Elastic (NYSE:ESTC) PT Lowered to $80.00 at Barclays

Elastic (NYSE:ESTCGet Rating) had its price target reduced by Barclays from $85.00 to $80.00 in a research note published on Friday, The Fly reports. They currently have an overweight rating on the stock.

Several other analysts also recently weighed in on ESTC. Jefferies Financial Group boosted their price target on shares of Elastic from $80.00 to $90.00 and gave the stock a hold rating in a research note on Tuesday, September 20th. Robert W. Baird reissued an outperform rating and issued a $100.00 price target on shares of Elastic in a research note on Wednesday, October 19th. Wells Fargo & Company started coverage on shares of Elastic in a research report on Tuesday, October 11th. They issued an underweight rating and a $73.00 price objective on the stock. Citigroup boosted their price objective on shares of Elastic from $125.00 to $150.00 and gave the company a buy rating in a research report on Monday, August 22nd. Finally, Piper Sandler boosted their price objective on shares of Elastic from $85.00 to $95.00 and gave the company an overweight rating in a research report on Friday, August 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $114.86.

Elastic Stock Performance

NYSE ESTC opened at $58.01 on Friday. Elastic has a 52-week low of $50.33 and a 52-week high of $182.50. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.96 and a current ratio of 1.96. The company has a market capitalization of $5.52 billion, a P/E ratio of -22.66 and a beta of 1.05. The company has a fifty day moving average of $67.79 and a 200-day moving average of $71.55.

Elastic (NYSE:ESTCGet Rating) last posted its quarterly earnings results on Thursday, August 25th. The company reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.10). The business had revenue of $250.08 million during the quarter, compared to the consensus estimate of $245.78 million. Elastic had a negative return on equity of 48.44% and a negative net margin of 25.99%. As a group, equities research analysts predict that Elastic will post -2.29 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Ashutosh Kulkarni sold 7,512 shares of the company’s stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $88.55, for a total value of $665,187.60. Following the transaction, the chief executive officer now owns 126,110 shares in the company, valued at $11,167,040.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Ashutosh Kulkarni sold 7,512 shares of the company’s stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $88.55, for a total value of $665,187.60. Following the transaction, the chief executive officer now owns 126,110 shares in the company, valued at $11,167,040.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jonathan Chadwick sold 6,250 shares of the company’s stock in a transaction that occurred on Thursday, October 27th. The stock was sold at an average price of $65.26, for a total transaction of $407,875.00. Following the completion of the transaction, the director now owns 7,729 shares in the company, valued at approximately $504,394.54. The disclosure for this sale can be found here. Insiders have sold 17,043 shares of company stock valued at $1,363,595 over the last quarter. Corporate insiders own 18.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PDT Partners LLC lifted its position in Elastic by 116.7% during the first quarter. PDT Partners LLC now owns 35,562 shares of the company’s stock valued at $3,163,000 after purchasing an additional 19,155 shares during the period. FORA Capital LLC bought a new position in Elastic during the first quarter valued at approximately $289,000. Scotia Capital Inc. lifted its position in Elastic by 1.2% during the first quarter. Scotia Capital Inc. now owns 54,671 shares of the company’s stock valued at $4,863,000 after purchasing an additional 664 shares during the period. Oppenheimer & Co. Inc. lifted its position in Elastic by 11.2% during the first quarter. Oppenheimer & Co. Inc. now owns 8,921 shares of the company’s stock valued at $794,000 after purchasing an additional 902 shares during the period. Finally, Parallel Advisors LLC increased its holdings in Elastic by 8.0% during the second quarter. Parallel Advisors LLC now owns 11,172 shares of the company’s stock valued at $756,000 after buying an additional 829 shares during the last quarter. Institutional investors own 74.31% of the company’s stock.

About Elastic

(Get Rating)

Elastic N.V., a search company, delivers technology 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 perform search, analysis, and visualization.

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