Elastic (NYSE:ESTC) PT Lowered to $110.00 at Canaccord Genuity Group

Elastic (NYSE:ESTC) had its price target decreased by Canaccord Genuity Group from $125.00 to $110.00 in a report published on Tuesday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other research analysts have also recently issued reports on the company. UBS Group cut their price target on Elastic from $135.00 to $95.00 and set a buy rating for the company in a report on Friday, August 30th. JPMorgan Chase & Co. reduced their target price on shares of Elastic from $138.00 to $125.00 and set an overweight rating on the stock in a research report on Friday, May 24th. Robert W. Baird lowered shares of Elastic from an outperform rating to a neutral rating and lowered their price target for the company from $135.00 to $95.00 in a report on Friday, August 30th. Barclays reduced their price objective on Elastic from $117.00 to $106.00 and set an equal weight rating on the stock in a report on Friday, August 30th. Finally, Scotiabank lowered their target price on Elastic from $135.00 to $92.00 and set a sector outperform rating for the company in a research note on Friday, August 30th. Nine equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $104.45.

Elastic Stock Down 1.1 %

ESTC stock opened at $72.53 on Tuesday. The company has a market cap of $7.38 billion, a PE ratio of 136.85 and a beta of 0.94. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.77. Elastic has a twelve month low of $69.66 and a twelve month high of $136.06. The business’s 50-day simple moving average is $106.75 and its 200 day simple moving average is $106.96.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.10. The firm had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. Elastic had a net margin of 4.62% and a negative return on equity of 18.41%. The company’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.35) earnings per share. On average, research analysts anticipate that Elastic will post -1.12 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Paul R. Auvil III purchased 20,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average price of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the purchase, the director now owns 22,627 shares in the company, valued at approximately $1,680,054.75. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Paul R. Auvil III purchased 20,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average cost of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the acquisition, the director now directly owns 22,627 shares in the company, valued at approximately $1,680,054.75. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Shay Banon sold 120,000 shares of the stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $109.48, for a total value of $13,137,600.00. Following the transaction, the chief technology officer now owns 2,754,978 shares of the company’s stock, valued at $301,614,991.44. The disclosure for this sale can be found here. In the last three months, insiders sold 351,855 shares of company stock valued at $38,243,644. 18.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Elastic

A number of large investors have recently modified their holdings of the business. Asset Dedication LLC increased its holdings in Elastic by 1,333.3% during the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after buying an additional 280 shares during the last quarter. AlphaCentric Advisors LLC bought a new stake in shares of Elastic in the 2nd quarter valued at about $40,000. Quarry LP acquired a new stake in Elastic in the 2nd quarter valued at about $40,000. Lynx Investment Advisory bought a new position in Elastic during the second quarter worth about $43,000. Finally, Signaturefd LLC grew its holdings in Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares during the period. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.