Royal Bank of Canada Lowers Elastic (NYSE:ESTC) Price Target to $115.00

Elastic (NYSE:ESTC - Free Report) had its price objective cut by Royal Bank of Canada from $119.00 to $115.00 in a research note issued to investors on Friday,Benzinga reports. They currently have an outperform rating on the stock.

Other equities analysts also recently issued reports about the company. JPMorgan Chase & Co. cut their price objective on Elastic from $120.00 to $110.00 and set an "overweight" rating for the company in a report on Friday. Scotiabank dropped their target price on Elastic from $140.00 to $137.00 and set a "sector outperform" rating on the stock in a research report on Thursday, March 27th. Robert W. Baird boosted their price target on Elastic from $135.00 to $140.00 and gave the company an "outperform" rating in a research note on Friday, February 28th. Wells Fargo & Company reduced their price target on shares of Elastic from $150.00 to $120.00 and set an "overweight" rating for the company in a research report on Friday. Finally, Wedbush lowered their price objective on shares of Elastic from $135.00 to $110.00 and set an "outperform" rating on the stock in a research note on Friday. Seven investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $113.63.

Elastic Stock Performance

Shares of NYSE ESTC traded up $1.06 during trading on Friday, reaching $82.76. 1,374,858 shares of the company traded hands, compared to its average volume of 1,490,953. The firm has a 50 day simple moving average of $85.16 and a 200-day simple moving average of $97.70. Elastic has a 52-week low of $69.00 and a 52-week high of $123.96. The stock has a market capitalization of $8.64 billion, a PE ratio of 150.47 and a beta of 1.20. 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 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts' expectations of $380.61 million. During the same quarter last year, the company posted $0.21 earnings per share. The firm's quarterly revenue was up 15.9% on a year-over-year basis. Equities research analysts anticipate that Elastic will post -0.77 earnings per share for the current year.

Insider Activity at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 18,735 shares of Elastic 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 sale, the chief executive officer now owns 376,591 shares of the company's stock, valued at $34,183,165.07. The trade was a 4.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Carolyn Herzog sold 3,334 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $90.78, for a total value of $302,660.52. Following the transaction, the insider now owns 84,152 shares of the company's stock, valued at $7,639,318.56. This represents a 3.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,507 shares of company stock valued at $3,010,071. Insiders own 15.90% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ESTC. Barclays PLC increased its stake in Elastic by 56.2% during the third quarter. Barclays PLC now owns 153,155 shares of the company's stock worth $11,757,000 after acquiring an additional 55,084 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of Elastic in the 4th quarter worth approximately $202,000. Geneos Wealth Management Inc. purchased a new position in shares of Elastic in the 4th quarter worth approximately $25,000. KBC Group NV increased its position in shares of Elastic by 42.2% during the 4th quarter. KBC Group NV now owns 3,435 shares of the company's stock valued at $340,000 after purchasing an additional 1,020 shares during the last quarter. Finally, Pacer Advisors Inc. raised its holdings in Elastic by 30.7% during the 4th quarter. Pacer Advisors Inc. now owns 2,408 shares of the company's stock valued at $239,000 after buying an additional 566 shares during the period. 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.