Elastic (NYSE:ESTC) Price Target Lowered to $120.00 at Piper Sandler

Elastic (NYSE:ESTC) had its price objective decreased by Piper Sandler from $135.00 to $120.00 in a research report report published on Friday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Several other research analysts have also weighed in on ESTC. Canaccord Genuity Group lifted their price objective on Elastic from $130.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Robert W. Baird lifted their price objective on Elastic from $135.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday, February 28th. Morgan Stanley lowered their price objective on Elastic from $140.00 to $120.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. TD Securities lowered their price objective on Elastic from $125.00 to $105.00 and set a “hold” rating for the company in a research report on Wednesday, May 21st. Finally, Wall Street Zen raised Elastic from a “hold” rating to a “buy” rating in a research report on Friday. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $114.67.

Elastic Stock Down 12.0%

Shares of NYSE:ESTC opened at $80.95 on Friday. The firm has a market cap of $8.45 billion, a P/E ratio of 147.18 and a beta of 1.20. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a 12-month low of $69.00 and a 12-month high of $123.96. The business has a fifty day simple moving average of $85.51 and a 200 day simple moving average of $97.74.

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

Insiders Place Their Bets

In other Elastic news, CTO Shay Banon sold 2,683 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $90.78, for a total transaction of $243,562.74. Following the completion of the sale, the chief technology officer now directly owns 4,535,456 shares of the company’s stock, valued at approximately $411,728,695.68. The trade was a 0.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ashutosh Kulkarni sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $102.64, for a total value of $513,200.00. Following the sale, the chief executive officer now directly owns 371,591 shares of the company’s stock, valued at $38,140,100.24. This represents a 1.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 172,636 shares of company stock valued at $17,959,032. Corporate insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ESTC. Massachusetts Financial Services Co. MA increased its holdings in Elastic by 5,437.6% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company’s stock worth $203,872,000 after purchasing an additional 2,246,808 shares in the last quarter. Sylebra Capital LLC boosted its stake in shares of Elastic by 62.6% in the 4th quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock worth $451,950,000 after buying an additional 1,756,842 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Elastic by 6,651.3% in the 1st quarter. AQR Capital Management LLC now owns 1,403,859 shares of the company’s stock worth $122,978,000 after buying an additional 1,383,065 shares during the last quarter. Norges Bank purchased a new position in shares of Elastic in the 4th quarter worth approximately $102,485,000. Finally, Driehaus Capital Management LLC boosted its stake in shares of Elastic by 1,450.8% in the 1st quarter. Driehaus Capital Management LLC now owns 880,454 shares of the company’s stock worth $78,448,000 after buying an additional 823,680 shares during the last quarter. 97.03% of the stock is owned by institutional investors.

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.