Elastic (NYSE:ESTC) Given New $83.00 Price Target at Rosenblatt Securities

Key Points

• Rosenblatt Securities lowered its price target on Elastic from $90 to $83, while keeping a buy rating. The new target still implies about 55% upside from the previous close.
• Analysts remain generally constructive on the stock overall: Elastic has 18 Buy ratings, 10 Hold ratings, and 2 Sell ratings, with a consensus target price of $79.04.
• Elastic recently beat earnings expectations, reporting $0.61 EPS on revenue of $450.68 million, while revenue rose 16% year over year. However, several executives also sold shares in June, and insider selling totaled 110,099 shares in the last quarter.

Elastic (NYSE:ESTC - Get Free Report) had its price objective cut by stock analysts at Rosenblatt Securities from $90.00 to $83.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Rosenblatt Securities' price objective suggests a potential upside of 55.05% from the stock's previous close.

Other equities analysts also recently issued reports about the stock. Jefferies Financial Group cut their price target on shares of Elastic from $95.00 to $75.00 and set a "buy" rating for the company in a report on Friday, May 29th. Rothschild & Co Redburn began coverage on shares of Elastic in a research note on Thursday, April 23rd. They set a "neutral" rating and a $49.00 price objective on the stock. Wedbush dropped their price objective on shares of Elastic from $74.00 to $65.00 and set an "outperform" rating for the company in a report on Friday, May 29th. Truist Financial dropped their price objective on shares of Elastic from $105.00 to $80.00 and set a "buy" rating for the company in a report on Friday, February 27th. Finally, William Blair started coverage on shares of Elastic in a research note on Friday, May 22nd. They issued an "outperform" rating for the company. Eighteen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Elastic currently has an average rating of "Moderate Buy" and a consensus target price of $79.04.

Elastic Stock Performance

Shares of NYSE:ESTC opened at $53.53 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.68 and a quick ratio of 1.68. The business's fifty day moving average price is $54.79 and its two-hundred day moving average price is $60.21. Elastic has a fifty-two week low of $42.05 and a fifty-two week high of $96.07. The stock has a market capitalization of $5.56 billion, a price-to-earnings ratio of 15.29, a price-to-earnings-growth ratio of 15.09 and a beta of 1.00.

Elastic (NYSE:ESTC - Get Free Report) last issued its quarterly earnings data on Thursday, May 28th. The company reported $0.61 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.05. Elastic had a negative return on equity of 1.82% and a net margin of 21.14%.The company had revenue of $450.68 million during the quarter, compared to analysts' expectations of $446.66 million. During the same period last year, the business earned $0.47 earnings per share. The business's revenue was up 16.0% on a year-over-year basis. Elastic has set its FY 2027 guidance at 3.210-3.290 EPS and its Q1 2027 guidance at 0.570-0.590 EPS. As a group, analysts predict that Elastic will post 0.23 EPS for the current fiscal year.

Insider Buying and Selling at Elastic

In related news, CRO Mark Eugene Dodds sold 18,439 shares of the company's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $60.61, for a total transaction of $1,117,587.79. Following the transaction, the executive owned 298,211 shares in the company, valued at $18,074,568.71. This represents a 5.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Navam Welihinda sold 12,961 shares of the stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $60.61, for a total transaction of $785,566.21. Following the sale, the chief financial officer directly owned 209,254 shares in the company, valued at approximately $12,682,884.94. This represents a 5.83% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 110,099 shares of company stock worth $6,673,100 over the last quarter. Corporate insiders own 12.70% of the company's stock.

Institutional Trading of Elastic

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Orion Porfolio Solutions LLC lifted its holdings in Elastic by 1.4% during the 3rd quarter. Orion Porfolio Solutions LLC now owns 8,593 shares of the company's stock worth $726,000 after buying an additional 118 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Elastic by 17.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,159 shares of the company's stock valued at $98,000 after buying an additional 171 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of Elastic by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 28,323 shares of the company's stock valued at $2,393,000 after buying an additional 175 shares during the period. California State Teachers Retirement System increased its stake in shares of Elastic by 0.3% in the 2nd quarter. California State Teachers Retirement System now owns 83,403 shares of the company's stock valued at $7,033,000 after buying an additional 219 shares during the period. Finally, Fieldview Capital Management LLC raised its position in shares of Elastic by 3.5% during the third quarter. Fieldview Capital Management LLC now owns 10,280 shares of the company's stock worth $869,000 after acquiring an additional 345 shares during the last quarter. Institutional investors and hedge funds own 97.03% of the company's stock.

Elastic Company Profile

Elastic N.V. operates as a search and analytics company, offering a suite of open source and subscription-based solutions for search, observability and security use cases. Its flagship product, Elasticsearch, enables fast and scalable full-text search and analytics across large volumes of structured and unstructured data. Complementary tools such as Kibana provide visualization capabilities, while Beats and Logstash serve as lightweight data shippers and data processing pipelines, respectively.

The company was founded in 2012 by Shay Banon, who serves as chief technology officer, and Steven Schuurman.

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