Elastic (NYSE:ESTC – Free Report) had its price objective lowered by Cantor Fitzgerald from $109.00 to $92.00 in a research note released on Friday,Benzinga reports. Cantor Fitzgerald currently has a neutral rating on the stock.
Several other research firms have also weighed in on ESTC. Barclays reduced their price objective on Elastic from $138.00 to $124.00 and set an “overweight” rating on the stock in a research note on Friday, May 16th. DA Davidson dropped their target price on shares of Elastic from $115.00 to $75.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Truist Financial reduced their price target on shares of Elastic from $145.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Rosenblatt Securities lowered 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. Finally, UBS Group increased their price objective on shares of Elastic from $140.00 to $148.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Seven research 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 company. Based on data from MarketBeat.com, Elastic currently has a consensus rating of “Moderate Buy” and a consensus price target of $114.67.
Get Our Latest Analysis on Elastic
Elastic Stock Down 12.0%
Elastic (NYSE:ESTC – Get Free Report) last issued 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 negative return on equity of 13.20% and a net margin of 4.39%. The company had revenue of $388.43 million for the quarter, compared to analyst estimates of $380.61 million. During the same quarter last year, the company posted $0.21 EPS. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. Research analysts forecast that Elastic will post -0.77 EPS for the current fiscal year.
Insider Activity
In other news, CTO Shay Banon sold 2,683 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 $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 $411,728,695.68. This represents a 0.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ashutosh Kulkarni sold 18,735 shares of Elastic stock in a transaction on Monday, March 10th. The stock was sold at an average price of $90.77, for a total transaction of $1,700,575.95. Following the transaction, the chief executive officer now directly owns 376,591 shares of the company’s stock, valued at $34,183,165.07. This represents a 4.74% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 198,304 shares of company stock valued at $20,847,452. Company insiders own 15.90% of the company’s stock.
Institutional Trading of Elastic
A number of institutional investors have recently bought and sold shares of ESTC. Vanguard Group Inc. lifted its stake in shares of Elastic by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company’s stock valued at $926,607,000 after purchasing an additional 168,483 shares during the period. Sylebra Capital LLC grew its stake in Elastic by 62.6% during the fourth quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock worth $451,950,000 after purchasing an additional 1,756,842 shares during the period. Pictet Asset Management Holding SA increased its holdings in Elastic by 15.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company’s stock worth $339,820,000 after purchasing an additional 462,974 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Elastic by 5,437.6% in the first 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. Finally, Geode Capital Management LLC lifted its stake in Elastic by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 1,439,412 shares of the company’s stock valued at $142,663,000 after buying an additional 45,076 shares during the period. 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.
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