Scotiabank Lowers Elastic (NYSE:ESTC) Price Target to $137.00

Elastic (NYSE:ESTC) had its target price reduced by equities research analysts at Scotiabank from $140.00 to $137.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s target price would indicate a potential upside of 49.64% from the company’s current price.

Several other equities research analysts have also issued reports on the stock. Morgan Stanley lifted their price objective on shares of Elastic from $130.00 to $140.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. UBS Group increased their price target on shares of Elastic from $140.00 to $148.00 and gave the company a “buy” rating in a report on Friday, February 28th. Canaccord Genuity Group boosted their price objective on shares of Elastic from $130.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Guggenheim increased their target price on shares of Elastic from $130.00 to $136.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Finally, Wells Fargo & Company boosted their price target on Elastic from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Seven analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Elastic presently has an average rating of “Moderate Buy” and an average target price of $131.39.

Elastic Stock Down 3.7 %

Shares of ESTC stock opened at $91.55 on Thursday. The business’s fifty day moving average is $105.25 and its 200-day moving average is $95.97. The stock has a market cap of $9.56 billion, a PE ratio of 166.46 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 debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The business had revenue of $382.08 million for the quarter, compared to analysts’ expectations of $368.85 million. Equities analysts expect that Elastic will post -0.77 earnings per share for the current fiscal year.

Insider Buying and Selling at Elastic

In other Elastic news, CTO Shay Banon sold 25,668 shares of Elastic stock in a transaction dated Sunday, March 2nd. The stock was sold at an average price of $112.53, for a total transaction of $2,888,420.04. Following the transaction, the chief technology officer now directly owns 2,408,541 shares in the company, valued at approximately $271,033,118.73. The trade was a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $90.77, for a total value of $1,700,575.95. Following the completion of the sale, the chief executive officer now owns 376,591 shares of the company’s stock, valued at $34,183,165.07. This trade represents a 4.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 198,304 shares of company stock valued at $20,847,452. Corporate insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Elastic by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company’s stock worth $926,607,000 after acquiring an additional 168,483 shares during the period. FMR LLC increased its holdings in Elastic by 25.6% during the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after purchasing an additional 1,115,750 shares in the last quarter. Sylebra Capital LLC raised its stake in shares of Elastic by 62.6% in the 4th quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock valued at $451,950,000 after purchasing an additional 1,756,842 shares during the period. Pictet Asset Management Holding SA lifted its holdings in shares of Elastic by 15.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company’s stock valued at $339,820,000 after purchasing an additional 462,974 shares in the last quarter. Finally, Atreides Management LP boosted its position in shares of Elastic by 57.2% during the third quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after buying an additional 614,309 shares during the period. Institutional investors own 97.03% of the company’s stock.

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.