Oppenheimer Cuts Elastic (NYSE:ESTC) Price Target to $100.00

Elastic (NYSE:ESTC - Get Free Report) had its target price lowered by Oppenheimer from $120.00 to $100.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Oppenheimer's price objective suggests a potential upside of 15.29% from the company's current price.

Other equities analysts have also recently issued reports about the stock. Rosenblatt Securities reduced their price objective on shares of Elastic from $140.00 to $130.00 and set a "buy" rating for the company in a research report on Friday, May 30th. TD Securities cut their price objective on shares of Elastic from $125.00 to $105.00 and set a "hold" rating on the stock in a report on Wednesday, May 21st. Canaccord Genuity Group dropped their price objective on shares of Elastic from $135.00 to $110.00 and set a "buy" rating on the stock in a report on Monday, June 2nd. Morgan Stanley decreased 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. Finally, JPMorgan Chase & Co. dropped their price target on Elastic from $120.00 to $110.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. Eight equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $112.72.

Elastic Trading Down 0.1%

NYSE:ESTC traded down $0.05 on Monday, hitting $86.74. The stock had a trading volume of 700,275 shares, compared to its average volume of 1,548,021. Elastic has a 1-year low of $69.00 and a 1-year high of $118.84. The company has a fifty day moving average price of $86.51 and a two-hundred day moving average price of $92.93. The stock has a market cap of $9.15 billion, a price-to-earnings ratio of -82.64 and a beta of 1.07. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.61.

Elastic (NYSE:ESTC - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.10. Elastic had a negative return on equity of 4.46% and a negative net margin of 7.29%. The business had revenue of $388.43 million for the quarter, compared to analyst estimates of $380.61 million. During the same period in the previous year, the company posted $0.21 EPS. The company's revenue was up 15.9% compared to the same quarter last year. Equities research analysts expect that Elastic will post -0.77 earnings per share for the current fiscal year.

Insider Activity

In other news, CRO Mark Eugene Dodds sold 2,500 shares of the firm's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $83.50, for a total value of $208,750.00. Following the completion of the sale, the executive owned 172,321 shares in the company, valued at approximately $14,388,803.50. This trade represents a 1.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Shay Banon sold 5,117 shares of Elastic stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $86.91, for a total transaction of $444,718.47. Following the completion of the transaction, the chief technology officer directly owned 4,560,291 shares in the company, valued at approximately $396,334,890.81. The trade was a 0.11% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,913 shares of company stock worth $4,416,324. 15.90% of the stock is currently owned by insiders.

Institutional Trading of Elastic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA raised its stake in Elastic by 5,437.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company's stock valued at $203,872,000 after purchasing an additional 2,246,808 shares during the last quarter. Sylebra Capital LLC grew its position in shares of Elastic by 62.6% during the fourth quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company's stock worth $451,950,000 after buying an additional 1,756,842 shares in the last quarter. AQR Capital Management LLC grew its stake in Elastic by 6,651.3% during the 1st quarter. AQR Capital Management LLC now owns 1,403,859 shares of the company's stock worth $122,978,000 after buying an additional 1,383,065 shares during the last quarter. Norges Bank bought a new stake in Elastic in the fourth quarter valued at $102,485,000. Finally, Driehaus Capital Management LLC raised its stake in shares of Elastic by 1,450.8% during the first quarter. Driehaus Capital Management LLC now owns 880,454 shares of the company's stock valued at $78,448,000 after purchasing an additional 823,680 shares in the last quarter. Institutional investors and hedge funds 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.

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