Elastic (NYSE:ESTC) Price Target Cut to $125.00 by Analysts at Jefferies Financial Group

Elastic (NYSE:ESTC) had its price target lowered by analysts at Jefferies Financial Group from $135.00 to $125.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s price objective suggests a potential upside of 42.66% from the stock’s previous close.

A number of other research analysts have also weighed in on ESTC. Rosenblatt Securities reissued a “buy” rating and issued a $130.00 target price on shares of Elastic in a report on Tuesday, February 25th. Cantor Fitzgerald began coverage on shares of Elastic in a report on Friday, January 17th. They issued a “neutral” rating and a $108.00 price target for the company. Canaccord Genuity Group lifted their price target on Elastic from $130.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Scotiabank lowered their price objective on Elastic from $140.00 to $137.00 and set a “sector outperform” rating for the company in a research note on Thursday. Finally, Truist Financial decreased their price target on Elastic from $145.00 to $140.00 and set a “buy” rating on the stock in a report on Monday. Seven equities research 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’s stock. Based on data from MarketBeat, Elastic presently has a consensus rating of “Moderate Buy” and a consensus target price of $130.74.

Elastic Stock Down 4.4 %

ESTC opened at $87.62 on Monday. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $123.96. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. The stock has a market cap of $9.15 billion, a price-to-earnings ratio of 160.23 and a beta of 1.20. The firm’s fifty day moving average is $105.25 and its 200 day moving average is $96.29.

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 the consensus estimate of $0.47 by ($0.48). Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The business had revenue of $382.08 million for the quarter, compared to analysts’ expectations of $368.85 million. On average, sell-side analysts forecast that Elastic will post -0.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Shay Banon sold 25,668 shares of the business’s stock in a transaction that occurred on Sunday, March 2nd. The stock was sold at an average price of $112.53, for a total value of $2,888,420.04. Following the completion of the sale, the chief technology officer now directly owns 2,408,541 shares in the company, valued at $271,033,118.73. The trade was a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ashutosh Kulkarni sold 5,000 shares of the business’s stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $102.64, for a total transaction of $513,200.00. Following the completion of the sale, the chief executive officer now directly owns 371,591 shares of the company’s stock, valued at approximately $38,140,100.24. The trade was a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 198,304 shares of company stock worth $20,847,452 in the last three months. Corporate insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

Several institutional investors have recently modified their holdings of ESTC. Sylebra Capital LLC lifted its stake in Elastic by 62.6% in the 4th quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock valued at $451,950,000 after buying an additional 1,756,842 shares in the last quarter. Norges Bank purchased a new position in shares of Elastic in the fourth quarter valued at approximately $102,485,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Elastic by 5,972.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 744,358 shares of the company’s stock worth $73,751,000 after acquiring an additional 732,100 shares during the last quarter. Atreides Management LP increased its position in shares of Elastic by 57.2% during the third quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after purchasing an additional 614,309 shares in the last quarter. Finally, Marshall Wace LLP raised its stake in Elastic by 554.9% in the 4th quarter. Marshall Wace LLP now owns 641,041 shares of the company’s stock valued at $63,514,000 after purchasing an additional 543,155 shares during the last quarter. 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.