Elastic (NYSE:ESTC) Price Target Cut to $120.00 by Analysts at Piper Sandler

Elastic (NYSE:ESTC - Get Free Report) had its target price dropped by analysts at Piper Sandler from $135.00 to $120.00 in a research report issued on Friday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price target would suggest a potential upside of 48.24% from the company's current price.

Several other research firms have also weighed in on ESTC. Robert W. Baird lifted their price objective on shares of Elastic from $135.00 to $140.00 and gave the stock an "outperform" rating in a research note on Friday, February 28th. Cantor Fitzgerald reduced their price objective on shares of Elastic from $109.00 to $92.00 and set a "neutral" rating on the stock in a research note on Friday. Rosenblatt Securities reduced their price objective on shares of Elastic from $140.00 to $130.00 and set a "buy" rating on the stock in a research note on Friday. Scotiabank reduced their price objective on shares of Elastic from $137.00 to $95.00 and set a "sector outperform" rating on the stock in a research note on Friday. Finally, Oppenheimer reduced their price objective on shares of Elastic from $140.00 to $120.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $114.67.

Elastic Trading Down 12.0%

Shares of NYSE ESTC traded down $11.08 during mid-day trading on Friday, hitting $80.95. The company's stock had a trading volume of 8,817,353 shares, compared to its average volume of 1,484,527. The stock has a market cap of $8.45 billion, a price-to-earnings ratio of 147.18 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. Elastic has a one year low of $69.00 and a one year high of $123.96. The company's fifty day simple moving average is $85.51 and its 200-day simple moving average is $97.74.

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, beating the consensus estimate of $0.37 by $0.10. The company had revenue of $388.43 million for the quarter, compared to analyst estimates of $380.61 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The company's revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.21 EPS. On average, sell-side analysts anticipate that Elastic will post -0.77 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Shay Banon sold 140,129 shares of the business's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $106.68, for a total transaction of $14,948,961.72. Following the transaction, the chief technology officer now directly owns 2,254,978 shares in the company, valued at approximately $240,561,053.04. The trade was a 5.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Mark Eugene Dodds sold 2,755 shares of the company's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $90.77, for a total transaction of $250,071.35. Following the completion of the transaction, the executive now owns 96,484 shares in the company, valued at approximately $8,757,852.68. This represents a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 172,636 shares of company stock worth $17,959,032 over the last ninety days. Insiders own 15.90% of the company's stock.

Hedge Funds Weigh In On Elastic

Several institutional investors and hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC boosted its position in shares of Elastic by 185.2% in the first 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 period. Focus Partners Wealth bought a new stake in shares of Elastic in the first quarter valued at about $494,000. Bayforest Capital Ltd boosted its position in shares of Elastic by 542.8% in the first quarter. Bayforest Capital Ltd now owns 10,902 shares of the company's stock valued at $971,000 after acquiring an additional 9,206 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Elastic by 3.0% in 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 valued at $38,271,000 after acquiring an additional 12,510 shares during the period. Finally, Prostatis Group LLC bought a new stake in shares of Elastic in the first quarter valued at about $325,000. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.