Elastic (NYSE:ESTC) Price Target Cut to $130.00 by Analysts at Rosenblatt Securities

Elastic (NYSE:ESTC) had its price target cut by Rosenblatt Securities from $140.00 to $130.00 in a research report report published on Friday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts also recently issued reports about the company. Morgan Stanley decreased their target price on Elastic from $140.00 to $120.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Wells Fargo & Company upped their price objective on Elastic from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. Scotiabank reduced their price objective on Elastic from $140.00 to $137.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 27th. DA Davidson reduced their price objective on Elastic from $115.00 to $75.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Finally, Piper Sandler upped their price objective on Elastic from $130.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. Seven analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $114.67.

Elastic Stock Down 12.0%

ESTC opened at $80.95 on Friday. The business’s fifty day moving average is $85.51 and its two-hundred day moving average is $97.62. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. The company has a market cap of $8.45 billion, a price-to-earnings ratio of 147.18 and a beta of 1.20. Elastic has a one year low of $69.00 and a one year high of $123.96.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, May 29th. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.10. The company had revenue of $388.43 million for the quarter, compared to the consensus estimate of $380.61 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. Elastic’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.21 earnings per share. Analysts anticipate that Elastic will post -0.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Mark Eugene Dodds sold 2,755 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $90.77, for a total value of $250,071.35. Following the completion of the sale, the executive now owns 96,484 shares in the company, valued at approximately $8,757,852.68. This trade represents a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $90.77, for a total value of $1,700,575.95. Following the completion of the sale, the chief executive officer now owns 376,591 shares of the company’s stock, valued at approximately $34,183,165.07. This trade represents a 4.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold 198,304 shares of company stock worth $20,847,452 over the last three months. 15.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Elastic

A number of large investors have recently modified their holdings of ESTC. Geneos Wealth Management Inc. acquired a new stake in shares of Elastic in the fourth quarter valued at about $25,000. SBI Securities Co. Ltd. purchased a new position in Elastic in the fourth quarter valued at about $25,000. Cloud Capital Management LLC purchased a new position in Elastic in the first quarter valued at about $25,000. Fourth Dimension Wealth LLC purchased a new position in Elastic in the fourth quarter valued at about $26,000. Finally, Venturi Wealth Management LLC boosted its holdings in Elastic by 793.3% in the fourth quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock valued at $27,000 after purchasing an additional 238 shares during the last quarter. Institutional investors and hedge funds 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.