TD Securities Cuts Elastic (NYSE:ESTC) Price Target to $105.00

Elastic (NYSE:ESTC - Get Free Report) had its price objective dropped by stock analysts at TD Securities from $125.00 to $105.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a "hold" rating on the stock. TD Securities' price target would indicate a potential upside of 11.35% from the company's previous close.

ESTC has been the subject of several other reports. Robert W. Baird upped their price objective on shares of Elastic from $135.00 to $140.00 and gave the stock an "outperform" rating in a report on Friday, February 28th. Barclays reduced their price objective on Elastic from $138.00 to $124.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. Scotiabank dropped their price target on Elastic from $140.00 to $137.00 and set a "sector outperform" rating on the stock in a research note on Thursday, March 27th. Canaccord Genuity Group lifted their price objective on Elastic from $130.00 to $135.00 and gave the company a "buy" rating in a report on Friday, February 28th. Finally, Truist Financial dropped 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. Eight equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $125.96.

Elastic Price Performance

ESTC stock opened at $94.30 on Wednesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. The stock's 50 day moving average price is $86.48 and its 200 day moving average price is $97.42. The firm has a market cap of $9.85 billion, a P/E ratio of 171.45 and a beta of 1.20. Elastic has a 1 year low of $69.00 and a 1 year high of $123.96.

Elastic (NYSE:ESTC - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing analysts' consensus estimates of $0.47 by ($0.48). The company had revenue of $382.08 million during the quarter, compared to analyst estimates of $368.85 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. On average, sell-side analysts expect that Elastic will post -0.77 earnings per share for the current fiscal 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 shares were sold at an average price of $106.68, for a total transaction of $14,948,961.72. Following the completion of the sale, the chief technology officer now owns 2,254,978 shares in the company, valued at $240,561,053.04. This trade represents a 5.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ashutosh Kulkarni sold 5,000 shares of the company's stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $102.64, for a total transaction of $513,200.00. Following the completion of the sale, the chief executive officer now directly owns 371,591 shares of the company's stock, valued at approximately $38,140,100.24. This trade represents a 1.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 198,304 shares of company stock valued at $20,847,452 over the last 90 days. 15.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Elastic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Elastic by 1.8% during 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 in the last quarter. Sylebra Capital LLC raised its position in shares of Elastic by 62.6% in 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 during the period. Pictet Asset Management Holding SA boosted its stake in shares of Elastic by 15.6% during the 4th 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 grew its holdings in Elastic by 5,437.6% in the first 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 period. Finally, Geode Capital Management LLC increased its position in shares of Elastic by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 1,439,412 shares of the company's stock valued at $142,663,000 after buying an additional 45,076 shares in the last quarter. Hedge funds and other 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.

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