Elastic (NYSE:ESTC) Price Target Cut to $140.00 by Analysts at Truist Financial

Elastic (NYSE:ESTC) had its price target reduced by Truist Financial from $145.00 to $140.00 in a report issued on Monday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Other analysts have also issued reports about the stock. Robert W. Baird increased their price target on shares of Elastic from $135.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday, February 28th. Wells Fargo & Company raised their price target on Elastic from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Canaccord Genuity Group upped their price objective on Elastic from $130.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Wedbush lowered Elastic from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Finally, Cantor Fitzgerald initiated coverage on shares of Elastic in a research note on Friday, January 17th. They issued a “neutral” rating and a $108.00 target price for the company. Seven analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $130.74.

Elastic Stock Performance

NYSE ESTC opened at $89.12 on Monday. The business has a 50 day moving average price of $105.03 and a 200 day moving average price of $96.39. The company has a market capitalization of $9.31 billion, a P/E ratio of 162.04 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 current ratio of 1.99 and a quick ratio of 1.99.

Elastic (NYSE:ESTC) last announced 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 firm had revenue of $382.08 million during the quarter, compared to analysts’ expectations of $368.85 million. Sell-side analysts expect that Elastic will post -0.77 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CRO Mark Eugene Dodds sold 2,755 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 $250,071.35. Following the completion of the sale, the executive now owns 96,484 shares in the company, valued at approximately $8,757,852.68. This trade represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ashutosh Kulkarni sold 5,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 371,591 shares in the company, valued at $38,140,100.24. This trade represents a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 198,304 shares of company stock valued at $20,847,452. 15.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Elastic

Large investors have recently bought and sold shares of the company. California State Teachers Retirement System boosted its stake in shares of Elastic by 0.3% in the fourth quarter. California State Teachers Retirement System now owns 81,703 shares of the company’s stock valued at $8,095,000 after purchasing an additional 247 shares during the period. 111 Capital acquired a new position in Elastic in the 4th quarter worth $500,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Elastic in the 4th quarter valued at about $3,558,000. Jefferies Financial Group Inc. acquired a new stake in shares of Elastic during the fourth quarter valued at about $456,000. Finally, Infinitum Asset Management LLC purchased a new stake in shares of Elastic during the fourth quarter worth about $6,936,000. Institutional investors and hedge funds 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.