Barclays Cuts Elastic (NYSE:ESTC) Price Target to $90.00

Elastic (NYSE:ESTC) had its target price decreased by equities research analysts at Barclays from $106.00 to $90.00 in a report issued on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price target suggests a potential upside of 18.44% from the company’s current price.

A number of other research firms also recently weighed in on ESTC. Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a research report on Friday, August 30th. Baird R W downgraded Elastic from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 30th. Guggenheim began coverage on Elastic in a research report on Wednesday, September 11th. They issued a “buy” rating and a $100.00 price target on the stock. Piper Sandler cut their price objective on shares of Elastic from $131.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 30th. Finally, Citigroup raised their target price on shares of Elastic from $155.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Elastic has an average rating of “Moderate Buy” and a consensus target price of $103.48.

Elastic Stock Performance

Elastic stock traded down $0.31 during mid-day trading on Friday, hitting $75.99. 74,230 shares of the company’s stock traded hands, compared to its average volume of 1,332,067. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The stock has a market cap of $7.73 billion, a price-to-earnings ratio of 143.38 and a beta of 0.95. The firm has a 50 day simple moving average of $98.44 and a two-hundred day simple moving average of $103.23. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.91 and a quick ratio of 1.91.

Elastic (NYSE:ESTC) last released its quarterly earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.25 by $0.10. Elastic had a net margin of 4.62% and a negative return on equity of 17.54%. The business had revenue of $347.42 million for the quarter, compared to the consensus estimate of $344.67 million. During the same period in the prior year, the company posted ($0.35) earnings per share. Elastic’s revenue was up 18.3% compared to the same quarter last year. On average, research analysts expect that Elastic will post -0.94 EPS for the current fiscal year.

Insider Activity

In related news, CEO Ashutosh Kulkarni sold 9,664 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $109.88, for a total transaction of $1,061,880.32. Following the completion of the sale, the chief executive officer now owns 452,297 shares of the company’s stock, valued at $49,698,394.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CTO Shay Banon sold 120,000 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $109.48, for a total transaction of $13,137,600.00. Following the completion of the sale, the chief technology officer now directly owns 2,754,978 shares of the company’s stock, valued at $301,614,991.44. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ashutosh Kulkarni sold 9,664 shares of the firm’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $109.88, for a total transaction of $1,061,880.32. Following the completion of the transaction, the chief executive officer now directly owns 452,297 shares in the company, valued at approximately $49,698,394.36. The disclosure for this sale can be found here. Insiders have sold 167,070 shares of company stock valued at $16,827,252 in the last ninety days. 18.10% of the stock is owned by company insiders.

Institutional Trading of Elastic

Several institutional investors and hedge funds have recently modified their holdings of ESTC. Principal Financial Group Inc. grew its holdings in Elastic by 226.3% during the fourth quarter. Principal Financial Group Inc. now owns 31,405 shares of the company’s stock worth $3,539,000 after buying an additional 21,781 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in shares of Elastic by 10.7% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 5,403 shares of the company’s stock valued at $609,000 after purchasing an additional 523 shares in the last quarter. Norges Bank purchased a new position in Elastic during the fourth quarter worth about $92,847,000. PNC Financial Services Group Inc. increased its stake 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 buying an additional 185 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its position in shares of Elastic by 10.7% during the 4th quarter. Hsbc Holdings PLC now owns 26,413 shares of the company’s stock worth $2,978,000 after buying an additional 2,562 shares in the last quarter. 97.03% of the stock is owned by hedge funds and other 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.