Truist Financial Cuts Elastic (NYSE:ESTC) Price Target to $140.00

Elastic (NYSE:ESTC) had its target price decreased by Truist Financial from $145.00 to $140.00 in a report released on Monday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other research analysts also recently commented on ESTC. UBS Group boosted their target price on Elastic from $140.00 to $148.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Rosenblatt Securities reissued a “buy” rating and issued a $130.00 price target on shares of Elastic in a research note on Tuesday, February 25th. Morgan Stanley increased their price objective on Elastic from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Cantor Fitzgerald initiated coverage on shares of Elastic in a research note on Friday, January 17th. They issued a “neutral” rating and a $108.00 target price for the company. Finally, Wells Fargo & Company increased their price target on shares of Elastic from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, February 28th. Seven investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $130.74.

Elastic Price Performance

NYSE ESTC opened at $91.48 on Monday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The firm has a market capitalization of $9.55 billion, a price-to-earnings ratio of 166.33 and a beta of 1.20. The company has a 50 day simple moving average of $104.65 and a 200-day simple moving average of $96.47. Elastic has a 52-week low of $69.00 and a 52-week high of $123.96.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). The company had revenue of $382.08 million during the quarter, compared to analysts’ expectations of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. Equities research analysts predict that Elastic will post -0.77 earnings per share for the current fiscal year.

Insider Transactions at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 18,735 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now owns 376,591 shares of the company’s stock, valued at $34,183,165.07. The trade was a 4.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Carolyn Herzog sold 3,334 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $90.78, for a total transaction of $302,660.52. Following the completion of the transaction, the insider now owns 84,152 shares of the company’s stock, valued at approximately $7,639,318.56. This represents a 3.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 198,304 shares of company stock worth $20,847,452. 15.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its position in Elastic by 2.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 545,870 shares of the company’s stock valued at $41,901,000 after acquiring an additional 14,590 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Elastic by 12.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 16,431 shares of the company’s stock worth $1,261,000 after purchasing an additional 1,757 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of Elastic by 190.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 66,786 shares of the company’s stock worth $5,126,000 after purchasing an additional 43,772 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Elastic by 8.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,978 shares of the company’s stock valued at $2,762,000 after purchasing an additional 2,928 shares during the last quarter. Finally, Edgestream Partners L.P. acquired a new position in Elastic in the third quarter valued at about $574,000. 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.