Barclays Cuts Elastic (NYSE:ESTC) Price Target to $90.00

Elastic (NYSE:ESTC) had its target price decreased by Barclays from $106.00 to $90.00 in a research report released on Friday morning, Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other brokerages have also weighed in on ESTC. Needham & Company LLC reiterated a hold rating on shares of Elastic in a research report on Friday, August 30th. Stifel Nicolaus dropped their target price on shares of Elastic from $120.00 to $98.00 and set a buy rating for the company in a research report on Friday, August 30th. Wells Fargo & Company dropped their target price on shares of Elastic from $145.00 to $100.00 and set an overweight rating for the company in a research report on Friday, August 30th. DA Davidson decreased their price target on shares of Elastic from $100.00 to $75.00 and set a neutral rating on the stock in a research note on Friday, August 30th. Finally, Royal Bank of Canada decreased their price target on shares of Elastic from $135.00 to $110.00 and set an outperform rating on the stock in a research note on Friday, August 30th. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $103.48.

Elastic Stock Performance

Shares of ESTC stock opened at $76.39 on Friday. The firm has a 50-day moving average of $97.52 and a 200-day moving average of $102.93. The company has a market cap of $7.77 billion, a P/E ratio of 144.13 and a beta of 0.94. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91. Elastic has a one year low of $69.00 and a one year high of $136.06.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.10. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The business had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. During the same quarter last year, the company posted ($0.35) earnings per share. The firm’s quarterly revenue was up 18.3% compared to the same quarter last year. Equities research analysts forecast that Elastic will post -0.94 EPS for the current fiscal year.

Insider Activity

In other news, Director Paul R. Auvil III purchased 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the purchase, the director now directly owns 22,627 shares in the company, valued at approximately $1,680,054.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Paul R. Auvil III purchased 20,000 shares of the company’s stock in a transaction dated 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 acquisition, the director now directly owns 22,627 shares in the company, valued at approximately $1,680,054.75. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Carolyn Herzog sold 4,489 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $70.25, for a total transaction of $315,352.25. Following the sale, the insider now directly owns 102,959 shares in the company, valued at approximately $7,232,869.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,406 shares of company stock worth $2,627,772. Corporate insiders own 18.10% of the company’s stock.

Hedge Funds Weigh In On Elastic

Institutional investors have recently made changes to their positions in the business. Nordea Investment Management AB bought a new position in shares of Elastic in the 1st quarter worth approximately $3,104,000. Toronto Dominion Bank bought a new stake in shares of Elastic during the first quarter valued at approximately $5,780,000. Quantbot Technologies LP raised its position in shares of Elastic by 165.2% during the first quarter. Quantbot Technologies LP now owns 12,921 shares of the company’s stock valued at $1,295,000 after buying an additional 8,048 shares during the last quarter. CenterBook Partners LP grew its holdings in shares of Elastic by 13.1% in the fourth quarter. CenterBook Partners LP now owns 27,985 shares of the company’s stock valued at $3,154,000 after purchasing an additional 3,245 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Elastic by 737.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 17,617 shares of the company’s stock valued at $1,766,000 after purchasing an additional 15,514 shares in the last quarter. 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.