Wedbush Cuts Elastic (NYSE:ESTC) Price Target to $110.00

Elastic (NYSE:ESTC - Get Free Report) had its target price cut by research analysts at Wedbush from $135.00 to $110.00 in a research note issued on Friday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Wedbush's price target points to a potential upside of 35.89% from the company's previous close.

Several other equities research analysts have also recently weighed in on ESTC. Wall Street Zen upgraded Elastic from a "hold" rating to a "buy" rating in a report on Friday. TD Securities reduced their target price on Elastic from $125.00 to $105.00 and set a "hold" rating for the company in a report on Wednesday, May 21st. Jefferies Financial Group cut their price target on Elastic from $125.00 to $110.00 and set a "buy" rating for the company in a report on Monday, April 7th. Cantor Fitzgerald dropped their price objective on Elastic from $109.00 to $92.00 and set a "neutral" rating for the company in a research note on Friday. Finally, Canaccord Genuity Group boosted their target price on Elastic from $130.00 to $135.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Seven research 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 stock. According to data from MarketBeat.com, Elastic presently has a consensus rating of "Moderate Buy" and an average target price of $114.67.

Elastic Stock Performance

Shares of NYSE:ESTC traded down $11.08 during midday trading on Friday, reaching $80.95. 8,817,353 shares of the company traded hands, compared to its average volume of 1,484,527. The firm has a market capitalization of $8.45 billion, a price-to-earnings ratio of 147.18 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. The firm's fifty day moving average price is $85.51 and its two-hundred day moving average price is $97.68. Elastic has a 12 month low of $69.00 and a 12 month high of $123.96.

Elastic (NYSE:ESTC - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.37 by $0.10. The firm had revenue of $388.43 million for the quarter, compared to analyst estimates of $380.61 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The company's revenue was up 15.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.21 EPS. On average, equities analysts expect that Elastic will post -0.77 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO Shay Banon sold 140,129 shares of the firm's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $106.68, for a total value of $14,948,961.72. Following the completion of the transaction, the chief technology officer now owns 2,254,978 shares in the company, valued at $240,561,053.04. This trade represents a 5.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the firm's stock in a transaction 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 completion of the transaction, the chief executive officer now owns 376,591 shares of the company's stock, valued at $34,183,165.07. This trade represents a 4.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 172,636 shares of company stock valued at $17,959,032 over the last quarter. 15.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Elastic

Institutional investors have recently modified their holdings of the stock. Thrivent Financial for Lutherans increased its stake in shares of Elastic by 187.7% in the 4th quarter. Thrivent Financial for Lutherans now owns 9,073 shares of the company's stock valued at $899,000 after purchasing an additional 5,919 shares in the last quarter. Cetera Investment Advisers grew its stake in shares of Elastic by 13.3% in the 4th quarter. Cetera Investment Advisers now owns 7,203 shares of the company's stock valued at $714,000 after buying an additional 843 shares during the period. Barclays PLC increased its position in shares of Elastic by 56.2% during the 3rd quarter. Barclays PLC now owns 153,155 shares of the company's stock worth $11,757,000 after purchasing an additional 55,084 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Elastic by 3.4% during the fourth quarter. Principal Financial Group Inc. now owns 7,299 shares of the company's stock valued at $723,000 after acquiring an additional 241 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Elastic by 0.8% in the 4th quarter. Bank of New York Mellon Corp now owns 482,818 shares of the company's stock valued at $47,838,000 after buying an additional 3,772 shares during the period. Hedge funds and other institutional investors 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.