Truist Financial Lowers Elastic (NYSE:ESTC) Price Target to $140.00

Elastic (NYSE:ESTC) had its price target cut by investment analysts at Truist Financial from $145.00 to $140.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 52.92% from the stock’s current price.

A number of other analysts have also recently issued reports on the stock. Wedbush cut shares of Elastic from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Canaccord Genuity Group lifted their price objective on shares of Elastic from $130.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, February 28th. UBS Group increased their target price on shares of Elastic from $140.00 to $148.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Piper Sandler boosted their price target on Elastic from $130.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Finally, Wells Fargo & Company increased their price objective on Elastic from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, February 28th. Seven equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $131.17.

Elastic Trading Down 3.7 %

NYSE ESTC opened at $91.55 on Monday. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a 1-year low of $69.00 and a 1-year high of $123.96. The firm’s fifty day simple moving average is $105.25 and its 200-day simple moving average is $96.29. The company has a market capitalization of $9.56 billion, a PE ratio of 166.46 and a beta of 1.20.

Elastic (NYSE:ESTC) last issued its earnings results 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). The firm had revenue of $382.08 million during the quarter, compared to analyst estimates of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. As a group, sell-side analysts anticipate that Elastic will post -0.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Ashutosh Kulkarni sold 18,735 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 376,591 shares of the company’s stock, valued at approximately $34,183,165.07. This represents a 4.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CRO Mark Eugene Dodds sold 2,755 shares of the business’s stock in a transaction on Monday, March 10th. The shares were 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 directly owns 96,484 shares in the company, valued at approximately $8,757,852.68. This represents a 2.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 198,304 shares of company stock valued at $20,847,452 over the last ninety days. 15.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ESTC. Vanguard Group Inc. lifted its holdings in Elastic by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company’s stock valued at $926,607,000 after purchasing an additional 168,483 shares during the last quarter. Sylebra Capital LLC boosted its holdings 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 worth $451,950,000 after acquiring an additional 1,756,842 shares in the last quarter. Pictet Asset Management Holding SA grew its position in Elastic by 15.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company’s stock worth $339,820,000 after acquiring an additional 462,974 shares during the last quarter. Atreides Management LP grew its position in Elastic by 57.2% during the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after acquiring an additional 614,309 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Elastic by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 1,439,412 shares of the company’s stock valued at $142,663,000 after purchasing an additional 45,076 shares in the last quarter. 97.03% of the stock is owned by institutional investors.

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.