Elastic (NYSE:ESTC) Price Target Lowered to $80.00 at TD Cowen

Elastic (NYSE:ESTC) had its price objective reduced by TD Cowen from $110.00 to $80.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have a hold rating on the stock.

ESTC has been the topic of several other reports. Rosenblatt Securities reissued a buy rating and set a $136.00 price objective on shares of Elastic in a research report on Tuesday. Canaccord Genuity Group lowered their price target on Elastic from $130.00 to $125.00 and set a buy rating on the stock in a report on Friday, May 31st. JPMorgan Chase & Co. reduced their price objective on Elastic from $138.00 to $125.00 and set an overweight rating for the company in a research note on Friday, May 24th. Needham & Company LLC reiterated a hold rating on shares of Elastic in a research note on Friday, May 31st. Finally, Robert W. Baird cut Elastic from an outperform rating to a neutral rating and cut their price target for the stock from $135.00 to $95.00 in a research note on Friday. Eight analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $105.20.

Elastic Trading Down 26.5 %

NYSE:ESTC opened at $76.16 on Friday. The company has a market capitalization of $7.75 billion, a PE ratio of 143.70 and a beta of 0.98. Elastic has a 52-week low of $59.30 and a 52-week high of $136.06. The stock’s 50 day moving average price is $109.70 and its 200 day moving average price is $108.47. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.77.

Elastic (NYSE:ESTC) last announced 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). Elastic had a negative return on equity of 20.83% and a net margin of 4.87%. The business had revenue of $335.00 million for the quarter, compared to analysts’ expectations of $329.15 million. On average, research analysts anticipate that Elastic will post -1.12 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Shay Banon sold 180,000 shares of Elastic stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $107.82, for a total transaction of $19,407,600.00. Following the completion of the sale, the chief technology officer now directly owns 2,874,978 shares in the company, valued at approximately $309,980,127.96. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CTO Shay Banon sold 180,000 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $107.82, for a total value of $19,407,600.00. Following the completion of the transaction, the chief technology officer now directly owns 2,874,978 shares of the company’s stock, valued at approximately $309,980,127.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ashutosh Kulkarni sold 18,819 shares of Elastic stock in a transaction on Monday, June 10th. The stock was sold at an average price of $109.90, for a total value of $2,068,208.10. Following the transaction, the chief executive officer now directly owns 461,961 shares of the company’s stock, valued at $50,769,513.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 355,312 shares of company stock worth $38,626,610. 18.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Elastic

A number of large investors have recently added to or reduced their stakes in ESTC. Nordea Investment Management AB acquired a new position in Elastic during the first quarter worth about $3,104,000. Toronto Dominion Bank acquired a new stake in shares of Elastic in the first quarter valued at approximately $5,780,000. Quantbot Technologies LP increased its stake in shares of Elastic by 165.2% during the 1st quarter. Quantbot Technologies LP now owns 12,921 shares of the company’s stock worth $1,295,000 after purchasing an additional 8,048 shares in the last quarter. CenterBook Partners LP raised its position in shares of Elastic by 13.1% during the 4th quarter. CenterBook Partners LP now owns 27,985 shares of the company’s stock worth $3,154,000 after purchasing an additional 3,245 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Elastic by 737.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 17,617 shares of the company’s stock valued at $1,766,000 after buying an additional 15,514 shares in the last quarter. 97.03% of the stock is owned by institutional investors and hedge funds.

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.