Stifel Nicolaus Cuts Elastic (NYSE:ESTC) Price Target to $112.00

Elastic (NYSE:ESTC - Get Free Report) had its price target lowered by Stifel Nicolaus from $140.00 to $112.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Stifel Nicolaus' target price would indicate a potential upside of 38.36% from the company's previous close.

Several other research analysts also recently commented on ESTC. Wedbush lowered their target price on Elastic from $135.00 to $110.00 and set an "outperform" rating for the company in a research note on Friday. Canaccord Genuity Group upped their price objective on Elastic from $130.00 to $135.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Morgan Stanley lowered their price objective on Elastic from $140.00 to $120.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Wall Street Zen raised Elastic from a "hold" rating to a "buy" rating in a research note on Friday. Finally, TD Securities lowered their price objective on Elastic from $125.00 to $105.00 and set a "hold" rating for the company in a research note on Wednesday, May 21st. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Elastic presently has a consensus rating of "Moderate Buy" and an average price target of $114.67.

Elastic Price Performance

ESTC traded down $11.08 on Friday, hitting $80.95. 8,817,353 shares of the stock were exchanged, compared to its average volume of 1,484,527. 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 firm has a market capitalization of $8.45 billion, a price-to-earnings ratio of 147.18 and a beta of 1.20. Elastic has a 12 month low of $69.00 and a 12 month high of $123.96. The business has a 50-day moving average of $85.51 and a two-hundred day moving average of $97.74.

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 the consensus estimate of $0.37 by $0.10. The firm had revenue of $388.43 million during the quarter, compared to the consensus estimate of $380.61 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The business's quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.21 earnings per share. Sell-side analysts forecast that Elastic will post -0.77 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Shay Banon sold 140,129 shares of Elastic stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $106.68, for a total value of $14,948,961.72. Following the completion of the sale, the chief technology officer now owns 2,254,978 shares of the company's stock, valued at approximately $240,561,053.04. This trade represents a 5.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ashutosh Kulkarni sold 5,000 shares of Elastic stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $102.64, for a total transaction of $513,200.00. Following the completion of the sale, the chief executive officer now directly owns 371,591 shares of the company's stock, valued at approximately $38,140,100.24. The trade was a 1.33% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 172,636 shares of company stock worth $17,959,032. Corporate insiders own 15.90% of the company's stock.

Institutional Trading of Elastic

Several hedge funds have recently bought and sold shares of ESTC. Vanguard Group Inc. lifted its stake 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 acquiring an additional 168,483 shares in the last quarter. Sylebra Capital LLC lifted its stake in Elastic by 62.6% during the 4th quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company's stock valued at $451,950,000 after acquiring an additional 1,756,842 shares in the last quarter. Pictet Asset Management Holding SA lifted its stake 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 valued at $339,820,000 after acquiring an additional 462,974 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Elastic by 5,437.6% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company's stock valued at $203,872,000 after acquiring an additional 2,246,808 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake 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 acquiring an additional 45,076 shares in the last quarter. Institutional investors and hedge funds 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.