Elastic (NYSE:ESTC) Price Target Cut to $107.00 by Analysts at Guggenheim

Elastic (NYSE:ESTC - Get Free Report) had its price objective dropped by Guggenheim from $136.00 to $107.00 in a report released on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Guggenheim's price target would suggest a potential upside of 32.18% from the company's previous close.

ESTC has been the subject of a number of other reports. TD Securities lowered their price target on shares of Elastic from $125.00 to $105.00 and set a "hold" rating for the company in a report on Wednesday, May 21st. Scotiabank reduced their price objective on shares of Elastic from $140.00 to $137.00 and set a "sector outperform" rating for the company in a research note on Thursday, March 27th. Wall Street Zen raised shares of Elastic from a "hold" rating to a "buy" rating in a report on Friday. DA Davidson decreased their target price on shares of Elastic from $115.00 to $75.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Finally, Royal Bank of Canada reduced their price objective on shares of 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 issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $114.67.

Elastic Stock Performance

Shares of NYSE ESTC traded down $11.08 during midday trading on Friday, hitting $80.95. The company's stock had a trading volume of 8,817,353 shares, compared to its average volume of 1,484,527. The stock has a fifty day moving average price of $85.51 and a 200 day moving average price of $97.68. Elastic has a one year low of $69.00 and a one year high of $123.96. 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 firm 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 released its quarterly earnings results on Thursday, May 29th. The company reported $0.47 EPS for the quarter, topping analysts' consensus estimates of $0.37 by $0.10. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The business had revenue of $388.43 million during the quarter, compared to analysts' expectations of $380.61 million. During the same quarter in the previous year, the company earned $0.21 EPS. The business's quarterly revenue was up 15.9% compared to the same quarter last year. On average, research analysts forecast that Elastic will post -0.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other Elastic news, CRO Mark Eugene Dodds sold 2,755 shares of the business's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $90.77, for a total value of $250,071.35. Following the completion of the transaction, the executive now directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Carolyn Herzog sold 3,334 shares of the company's stock in a transaction dated Monday, March 10th. The shares were 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 in the company, valued at approximately $7,639,318.56. This trade represents a 3.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 172,636 shares of company stock valued at $17,959,032 over the last three months. 15.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Elastic

Large investors have recently bought and sold shares of the company. Geneos Wealth Management Inc. purchased a new stake in Elastic in the 4th quarter worth approximately $25,000. SBI Securities Co. Ltd. acquired a new stake in shares of Elastic in the 4th quarter worth $25,000. Cloud Capital Management LLC acquired a new stake in shares of Elastic in the 1st quarter worth $25,000. Fourth Dimension Wealth LLC purchased a new position in shares of Elastic during the 4th quarter worth $26,000. Finally, Venturi Wealth Management LLC boosted its holdings in Elastic by 793.3% during the 4th quarter. Venturi Wealth Management LLC now owns 268 shares of the company's stock valued at $27,000 after acquiring an additional 238 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.