Elastic (NYSE:ESTC) Given New $110.00 Price Target at Canaccord Genuity Group

Elastic (NYSE:ESTC - Free Report) had its price objective cut by Canaccord Genuity Group from $135.00 to $110.00 in a report issued on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also recently issued reports on ESTC. Stifel Nicolaus reduced their target price on shares of Elastic from $140.00 to $112.00 and set a "buy" rating for the company in a report on Friday, May 30th. Guggenheim decreased their target price on shares of Elastic from $136.00 to $107.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Royal Bank of Canada decreased their price objective on shares of Elastic from $119.00 to $115.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Wedbush reduced their target price on shares of Elastic from $135.00 to $110.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Finally, DA Davidson dropped their price objective on Elastic from $115.00 to $75.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Seven research 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's stock. According to data from MarketBeat.com, Elastic presently has a consensus rating of "Moderate Buy" and a consensus price target of $113.63.

Elastic Trading Up 3.5%

NYSE:ESTC traded up $2.96 during mid-day trading on Monday, hitting $86.79. 1,226,792 shares of the stock traded hands, compared to its average volume of 1,492,270. The stock has a market capitalization of $9.06 billion, a price-to-earnings ratio of 158.30 and a beta of 1.20. Elastic has a 52 week low of $69.00 and a 52 week high of $123.96. The firm's 50 day moving average is $84.79 and its two-hundred day moving average is $97.51. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70.

Elastic (NYSE:ESTC - Get Free Report) last issued its earnings results on Thursday, May 29th. The company reported $0.47 EPS for the quarter, topping analysts' consensus estimates of $0.37 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The business had revenue of $388.43 million for the quarter, compared to the consensus estimate of $380.61 million. During the same period in the prior year, the firm earned $0.21 EPS. The company's revenue for the quarter was up 15.9% compared to the same quarter last year. On average, equities research analysts predict that Elastic will post -0.77 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Carolyn Herzog sold 3,334 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $90.78, for a total transaction of $302,660.52. Following the completion of the transaction, the insider now directly owns 84,152 shares in the company, valued at approximately $7,639,318.56. This represents a 3.81% decrease in their position. 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 5,000 shares of the firm's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $102.64, for a total value of $513,200.00. Following the completion of the sale, the chief executive officer now owns 371,591 shares of the company's stock, valued at approximately $38,140,100.24. This represents a 1.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,507 shares of company stock valued at $3,010,071 over the last three months. Corporate insiders own 15.90% of the company's stock.

Hedge Funds Weigh In On Elastic

Several institutional investors have recently made changes to their positions in ESTC. Thrivent Financial for Lutherans lifted its holdings in shares of Elastic by 187.7% during the fourth quarter. Thrivent Financial for Lutherans now owns 9,073 shares of the company's stock worth $899,000 after purchasing an additional 5,919 shares during the period. Cetera Investment Advisers increased its position in shares of Elastic by 13.3% in the fourth quarter. Cetera Investment Advisers now owns 7,203 shares of the company's stock valued at $714,000 after buying an additional 843 shares in the last quarter. Barclays PLC increased its position in shares of Elastic by 56.2% in the third quarter. Barclays PLC now owns 153,155 shares of the company's stock valued at $11,757,000 after buying an additional 55,084 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Elastic by 3.4% during the fourth quarter. Principal Financial Group Inc. now owns 7,299 shares of the company's stock worth $723,000 after purchasing an additional 241 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Elastic by 0.8% during the fourth quarter. Bank of New York Mellon Corp now owns 482,818 shares of the company's stock worth $47,838,000 after purchasing an additional 3,772 shares in the last quarter. 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.