Rosenblatt Securities Cuts Elastic (NYSE:ESTC) Price Target to $130.00

Elastic (NYSE:ESTC - Get Free Report) had its target price dropped by equities research analysts at Rosenblatt Securities from $140.00 to $130.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Rosenblatt Securities' price target points to a potential upside of 60.59% from the stock's previous close.

A number of other analysts also recently commented on the company. Barclays decreased their target price on Elastic from $138.00 to $124.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. 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. Robert W. Baird boosted their target price on Elastic from $135.00 to $140.00 and gave the stock an "outperform" rating in a research report on Friday, February 28th. TD Securities decreased their target price on Elastic from $125.00 to $105.00 and set a "hold" rating on the stock in a research report on Wednesday, May 21st. Finally, Jefferies Financial Group decreased their target price on Elastic from $125.00 to $110.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Seven analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $114.67.

Elastic Price Performance

Shares of Elastic stock traded down $11.08 during trading on Friday, reaching $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 company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a 12-month low of $69.00 and a 12-month high of $123.96. The company has a market capitalization of $8.45 billion, a P/E ratio of 147.18 and a beta of 1.20. The business has a 50 day moving average price of $85.51 and a 200-day moving average price of $97.68.

Elastic (NYSE:ESTC - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The company reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $380.61 million. During the same period in the previous year, the business earned $0.21 earnings per share. The company'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 EPS for the current year.

Insider Activity

In other news, CEO Ashutosh Kulkarni sold 5,000 shares of Elastic stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $102.64, for a total value of $513,200.00. Following the completion of the transaction, the chief executive officer now owns 371,591 shares in the company, valued at approximately $38,140,100.24. This trade represents a 1.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Shay Banon sold 140,129 shares of the business'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 sale, the chief technology officer now directly owns 2,254,978 shares in the company, valued at $240,561,053.04. This represents a 5.85% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 172,636 shares of company stock worth $17,959,032. 15.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Elastic

Several large investors have recently made changes to their positions in ESTC. Vanguard Group Inc. boosted its position in shares of Elastic by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company's stock valued at $926,607,000 after acquiring an additional 168,483 shares during the period. Sylebra Capital LLC raised its stake in 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 acquiring an additional 1,756,842 shares in the last quarter. Pictet Asset Management Holding SA raised its stake in Elastic by 15.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company's stock worth $339,820,000 after acquiring an additional 462,974 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in Elastic by 5,437.6% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company's stock worth $203,872,000 after acquiring an additional 2,246,808 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Elastic by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 1,439,412 shares of the company's stock worth $142,663,000 after acquiring an additional 45,076 shares in the last quarter. Institutional investors own 97.03% of the company's stock.

About Elastic

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.