Oppenheimer Trims Elastic (NYSE:ESTC) Target Price to $125.00

Elastic (NYSE:ESTC) had its price objective trimmed by Oppenheimer from $150.00 to $125.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other brokerages also recently issued reports on ESTC. Robert W. Baird downgraded Elastic from an outperform rating to a neutral rating and cut their price objective for the company from $135.00 to $95.00 in a research report on Friday. Rosenblatt Securities restated a buy rating and issued a $136.00 target price on shares of Elastic in a research note on Tuesday. Stifel Nicolaus reduced their price target on shares of Elastic from $130.00 to $120.00 and set a buy rating on the stock in a research report on Friday, May 31st. Barclays lowered their price objective on shares of Elastic from $128.00 to $117.00 and set an equal weight rating for the company in a research report on Friday, May 31st. Finally, Needham & Company LLC reaffirmed a hold rating on shares of Elastic in a research note on Friday, May 31st. Eight equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $105.20.

Elastic Trading Down 26.5 %

Shares of ESTC stock opened at $76.16 on Friday. The company has a market capitalization of $7.75 billion, a P/E ratio of 143.70 and a beta of 0.98. Elastic has a 12-month low of $59.30 and a 12-month high of $136.06. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.77. The firm has a 50-day moving average price of $109.70 and a 200 day moving average price of $108.47.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, May 30th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.03). The firm had revenue of $335.00 million during the quarter, compared to the consensus estimate of $329.15 million. Elastic had a net margin of 4.87% and a negative return on equity of 20.83%. Research analysts forecast that Elastic will post -1.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Elastic

In other news, CRO Mark Eugene Dodds sold 3,457 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $110.78, for a total transaction of $382,966.46. Following the completion of the transaction, the executive now directly owns 82,498 shares in the company, valued at approximately $9,139,128.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Elastic news, CEO Ashutosh Kulkarni sold 18,819 shares of Elastic stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $109.90, for a total transaction of $2,068,208.10. Following the transaction, the chief executive officer now directly owns 461,961 shares in the company, valued at $50,769,513.90. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CRO Mark Eugene Dodds sold 3,457 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $110.78, for a total value of $382,966.46. Following the completion of the transaction, the executive now directly owns 82,498 shares of the company’s stock, valued at $9,139,128.44. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 355,312 shares of company stock valued at $38,626,610. 18.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Elastic

Several institutional investors and hedge funds have recently modified their holdings of ESTC. Advisors Asset Management Inc. lifted its stake in Elastic by 12.7% in the first quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock valued at $106,000 after buying an additional 119 shares in the last quarter. Signaturefd LLC raised its holdings in shares of Elastic by 44.1% during the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the period. PNC Financial Services Group Inc. lifted its position in Elastic by 8.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,469 shares of the company’s stock valued at $278,000 after acquiring an additional 185 shares in the last quarter. Headlands Technologies LLC boosted its stake in Elastic by 75.4% in the 2nd quarter. Headlands Technologies LLC now owns 628 shares of the company’s stock worth $72,000 after purchasing an additional 270 shares during the period. Finally, Asset Dedication LLC increased its holdings in Elastic by 1,333.3% during the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after purchasing an additional 280 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.