DA Davidson Lowers Elastic (NYSE:ESTC) Price Target to $75.00

Elastic (NYSE:ESTC) had its price objective reduced by equities research analysts at DA Davidson from $100.00 to $75.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. DA Davidson’s price target points to a potential downside of 1.56% from the stock’s previous close.

ESTC has been the subject of a number of other research reports. Wells Fargo & Company dropped their target price on Elastic from $145.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday. Robert W. Baird downgraded Elastic from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $135.00 to $95.00 in a research report on Friday. Canaccord Genuity Group dropped their target price on Elastic from $130.00 to $125.00 and set a “buy” rating for the company in a research report on Friday, May 31st. Piper Sandler decreased their price target on Elastic from $131.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Truist Financial decreased their price target on Elastic from $140.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday. Nine research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Elastic currently has an average rating of “Moderate Buy” and an average price target of $105.20.

Elastic Stock Down 26.5 %

Shares of NYSE ESTC opened at $76.19 on Friday. The company has a market cap of $7.75 billion, a P/E ratio of 143.75 and a beta of 0.98. 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 business has a 50-day simple moving average of $109.70 and a two-hundred day simple moving average of $108.37. Elastic has a 52 week low of $59.30 and a 52 week high of $136.06.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Thursday, August 29th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. The firm had revenue of $347.42 million during the quarter, compared to the consensus estimate of $344.67 million. Elastic had a negative return on equity of 20.83% and a net margin of 4.87%. The company’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.35) EPS. Research analysts anticipate that Elastic will post -1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Ashutosh Kulkarni sold 9,664 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 452,297 shares of the company’s stock, valued at $49,698,394.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CTO Shay Banon sold 180,000 shares of the company’s stock in a transaction on Friday, June 21st. The stock was 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 owns 2,874,978 shares in the company, valued at $309,980,127.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ashutosh Kulkarni sold 9,664 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $109.88, for a total value of $1,061,880.32. Following the sale, the chief executive officer now owns 452,297 shares of the company’s stock, valued at approximately $49,698,394.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 355,312 shares of company stock valued at $38,626,610. 18.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Elastic

A number of hedge funds have recently bought and sold shares of the company. Nordea Investment Management AB purchased a new stake in Elastic in the first quarter worth about $3,104,000. Toronto Dominion Bank purchased a new stake in Elastic in the first quarter worth about $5,780,000. Quantbot Technologies LP increased its position in Elastic by 165.2% in the first quarter. Quantbot Technologies LP now owns 12,921 shares of the company’s stock worth $1,295,000 after buying an additional 8,048 shares in the last quarter. CenterBook Partners LP increased its position in Elastic by 13.1% in the fourth quarter. CenterBook Partners LP now owns 27,985 shares of the company’s stock worth $3,154,000 after buying an additional 3,245 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in Elastic by 737.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 17,617 shares of the company’s stock worth $1,766,000 after buying an additional 15,514 shares in the last quarter. Hedge funds and other institutional investors 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.