Elastic (NYSE:ESTC – Free Report) had its price objective cut by Robert W. Baird from $125.00 to $115.00 in a report released on Friday,Benzinga reports. They currently have an outperform rating on the stock.
A number of other research firms have also commented on ESTC. Scotiabank reduced their price target on Elastic from $137.00 to $95.00 and set a “sector outperform” rating on the stock in a research report on Friday. Royal Bank of Canada reduced their price target on Elastic from $119.00 to $115.00 and set an “outperform” rating on the stock in a research report on Friday. Wells Fargo & Company reduced their price target on Elastic from $150.00 to $120.00 and set an “overweight” rating on the stock in a research report on Friday. Jefferies Financial Group reduced their price target on Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. Finally, Cantor Fitzgerald reduced their price target on Elastic from $109.00 to $92.00 and set a “neutral” rating on the stock in a research report on Friday. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $114.67.
Read Our Latest Report on ESTC
Elastic Trading Down 12.0%
Elastic (NYSE:ESTC – Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.10. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The business had revenue of $388.43 million for the quarter, compared to analyst estimates of $380.61 million. During the same quarter in the previous year, the company posted $0.21 EPS. Elastic’s quarterly revenue was up 15.9% compared to the same quarter last year. As a group, sell-side analysts predict that Elastic will post -0.77 EPS for the current fiscal year.
Insider Transactions at Elastic
In other news, CRO Mark Eugene Dodds sold 2,755 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $90.77, for a total value of $250,071.35. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Shay Banon sold 2,683 shares of the company’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 value of $243,562.74. Following the completion of the transaction, the chief technology officer now directly owns 4,535,456 shares of the company’s stock, valued at approximately $411,728,695.68. This represents a 0.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 198,304 shares of company stock valued at $20,847,452 over the last ninety days. 15.90% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Elastic
Institutional investors have recently modified their holdings of the business. Thrivent Financial for Lutherans grew its holdings in Elastic by 187.7% during the fourth quarter. Thrivent Financial for Lutherans now owns 9,073 shares of the company’s stock valued at $899,000 after purchasing an additional 5,919 shares during the period. Cetera Investment Advisers grew its holdings in Elastic by 13.3% during the fourth quarter. Cetera Investment Advisers now owns 7,203 shares of the company’s stock valued at $714,000 after purchasing an additional 843 shares during the period. Barclays PLC grew its holdings in Elastic by 56.2% during the third quarter. Barclays PLC now owns 153,155 shares of the company’s stock valued at $11,757,000 after purchasing an additional 55,084 shares during the period. Principal Financial Group Inc. grew its holdings in Elastic by 3.4% during the fourth quarter. Principal Financial Group Inc. now owns 7,299 shares of the company’s stock valued at $723,000 after purchasing an additional 241 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Elastic by 0.8% during the fourth quarter. Bank of New York Mellon Corp now owns 482,818 shares of the company’s stock valued at $47,838,000 after purchasing an additional 3,772 shares during the period. 97.03% of the stock is owned by institutional investors.
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.
Read More
- Five stocks we like better than Elastic
- Health Care Stocks Explained: Why You Might Want to Invest
- Nike’s Amazon Expansion Could Signal a Turnaround in 2025
- What Are Dividend Challengers?
- Intel’s Turnaround May Be the Best Bet No One’s Watching
- Why Invest in 5G? How to Invest in 5G Stocks
- 3 Defense Stocks That Will Profit From a Golden Dome
Receive News & Ratings for Elastic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Elastic and related companies with MarketBeat.com's FREE daily email newsletter.