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

Elastic (NYSE:ESTC - Get Free Report) had its price target cut by stock analysts at Cantor Fitzgerald from $109.00 to $92.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Cantor Fitzgerald's price objective suggests a potential upside of 13.65% from the stock's previous close.

Several other equities analysts also recently issued reports on the company. Truist Financial cut their target price on Elastic from $145.00 to $140.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Oppenheimer cut their target price on Elastic from $140.00 to $120.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. UBS Group upped their target price on Elastic from $140.00 to $148.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Rosenblatt Securities cut their target price on Elastic from $140.00 to $130.00 and set a "buy" rating on the stock in a research report on Friday. Finally, Royal Bank of Canada cut their target price on Elastic from $140.00 to $119.00 and set an "outperform" rating on the stock in a research report on Monday, May 19th. Seven equities 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 company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $114.67.

Elastic Stock Down 12.0%

Shares of ESTC traded down $11.08 during midday trading on Friday, hitting $80.95. 8,817,353 shares of the company's stock traded hands, compared to its average volume of 1,484,527. Elastic has a 1 year low of $69.00 and a 1 year high of $123.96. The firm's fifty day moving average is $85.51 and its 200-day moving average is $97.68. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $8.45 billion, a price-to-earnings ratio of 147.18 and a beta of 1.20.

Elastic (NYSE:ESTC - Get Free Report) last issued 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. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The firm had revenue of $388.43 million during the quarter, compared to analyst estimates of $380.61 million. During the same quarter in the prior year, the business posted $0.21 EPS. The business's revenue for the quarter was up 15.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Elastic will post -0.77 earnings per share for the current year.

Insider Activity at Elastic

In related news, CTO Shay Banon sold 140,129 shares of Elastic stock in a transaction dated 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 sale, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CRO Mark Eugene Dodds sold 2,755 shares of Elastic stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $90.77, for a total value of $250,071.35. Following the completion of the sale, the executive now owns 96,484 shares in the company, valued at approximately $8,757,852.68. The trade was a 2.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 172,636 shares of company stock worth $17,959,032 in the last 90 days. Corporate insiders own 15.90% of the company's stock.

Institutional Investors Weigh In On Elastic

Institutional investors have recently bought and sold shares of the company. Thrivent Financial for Lutherans boosted its holdings in Elastic by 187.7% in the 4th quarter. Thrivent Financial for Lutherans now owns 9,073 shares of the company's stock worth $899,000 after buying an additional 5,919 shares during the last quarter. Cetera Investment Advisers boosted its holdings in Elastic by 13.3% in the 4th quarter. Cetera Investment Advisers now owns 7,203 shares of the company's stock worth $714,000 after buying an additional 843 shares during the last quarter. Barclays PLC boosted its holdings in Elastic by 56.2% in the 3rd quarter. Barclays PLC now owns 153,155 shares of the company's stock worth $11,757,000 after buying an additional 55,084 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Elastic by 3.4% during the 4th quarter. Principal Financial Group Inc. now owns 7,299 shares of the company's stock worth $723,000 after purchasing an additional 241 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Elastic by 0.8% during the 4th quarter. Bank of New York Mellon Corp now owns 482,818 shares of the company's stock worth $47,838,000 after purchasing an additional 3,772 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.