Truist Financial Has Lowered Expectations for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price target dropped by Truist Financial from $145.00 to $140.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 52.92% from the company’s current price.

ESTC has been the topic of a number of other reports. Scotiabank cut their target price on shares of Elastic from $140.00 to $137.00 and set a “sector outperform” rating on the stock in a research report on Thursday. Piper Sandler increased their price objective on shares of Elastic from $130.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, February 28th. Canaccord Genuity Group lifted their target price on shares of Elastic from $130.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Wells Fargo & Company increased their price target on Elastic from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Finally, Wedbush lowered Elastic from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Seven research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $131.17.

Elastic Price Performance

ESTC opened at $91.55 on Monday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The stock has a market capitalization of $9.56 billion, a P/E ratio of 166.46 and a beta of 1.20. The company’s 50 day simple moving average is $105.25 and its 200-day simple moving average is $96.29. Elastic has a one year low of $69.00 and a one year high of $123.96.

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

Insider Buying and Selling

In related news, insider Carolyn Herzog sold 3,334 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $90.78, for a total value of $302,660.52. Following the completion of the transaction, the insider now owns 84,152 shares of the company’s stock, valued at approximately $7,639,318.56. This trade represents a 3.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 dated 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 sale, the chief technology officer now directly owns 2,254,978 shares in the company, valued at $240,561,053.04. This trade represents a 5.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 198,304 shares of company stock worth $20,847,452. 15.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ESTC. Charles Schwab Investment Management Inc. boosted its holdings in shares of Elastic by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 545,870 shares of the company’s stock valued at $41,901,000 after buying an additional 14,590 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Elastic by 12.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 16,431 shares of the company’s stock valued at $1,261,000 after acquiring an additional 1,757 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Elastic by 190.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 66,786 shares of the company’s stock worth $5,126,000 after purchasing an additional 43,772 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Elastic by 8.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,978 shares of the company’s stock valued at $2,762,000 after purchasing an additional 2,928 shares during the period. Finally, Edgestream Partners L.P. acquired a new stake in Elastic in the 3rd quarter valued at about $574,000. 97.03% of the stock is currently owned by institutional investors.

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.