Guggenheim Cuts Elastic (NYSE:ESTC) Price Target to $107.00

Elastic (NYSE:ESTC) had its target price cut by Guggenheim from $136.00 to $107.00 in a research note issued to investors on Friday,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also recently issued reports on the company. Scotiabank decreased their target price on Elastic from $140.00 to $137.00 and set a “sector outperform” rating for the company in a report on Thursday, March 27th. Rosenblatt Securities cut their target price on Elastic from $140.00 to $130.00 and set a “buy” rating on the stock in a research report on Friday. Piper Sandler upped their price target on Elastic from $130.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. Robert W. Baird increased their target price on shares of Elastic from $135.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday, February 28th. Finally, TD Securities dropped their target price on shares of Elastic from $125.00 to $105.00 and set a “hold” rating on the stock in a report on Wednesday, May 21st. Seven research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Elastic currently has a consensus rating of “Moderate Buy” and a consensus price target of $114.67.

Elastic Trading Down 12.0%

Shares of ESTC stock opened at $80.95 on Friday. The firm has a 50-day moving average price of $85.51 and a 200 day moving average price of $97.74. Elastic has a twelve month low of $69.00 and a twelve month high of $123.96. The company has a market capitalization of $8.45 billion, a price-to-earnings ratio of 147.18 and a beta of 1.20. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70.

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

Insider Activity

In related news, CTO Shay Banon sold 2,683 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were 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 in the company, valued at approximately $411,728,695.68. This trade represents a 0.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Carolyn Herzog sold 3,334 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 84,152 shares in the company, valued at approximately $7,639,318.56. The trade was a 3.81% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 172,636 shares of company stock worth $17,959,032. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. bought a new position in shares of Elastic in the fourth quarter valued at approximately $25,000. SBI Securities Co. Ltd. acquired a new stake in Elastic during the fourth quarter worth $25,000. Cloud Capital Management LLC acquired a new stake in Elastic during the first quarter worth $25,000. Fourth Dimension Wealth LLC acquired a new stake in Elastic during the fourth quarter worth $26,000. Finally, Venturi Wealth Management LLC boosted its stake in shares of Elastic by 793.3% in the 4th quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock valued at $27,000 after purchasing an additional 238 shares in the last quarter. Institutional investors own 97.03% of the company’s stock.

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.