Canaccord Genuity Group Lowers Elastic (NYSE:ESTC) Price Target to $110.00

Elastic (NYSE:ESTCGet Free Report) had its target price reduced by analysts at Canaccord Genuity Group from $135.00 to $110.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 31.11% from the company’s previous close.

Several other equities research analysts have also issued reports on ESTC. Truist Financial dropped their price target on Elastic from $145.00 to $140.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Jefferies Financial Group dropped 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. UBS Group upped their price target on Elastic from $140.00 to $148.00 and gave the company a “buy” rating in a research report on Friday, February 28th. TD Securities dropped their price target on Elastic from $125.00 to $105.00 and set a “hold” rating on the stock in a research report on Wednesday, May 21st. Finally, Cantor Fitzgerald dropped 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, May 30th. Seven analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $113.63.

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Elastic Stock Performance

Elastic stock opened at $83.90 on Monday. The stock has a market cap of $8.76 billion, a P/E ratio of 152.55 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. The stock has a 50 day moving average of $84.94 and a 200-day moving average of $97.61. Elastic has a 52 week low of $69.00 and a 52 week high of $123.96.

Elastic (NYSE:ESTCGet Free Report) last released its 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 business’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. On average, analysts expect that Elastic will post -0.77 EPS for the current fiscal year.

Insider Transactions at Elastic

In other news, insider Carolyn Herzog sold 3,334 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $90.78, for a total value of $302,660.52. Following the completion of the transaction, the insider now owns 84,152 shares of the company’s stock, valued at approximately $7,639,318.56. This represents a 3.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Ashutosh Kulkarni sold 5,000 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $102.64, for a total value of $513,200.00. Following the completion of the transaction, the chief executive officer now directly owns 371,591 shares of the company’s stock, valued at approximately $38,140,100.24. The trade was a 1.33% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,507 shares of company stock valued at $3,010,071. 15.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ESTC. Massachusetts Financial Services Co. MA boosted its stake in Elastic by 5,437.6% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company’s stock valued at $203,872,000 after buying an additional 2,246,808 shares in the last quarter. Sylebra Capital LLC boosted 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 valued at $451,950,000 after buying an additional 1,756,842 shares in the last quarter. AQR Capital Management LLC boosted its stake in Elastic by 6,651.3% during the first quarter. AQR Capital Management LLC now owns 1,403,859 shares of the company’s stock valued at $122,978,000 after buying an additional 1,383,065 shares in the last quarter. Norges Bank bought a new position in Elastic during the fourth quarter valued at about $102,485,000. Finally, Driehaus Capital Management LLC boosted its stake in Elastic by 1,450.8% during the first quarter. Driehaus Capital Management LLC now owns 880,454 shares of the company’s stock valued at $78,448,000 after buying an additional 823,680 shares in the last quarter. Institutional investors own 97.03% of the company’s stock.

Elastic Company Profile

(Get Free Report)

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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