Cantor Fitzgerald Cuts Elastic (NYSE:ESTC) Price Target to $92.00

Elastic (NYSE:ESTC - Get Free Report) had its price objective decreased by research analysts at Cantor Fitzgerald from $109.00 to $92.00 in a report released on Friday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Cantor Fitzgerald's price target would suggest a potential upside of 11.16% from the company's previous close.

Other analysts have also issued research reports about the stock. Morgan Stanley lowered their price objective on shares of Elastic from $140.00 to $120.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Jefferies Financial Group dropped their price objective on shares of Elastic from $125.00 to $110.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Guggenheim raised their price objective on shares of Elastic from $130.00 to $136.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Truist Financial lowered their target price on shares of Elastic from $145.00 to $140.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Finally, Barclays cut their price target on Elastic from $138.00 to $124.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Elastic presently has an average rating of "Moderate Buy" and a consensus price target of $113.63.

Elastic Stock Up 1.3%

Elastic stock traded up $1.06 during midday trading on Friday, hitting $82.76. 1,374,858 shares of the stock were exchanged, compared to its average volume of 1,490,953. Elastic has a 52-week low of $69.00 and a 52-week high of $123.96. 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 business's 50-day moving average price is $85.16 and its 200-day moving average price is $97.70. The stock has a market capitalization of $8.64 billion, a price-to-earnings ratio of 150.47 and a beta of 1.20.

Elastic (NYSE:ESTC - Get Free Report) last released 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 during 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%. Elastic's quarterly revenue was up 15.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.21 earnings per share. On average, research analysts expect that Elastic will post -0.77 EPS for the current fiscal year.

Insider Activity

In other news, CEO Ashutosh Kulkarni sold 18,735 shares of the business's stock in a transaction dated 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 sale, the chief executive officer now owns 376,591 shares of the company's stock, valued at approximately $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 accessible through this link. Also, CTO Shay Banon sold 2,683 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $90.78, for a total value of $243,562.74. Following the transaction, the chief technology officer now owns 4,535,456 shares in the company, valued at approximately $411,728,695.68. The trade was a 0.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,507 shares of company stock worth $3,010,071. 15.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Elastic

Several hedge funds and other institutional investors have recently modified their holdings of ESTC. Geneos Wealth Management Inc. bought a new stake in shares of Elastic in the fourth quarter worth about $25,000. SBI Securities Co. Ltd. purchased a new stake in Elastic in the 4th quarter worth approximately $25,000. Cloud Capital Management LLC purchased a new position in shares of Elastic during the first quarter valued at approximately $25,000. Fourth Dimension Wealth LLC purchased a new stake in Elastic in the fourth quarter worth $26,000. Finally, Venturi Wealth Management LLC boosted its holdings in Elastic by 793.3% in the fourth quarter. Venturi Wealth Management LLC now owns 268 shares of the company's stock valued at $27,000 after acquiring an additional 238 shares in the last quarter. 97.03% of the stock is owned by institutional investors.

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.