in a report on Friday, November 21st. Bank of America reduced their target price on shares of Elastic from $111.00 to $90.00 and set a “neutral” rating for the company in a research note on Friday, November 21st. UBS Group cut their price target on Elastic from $125.00 to $110.00 and set a “buy” rating for the company in a report on Friday, November 21st. Jefferies Financial Group decreased their price objective on Elastic from $105.00 to $95.00 and set a “buy” rating on the stock in a report on Monday, January 5th. Finally, Royal Bank Of Canada lowered their price objective on Elastic from $115.00 to $95.00 and set an “outperform” rating on the stock in a research report on Monday, January 5th. Seventeen equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $102.17.

Elastic Stock Performance

Shares of ESTC stock traded down $4.06 during trading hours on Friday, reaching $58.00. 2,586,911 shares of the company’s stock were exchanged, compared to its average volume of 1,750,670. Elastic has a fifty-two week low of $56.69 and a fifty-two week high of $117.49. The stock has a market capitalization of $6.11 billion, a P/E ratio of -56.31, a P/E/G ratio of 248.26 and a beta of 0.93. The business has a fifty day moving average price of $70.68 and a 200-day moving average price of $78.69. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.64.

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

Insiders Place Their Bets

In related news, Director Paul R. Auvil III acquired 10,000 shares of the company’s stock in a transaction on Monday, December 1st. The stock was purchased at an average cost of $71.02 per share, for a total transaction of $710,200.00. Following the completion of the purchase, the director directly owned 37,956 shares of the company’s stock, valued at $2,695,635.12. The trade was a 35.77% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ashutosh Kulkarni sold 20,413 shares of Elastic stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $75.05, for a total value of $1,531,995.65. Following the transaction, the chief executive officer directly owned 431,901 shares of the company’s stock, valued at approximately $32,414,170.05. The trade was a 4.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 61,828 shares of company stock worth $4,641,010 in the last 90 days. 12.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Elastic

Large investors have recently made changes to their positions in the company. Sound Income Strategies LLC bought a new position in Elastic during the 4th quarter valued at about $25,000. Geneos Wealth Management Inc. acquired a new stake in shares of Elastic during the second quarter worth approximately $31,000. Huntington National Bank raised its stake in shares of Elastic by 97.5% in the second quarter. Huntington National Bank now owns 468 shares of the company’s stock valued at $39,000 after acquiring an additional 231 shares during the last quarter. Plato Investment Management Ltd bought a new position in shares of Elastic in the second quarter valued at approximately $40,000. Finally, Activest Wealth Management boosted its holdings in shares of Elastic by 3,181.3% in the 4th quarter. Activest Wealth Management now owns 525 shares of the company’s stock worth $40,000 after acquiring an additional 509 shares in the last quarter. Institutional investors own 97.03% of the company’s stock.

Elastic Company Profile

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.