Scotiabank Cuts Elastic (NYSE:ESTC) Price Target to $137.00

Elastic (NYSE:ESTC) had its target price lowered by Scotiabank from $140.00 to $137.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a sector outperform rating on the stock.

ESTC has been the subject of a number of other reports. Piper Sandler lifted their target price on Elastic from $130.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. UBS Group increased their target price on Elastic from $140.00 to $148.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Guggenheim boosted their price target on shares of Elastic from $130.00 to $136.00 and gave the company a “buy” rating in a report on Friday, February 28th. Canaccord Genuity Group increased their price objective on shares of Elastic from $130.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Finally, Robert W. Baird boosted their target price on shares of Elastic from $135.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Seven research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Elastic presently has a consensus rating of “Moderate Buy” and an average target price of $131.39.

Elastic Stock Performance

Shares of ESTC opened at $91.55 on Thursday. Elastic has a 52-week low of $69.00 and a 52-week high of $123.96. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. The firm has a market cap of $9.56 billion, a price-to-earnings ratio of 166.46 and a beta of 1.20. The business’s 50 day moving average is $105.25 and its two-hundred day moving average is $96.13.

Elastic (NYSE:ESTC) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.48). Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The company had revenue of $382.08 million for the quarter, compared to analyst estimates of $368.85 million. Analysts forecast that Elastic will post -0.77 EPS for the current fiscal year.

Insider Activity at Elastic

In other Elastic news, CTO Shay Banon sold 25,668 shares of Elastic stock in a transaction on Sunday, March 2nd. The shares were sold at an average price of $112.53, for a total transaction of $2,888,420.04. Following the completion of the sale, the chief technology officer now owns 2,408,541 shares of the company’s stock, valued at $271,033,118.73. This trade represents a 1.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $90.77, for a total transaction of $1,700,575.95. Following the completion of the transaction, the chief executive officer now directly owns 376,591 shares in the company, valued at $34,183,165.07. This trade represents a 4.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 198,304 shares of company stock worth $20,847,452. 15.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Elastic by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company’s stock worth $926,607,000 after buying an additional 168,483 shares during the last quarter. FMR LLC boosted its position in Elastic by 25.6% during the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after purchasing an additional 1,115,750 shares during the period. Sylebra Capital LLC grew its holdings in Elastic by 62.6% during the fourth quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock valued at $451,950,000 after purchasing an additional 1,756,842 shares during the last quarter. Pictet Asset Management Holding SA raised its position in shares of Elastic by 15.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company’s stock valued at $339,820,000 after purchasing an additional 462,974 shares during the period. Finally, Atreides Management LP lifted its stake in shares of Elastic by 57.2% in the third quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after buying an additional 614,309 shares during the last quarter. 97.03% of the stock is owned by institutional investors and hedge funds.

Elastic Company Profile

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.