Elastic (NYSE:ESTC) Price Target Lowered to $110.00 at Jefferies Financial Group

Elastic (NYSE:ESTC) had its target price decreased by research analysts at Jefferies Financial Group from $125.00 to $110.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Jefferies Financial Group’s price objective points to a potential upside of 44.54% from the company’s current price.

Several other research analysts also recently commented on ESTC. UBS Group boosted their price objective on shares of Elastic from $140.00 to $148.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Canaccord Genuity Group lifted their target price on Elastic from $130.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Morgan Stanley raised their target price on shares of Elastic from $130.00 to $140.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. Guggenheim upped their price objective on Elastic from $130.00 to $136.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Finally, Piper Sandler boosted their target price on shares of Elastic from $130.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Seven equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $130.09.

Elastic Stock Performance

NYSE:ESTC traded down $0.04 during mid-day trading on Monday, hitting $76.10. The stock had a trading volume of 846,777 shares, compared to its average volume of 1,339,020. Elastic has a twelve month low of $69.00 and a twelve month high of $123.96. The stock has a market cap of $7.95 billion, a price-to-earnings ratio of 139.84 and a beta of 1.19. The company’s 50 day simple moving average is $103.65 and its 200 day simple moving average is $96.68. 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 data on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.48). Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The business had revenue of $382.08 million during the quarter, compared to analyst estimates of $368.85 million. On average, equities research analysts forecast that Elastic will post -0.77 earnings per share for the current year.

Insiders Place Their Bets

In related news, CTO Shay Banon sold 2,683 shares of the company’s stock in a transaction on Monday, March 10th. The stock was 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 owns 4,535,456 shares in the company, valued at approximately $411,728,695.68. This represents a 0.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the company’s stock in a transaction on 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. Insiders sold 198,304 shares of company stock worth $20,847,452 over the last three months. Company insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of hedge funds have recently modified their holdings of ESTC. M&T Bank Corp raised its holdings in Elastic by 3.1% during the third quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock valued at $357,000 after acquiring an additional 139 shares during the period. Sigma Planning Corp lifted its holdings in Elastic by 3.7% in the 4th quarter. Sigma Planning Corp now owns 3,929 shares of the company’s stock worth $389,000 after purchasing an additional 139 shares in the last quarter. CIBC Asset Management Inc boosted its stake in Elastic by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 3,053 shares of the company’s stock worth $302,000 after purchasing an additional 151 shares during the period. Smartleaf Asset Management LLC grew its holdings in Elastic by 126.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock valued at $28,000 after buying an additional 158 shares in the last quarter. Finally, Resolute Advisors LLC raised its position in shares of Elastic by 7.1% during the fourth quarter. Resolute Advisors LLC now owns 3,255 shares of the company’s stock valued at $323,000 after buying an additional 217 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors.

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.