Rosenblatt Securities Has Lowered Expectations for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price target reduced by equities research analysts at Rosenblatt Securities from $140.00 to $130.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Rosenblatt Securities’ price objective indicates a potential upside of 60.59% from the company’s previous close.

Several other equities research analysts also recently commented on ESTC. Royal Bank of Canada cut their price objective on Elastic from $140.00 to $119.00 and set an “outperform” rating for the company in a report on Monday, May 19th. Guggenheim increased their price target on Elastic from $130.00 to $136.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Scotiabank dropped their price target on Elastic from $140.00 to $137.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 27th. UBS Group increased their price objective on Elastic from $140.00 to $148.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Finally, Truist Financial lowered their price objective on Elastic from $145.00 to $140.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Seven analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $114.67.

Elastic Stock Performance

Shares of NYSE:ESTC opened at $80.95 on Friday. The stock has a market capitalization of $8.45 billion, a P/E ratio of 147.18 and a beta of 1.20. Elastic has a 1-year low of $69.00 and a 1-year high of $123.96. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. The business has a 50-day moving average price of $85.51 and a two-hundred day moving average price of $97.68.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, May 29th. The company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates 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%. Elastic’s revenue was up 15.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.21 EPS. Equities analysts predict that Elastic will post -0.77 earnings per share for the current year.

Insider Activity

In other news, CTO Shay Banon sold 140,129 shares of the company’s 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 of the company’s stock, valued at $240,561,053.04. This represents a 5.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Mark Eugene Dodds sold 2,755 shares of the company’s stock in a transaction dated 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 sale, the executive now owns 96,484 shares of the company’s stock, valued at approximately $8,757,852.68. The trade was a 2.78% decrease in their position. 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 currently owned by corporate insiders.

Institutional Investors Weigh In On Elastic

Several hedge funds and other institutional investors have recently modified their holdings of the business. Barclays PLC increased its holdings in shares of Elastic by 56.2% in the 3rd quarter. Barclays PLC now owns 153,155 shares of the company’s stock valued at $11,757,000 after acquiring an additional 55,084 shares during the period. Janney Montgomery Scott LLC purchased a new position in Elastic during the 4th quarter worth $202,000. Geneos Wealth Management Inc. acquired a new stake in Elastic during the 4th quarter worth about $25,000. KBC Group NV lifted its position in Elastic by 42.2% during the 4th quarter. KBC Group NV now owns 3,435 shares of the company’s stock worth $340,000 after acquiring an additional 1,020 shares during the period. Finally, Pacer Advisors Inc. lifted its holdings in shares of Elastic by 30.7% in the 4th quarter. Pacer Advisors Inc. now owns 2,408 shares of the company’s stock valued at $239,000 after buying an additional 566 shares during the period. 97.03% of the stock is currently owned by hedge funds and other 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.