JPMorgan Chase & Co. Cuts Elastic (NYSE:ESTC) Price Target to $110.00

Elastic (NYSE:ESTC) had its target price trimmed by JPMorgan Chase & Co. from $120.00 to $110.00 in a report issued on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other brokerages have also recently issued reports on ESTC. Jefferies Financial Group decreased their price target on shares of Elastic from $125.00 to $110.00 and set a “buy” rating for the company in a research report on Monday, April 7th. Canaccord Genuity Group upped their price target on shares of Elastic from $130.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Wedbush decreased their price target on shares of Elastic from $135.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday. Truist Financial decreased their price objective on shares of Elastic from $145.00 to $140.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Finally, Rosenblatt Securities decreased their price objective on shares of Elastic from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Friday. Seven analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $114.67.

Elastic Trading Down 12.0%

Shares of NYSE ESTC opened at $80.95 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. Elastic has a 52-week low of $69.00 and a 52-week high of $123.96. The firm has a 50 day moving average price of $85.51 and a two-hundred day moving average price of $97.74. The stock has a market cap of $8.45 billion, a P/E ratio of 147.18 and a beta of 1.20.

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

Insider Buying and Selling

In related news, CRO Mark Eugene Dodds sold 2,755 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $90.77, for a total transaction of $250,071.35. Following the transaction, the executive now directly owns 96,484 shares of the company’s stock, valued at $8,757,852.68. This represents a 2.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Shay Banon sold 140,129 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $106.68, for a total transaction of $14,948,961.72. Following the transaction, the chief technology officer now directly owns 2,254,978 shares in the company, valued at approximately $240,561,053.04. This represents a 5.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 172,636 shares of company stock valued at $17,959,032 over the last ninety days. 15.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Signaturefd LLC lifted its stake in shares of Elastic by 53.7% in the first quarter. Signaturefd LLC now owns 335 shares of the company’s stock valued at $30,000 after buying an additional 117 shares in the last quarter. Sigma Planning Corp lifted its stake in shares of Elastic by 3.7% in the fourth quarter. Sigma Planning Corp now owns 3,929 shares of the company’s stock valued at $389,000 after buying an additional 139 shares in the last quarter. Parallel Advisors LLC lifted its stake in shares of Elastic by 4.5% in the first quarter. Parallel Advisors LLC now owns 3,396 shares of the company’s stock valued at $303,000 after buying an additional 145 shares in the last quarter. Y.D. More Investments Ltd lifted its stake in shares of Elastic by 0.5% in the first quarter. Y.D. More Investments Ltd now owns 29,742 shares of the company’s stock valued at $2,756,000 after buying an additional 145 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its stake in shares of Elastic by 5.2% in the fourth quarter. CIBC Asset Management Inc now owns 3,053 shares of the company’s stock valued at $302,000 after buying an additional 151 shares in 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.