Elastic (NYSE:ESTC) Price Target Cut to $70.00

Elastic (NYSE:ESTCGet Rating) had its price target dropped by equities researchers at Canaccord Genuity Group from $82.00 to $70.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 37.66% from the stock’s previous close.

ESTC has been the subject of several other reports. Piper Sandler decreased their price objective on shares of Elastic from $70.00 to $62.00 in a report on Thursday, January 5th. Rosenblatt Securities lowered their price target on Elastic to $96.00 in a research report on Friday, December 2nd. Jefferies Financial Group upped their price objective on Elastic from $80.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, September 20th. Barclays lowered their target price on Elastic from $77.00 to $62.00 and set an “overweight” rating on the stock in a report on Tuesday, January 10th. Finally, Truist Financial cut their price target on shares of Elastic from $85.00 to $75.00 in a report on Monday, January 9th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $83.73.

Elastic Stock Down 0.9 %

Shares of Elastic stock opened at $50.85 on Wednesday. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.91 and a quick ratio of 1.91. Elastic has a 1-year low of $46.18 and a 1-year high of $98.75. The business’s fifty day moving average price is $54.82 and its two-hundred day moving average price is $67.84. The company has a market capitalization of $4.86 billion, a P/E ratio of -19.94 and a beta of 1.07.

Elastic (NYSE:ESTCGet Rating) last issued its quarterly earnings results on Wednesday, November 30th. The company reported ($0.50) EPS for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.10. The company had revenue of $264.40 million for the quarter, compared to analyst estimates of $261.25 million. Elastic had a negative return on equity of 53.77% and a negative net margin of 24.46%. As a group, research analysts forecast that Elastic will post -1.91 EPS for the current year.

Insider Activity

In other news, CEO Ashutosh Kulkarni sold 3,619 shares of Elastic stock in a transaction on Friday, December 9th. The stock was sold at an average price of $53.60, for a total transaction of $193,978.40. Following the transaction, the chief executive officer now owns 355,135 shares in the company, valued at $19,035,236. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CTO Shay Banon sold 2,026 shares of the firm’s stock in a transaction that occurred on Friday, December 9th. The shares were sold at an average price of $53.60, for a total transaction of $108,593.60. Following the completion of the sale, the chief technology officer now directly owns 8,245,848 shares in the company, valued at $441,977,452.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ashutosh Kulkarni sold 3,619 shares of the company’s stock in a transaction that occurred on Friday, December 9th. The shares were sold at an average price of $53.60, for a total transaction of $193,978.40. Following the completion of the transaction, the chief executive officer now owns 355,135 shares in the company, valued at approximately $19,035,236. The disclosure for this sale can be found here. Insiders sold 17,194 shares of company stock worth $994,473 over the last quarter. Corporate insiders own 18.80% of the company’s stock.

Hedge Funds Weigh In On Elastic

Institutional investors and hedge funds have recently modified their holdings of the stock. Allworth Financial LP boosted its position in Elastic by 94.4% during the third quarter. Allworth Financial LP now owns 383 shares of the company’s stock valued at $27,000 after purchasing an additional 186 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of Elastic by 79.8% during the 2nd quarter. Quadrant Capital Group LLC now owns 446 shares of the company’s stock valued at $30,000 after buying an additional 198 shares during the last quarter. Altshuler Shaham Ltd bought a new stake in shares of Elastic in the 3rd quarter valued at approximately $43,000. Wipfli Financial Advisors LLC acquired a new position in Elastic in the third quarter worth approximately $47,000. Finally, CWM LLC raised its position in Elastic by 88.0% during the second quarter. CWM LLC now owns 1,130 shares of the company’s stock valued at $76,000 after acquiring an additional 529 shares in the last quarter. 78.40% of the stock is currently owned by hedge funds and other institutional investors.

About Elastic

(Get Rating)

Elastic NV engages in the provision of open-source search and analytics engine services. It 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. The firms Elastic Stack product comprises Elasticsearch, a distributed, real-time search and analytics engine, and data store for various types of data, including textual, numerical, geospatial, structured, and unstructured, Kibana, a user interface, management, and configuration interface for the Elastic Stack, Beats, a single-purpose data shippers for sending data from edge machines to Elasticsearch or Logstash, and Logstash, a data processing pipeline for ingesting data into Elasticsearch or other storage systems.

Featured Stories

Analyst Recommendations for Elastic (NYSE:ESTC)

Receive News & Ratings for Elastic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Elastic and related companies with MarketBeat.com's FREE daily email newsletter.