Elastic (NYSE:ESTC) Given New $137.00 Price Target at Scotiabank

Elastic (NYSE:ESTC) had its price target lowered by stock analysts at Scotiabank from $140.00 to $137.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price target suggests a potential upside of 49.64% from the stock’s previous close.

A number of other equities analysts have also recently commented on the company. Guggenheim lifted their price target on Elastic from $130.00 to $136.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Wedbush downgraded Elastic from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Robert W. Baird increased their price target on Elastic from $135.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Rosenblatt Securities reaffirmed a “buy” rating and set a $130.00 price objective on shares of Elastic in a research report on Tuesday, February 25th. Finally, UBS Group increased their price objective on shares of Elastic from $140.00 to $148.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Seven investment 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 company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $131.39.

Elastic Stock Down 3.7 %

Shares of ESTC stock opened at $91.55 on Thursday. The firm’s fifty day moving average price is $105.25 and its two-hundred day moving average price is $95.97. 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 has a 1 year low of $69.00 and a 1 year high of $123.96. The firm has a market capitalization of $9.56 billion, a P/E ratio of 166.46 and a beta of 1.20.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The company had revenue of $382.08 million during the quarter, compared to analyst estimates of $368.85 million. On average, equities analysts predict that Elastic will post -0.77 EPS for the current fiscal year.

Insider Activity

In other news, CTO Shay Banon sold 25,668 shares of the firm’s stock in a transaction that occurred on Sunday, March 2nd. The shares were sold at an average price of $112.53, for a total value of $2,888,420.04. Following the sale, the chief technology officer now directly owns 2,408,541 shares in the company, valued at approximately $271,033,118.73. This trade represents a 1.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $90.77, for a total transaction of $1,700,575.95. Following the completion of the transaction, the chief executive officer now directly owns 376,591 shares of the company’s stock, valued at approximately $34,183,165.07. The trade was a 4.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 198,304 shares of company stock worth $20,847,452. Insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ESTC. Vanguard Group Inc. raised its stake in Elastic by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company’s stock worth $926,607,000 after buying an additional 168,483 shares during the last quarter. FMR LLC boosted its position in Elastic by 25.6% during the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock valued at $420,284,000 after acquiring an additional 1,115,750 shares during the last quarter. Sylebra Capital LLC grew its holdings in Elastic by 62.6% during the 4th 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 raised its position in shares of Elastic by 15.6% in 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. Finally, Atreides Management LP lifted its stake in shares of Elastic by 57.2% in the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock valued at $129,555,000 after purchasing an additional 614,309 shares during the period. Institutional investors and hedge funds 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.