Elastic (NYSE:ESTC) Price Target Cut to $110.00 by Analysts at JPMorgan Chase & Co.

Elastic (NYSE:ESTC - Get Free Report) had its price target lowered by investment analysts at JPMorgan Chase & Co. from $120.00 to $110.00 in a research note issued on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 32.91% from the company's current price.

Other analysts have also recently issued reports about the company. Cantor Fitzgerald dropped their price target on Elastic from $109.00 to $92.00 and set a "neutral" rating for the company in a research report on Friday. UBS Group lifted their target price on shares of Elastic from $140.00 to $148.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. TD Securities reduced their target price on shares of Elastic from $125.00 to $105.00 and set a "hold" rating for the company in a research report on Wednesday, May 21st. Guggenheim decreased their price target on shares of Elastic from $136.00 to $107.00 and set a "buy" rating on the stock in a research note on Friday. Finally, DA Davidson dropped their price objective on shares of Elastic from $115.00 to $75.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Seven analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $113.63.

Elastic Price Performance

Shares of NYSE:ESTC traded up $1.06 during trading on Friday, reaching $82.76. 1,374,858 shares of the company's stock traded hands, compared to its average volume of 1,490,953. 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 has a fifty-two week low of $69.00 and a fifty-two week high of $123.96. The company has a 50-day simple moving average of $85.16 and a 200-day simple moving average of $97.70. The firm has a market cap of $8.64 billion, a PE ratio of 150.47 and a beta of 1.20.

Elastic (NYSE:ESTC - Get Free Report) last posted its quarterly earnings data 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 negative return on equity of 13.20% and a net margin of 4.39%. The company had revenue of $388.43 million for the quarter, compared to analysts' expectations of $380.61 million. During the same period in the previous year, the firm posted $0.21 EPS. Elastic's revenue was up 15.9% compared to the same quarter last year. As a group, analysts predict that Elastic will post -0.77 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Carolyn Herzog sold 3,334 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $90.78, for a total transaction of $302,660.52. Following the transaction, the insider now owns 84,152 shares of the company's stock, 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 is accessible through this hyperlink. Also, CEO Ashutosh Kulkarni sold 5,000 shares of Elastic stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $102.64, for a total value of $513,200.00. Following the completion of the transaction, the chief executive officer now directly 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 have sold 32,507 shares of company stock worth $3,010,071 over the last ninety days. Corporate insiders own 15.90% of the company's stock.

Institutional Trading of Elastic

Several hedge funds have recently made changes to their positions in ESTC. Geneos Wealth Management Inc. purchased a new position in shares of Elastic in the fourth quarter valued at approximately $25,000. SBI Securities Co. Ltd. acquired a new stake in Elastic during the 4th quarter worth approximately $25,000. Cloud Capital Management LLC acquired a new stake in Elastic during the 1st quarter worth approximately $25,000. Fourth Dimension Wealth LLC purchased a new position in Elastic in the 4th quarter valued at approximately $26,000. Finally, Venturi Wealth Management LLC boosted its position in Elastic by 793.3% in the 4th quarter. Venturi Wealth Management LLC now owns 268 shares of the company's stock valued at $27,000 after buying an additional 238 shares during the period. Institutional investors and hedge funds 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.