Wells Fargo & Company Lowers Elastic (NYSE:ESTC) Price Target to $120.00

Elastic (NYSE:ESTC - Free Report) had its target price trimmed by Wells Fargo & Company from $150.00 to $120.00 in a research report released on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other brokerages have also weighed in on ESTC. Jefferies Financial Group lowered their price objective on Elastic from $125.00 to $110.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Royal Bank of Canada dropped their price target 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. Piper Sandler lifted their price objective on shares of Elastic from $130.00 to $135.00 and gave the stock an "overweight" rating in a research note on Friday, February 28th. Oppenheimer lowered their price target on Elastic from $140.00 to $120.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Finally, TD Securities lowered their price target on Elastic from $125.00 to $105.00 and set a "hold" rating for the company in a research note on Wednesday, May 21st. Seven research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $114.67.

Elastic Price Performance

Shares of NYSE:ESTC traded down $11.08 during midday trading on Friday, hitting $80.95. 8,817,353 shares of the stock were exchanged, compared to its average volume of 1,484,527. Elastic has a twelve month low of $69.00 and a twelve month high of $123.96. The stock has a market cap of $8.45 billion, a P/E ratio of 147.18 and a beta of 1.20. The company has a 50 day moving average price of $85.51 and a 200-day moving average price of $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.

Elastic (NYSE:ESTC - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.10. The firm had revenue of $388.43 million during the quarter, compared to the consensus estimate of $380.61 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The firm's quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.21 earnings per share. On average, research analysts forecast that Elastic will post -0.77 earnings per share for the current year.

Insiders Place Their Bets

In other Elastic news, CTO Shay Banon sold 140,129 shares of the company'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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $90.77, for a total value of $1,700,575.95. Following the sale, the chief executive officer now owns 376,591 shares in the company, valued at $34,183,165.07. The trade was a 4.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 172,636 shares of company stock valued at $17,959,032 in the last three months. Company insiders own 15.90% of the company's stock.

Institutional Trading of Elastic

A number of institutional investors and hedge funds have recently modified their holdings of the stock. SBI Securities Co. Ltd. bought a new stake in Elastic in the 4th quarter valued at $25,000. Geneos Wealth Management Inc. acquired a new position in Elastic in the 4th quarter valued at about $25,000. Fourth Dimension Wealth LLC acquired a new position in shares of Elastic during the 4th quarter worth approximately $26,000. Venturi Wealth Management LLC grew its position in shares of Elastic by 793.3% during the 4th quarter. Venturi Wealth Management LLC now owns 268 shares of the company's stock worth $27,000 after purchasing an additional 238 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of Elastic by 126.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 283 shares of the company's stock worth $28,000 after acquiring an additional 158 shares during the period. 97.03% of the stock is owned by institutional investors.

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.