Elastic (NYSE:ESTC) Price Target Cut to $115.00 by Analysts at Robert W. Baird

Elastic (NYSE:ESTC) had its target price lowered by Robert W. Baird from $125.00 to $115.00 in a research note published on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other research analysts have also issued research reports about the stock. Jefferies Financial Group reduced their target price on shares of Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Wall Street Zen upgraded shares of Elastic from a “hold” rating to a “buy” rating in a research report on Friday. TD Securities cut their price target on shares of Elastic from $125.00 to $105.00 and set a “hold” rating on the stock in a research report on Wednesday, May 21st. JPMorgan Chase & Co. cut their price target on shares of Elastic from $120.00 to $110.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Piper Sandler cut their price target on shares of Elastic from $135.00 to $120.00 and set an “overweight” rating on the stock in a research report on Friday. Seven investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $114.67.

Elastic Stock Down 12.0%

Shares of NYSE:ESTC opened at $80.95 on Friday. Elastic has a 12 month low of $69.00 and a 12 month high of $123.96. The company’s 50-day moving average price is $85.51 and its two-hundred day moving average price is $97.74. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. The firm has a market cap of $8.45 billion, a P/E ratio of 147.18 and a beta of 1.20.

Elastic (NYSE:ESTC) last issued its earnings results on Thursday, May 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.10. The company had revenue of $388.43 million for the quarter, compared to analyst estimates of $380.61 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.21 EPS. As a group, research analysts forecast that Elastic will post -0.77 EPS for the current fiscal year.

Insider Activity

In related news, CRO Mark Eugene Dodds sold 2,755 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $90.77, for a total transaction of $250,071.35. Following the transaction, the executive now directly owns 96,484 shares in the company, valued at approximately $8,757,852.68. The trade was a 2.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Shay Banon sold 140,129 shares of the business’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $106.68, for a total transaction of $14,948,961.72. Following the transaction, the chief technology officer now owns 2,254,978 shares in the company, valued at approximately $240,561,053.04. The trade was a 5.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 172,636 shares of company stock worth $17,959,032 over the last ninety days. Insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Elastic by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company’s stock valued at $926,607,000 after purchasing an additional 168,483 shares during the last quarter. Sylebra Capital LLC increased its holdings in shares of Elastic by 62.6% in the fourth quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock valued at $451,950,000 after purchasing an additional 1,756,842 shares during the last quarter. Pictet Asset Management Holding SA boosted its position in shares of Elastic by 15.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company’s stock valued at $339,820,000 after acquiring an additional 462,974 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Elastic by 5,437.6% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company’s stock valued at $203,872,000 after acquiring an additional 2,246,808 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Elastic by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 1,439,412 shares of the company’s stock valued at $142,663,000 after acquiring an additional 45,076 shares during the period. 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.