Elastic (NYSE:ESTC) Price Target Cut to $110.00 by Analysts at Canaccord Genuity Group

Elastic (NYSE:ESTC - Free Report) had its target price reduced by Canaccord Genuity Group from $135.00 to $110.00 in a research note issued to investors on Monday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Piper Sandler cut their price target on shares of Elastic from $135.00 to $120.00 and set an "overweight" rating for the company in a research note on Friday. Jefferies Financial Group cut their price target on shares of Elastic from $125.00 to $110.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Barclays cut their price target on shares of Elastic from $124.00 to $105.00 and set an "overweight" rating for the company in a research note on Friday. TD Securities lowered their price objective on shares of Elastic from $125.00 to $105.00 and set a "hold" rating for the company in a report on Wednesday, May 21st. Finally, Oppenheimer lowered their price objective on shares of Elastic from $140.00 to $120.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Seven investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Elastic currently has a consensus rating of "Moderate Buy" and a consensus price target of $113.63.

Elastic Stock Performance

Shares of ESTC traded up $2.20 during trading hours on Monday, hitting $83.90. The company's stock had a trading volume of 3,187,084 shares, compared to its average volume of 1,494,617. The company has a market cap of $8.76 billion, a price-to-earnings ratio of 152.55 and a beta of 1.20. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The business has a 50 day simple moving average of $85.16 and a two-hundred day simple moving average of $97.70. Elastic has a 52-week low of $69.00 and a 52-week high of $123.96.

Elastic (NYSE:ESTC - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.37 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The company had revenue of $388.43 million during the quarter, compared to analysts' expectations of $380.61 million. During the same quarter in the previous year, the company earned $0.21 earnings per share. Elastic's revenue for the quarter was up 15.9% on a year-over-year basis. On average, equities analysts expect that Elastic will post -0.77 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Ashutosh Kulkarni sold 5,000 shares of the stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $102.64, for a total value of $513,200.00. Following the completion of 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Carolyn Herzog sold 3,334 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $90.78, for a total transaction of $302,660.52. Following the sale, the insider now directly owns 84,152 shares in the company, valued at $7,639,318.56. This trade represents a 3.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,507 shares of company stock worth $3,010,071. Company insiders own 15.90% of the company's stock.

Institutional Trading of Elastic

A number of institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC boosted its holdings in shares of Elastic by 185.2% during the 1st quarter. Acadian Asset Management LLC now owns 20,279 shares of the company's stock valued at $1,805,000 after acquiring an additional 13,169 shares during the last quarter. Focus Partners Wealth bought a new stake in Elastic in the first quarter worth $494,000. Bayforest Capital Ltd boosted its stake in Elastic by 542.8% during the first quarter. Bayforest Capital Ltd now owns 10,902 shares of the company's stock worth $971,000 after buying an additional 9,206 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Elastic by 3.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 429,526 shares of the company's stock worth $38,271,000 after buying an additional 12,510 shares during the period. Finally, Prostatis Group LLC purchased a new stake in shares of Elastic during the first quarter valued at $325,000. Hedge funds and other institutional investors own 97.03% of the company's stock.

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.