Elastic (NYSE:ESTC) PT Lowered to $110.00 at Canaccord Genuity Group

Elastic (NYSE:ESTC) had its price objective reduced by Canaccord Genuity Group from $125.00 to $110.00 in a report issued on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also issued reports about the stock. UBS Group reduced their price objective on shares of Elastic from $135.00 to $95.00 and set a buy rating on the stock in a report on Friday, August 30th. Wells Fargo & Company reduced their price objective on shares of Elastic from $145.00 to $100.00 and set an overweight rating on the stock in a report on Friday, August 30th. Stifel Nicolaus reduced their price objective on shares of Elastic from $120.00 to $98.00 and set a buy rating on the stock in a report on Friday, August 30th. Scotiabank reduced their price objective on shares of Elastic from $135.00 to $92.00 and set a sector outperform rating on the stock in a report on Friday, August 30th. Finally, Citigroup boosted their price objective on shares of Elastic from $155.00 to $160.00 and gave the company a buy rating in a report on Wednesday, August 28th. Nine investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $104.45.

Elastic Stock Down 3.3 %

NYSE ESTC opened at $70.14 on Tuesday. Elastic has a 52 week low of $69.66 and a 52 week high of $136.06. 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’s fifty day simple moving average is $105.88 and its 200-day simple moving average is $106.54. The firm has a market cap of $7.13 billion, a PE ratio of 132.34 and a beta of 0.94.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.25 by $0.10. Elastic had a negative return on equity of 18.41% and a net margin of 4.62%. The business had revenue of $347.42 million for the quarter, compared to analyst estimates of $344.67 million. During the same quarter in the previous year, the firm earned ($0.35) EPS. The company’s quarterly revenue was up 18.3% compared to the same quarter last year. As a group, equities analysts anticipate that Elastic will post -1.12 earnings per share for the current year.

Insider Transactions at Elastic

In other news, CEO Ashutosh Kulkarni sold 18,819 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $109.90, for a total transaction of $2,068,208.10. Following the completion of the transaction, the chief executive officer now directly owns 461,961 shares of the company’s stock, valued at $50,769,513.90. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Ashutosh Kulkarni sold 18,819 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 461,961 shares of the company’s stock, valued at $50,769,513.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul R. Auvil III purchased 20,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average cost of $74.25 per share, with a total value of $1,485,000.00. Following the completion of the acquisition, the director now directly owns 22,627 shares of the company’s stock, valued at $1,680,054.75. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 351,855 shares of company stock valued at $38,243,644. 18.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Elastic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Asset Dedication LLC lifted its stake in Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock valued at $34,000 after buying an additional 280 shares during the last quarter. AlphaCentric Advisors LLC purchased a new stake in Elastic in the second quarter valued at approximately $40,000. Quarry LP purchased a new stake in Elastic in the second quarter valued at approximately $40,000. Lynx Investment Advisory purchased a new stake in Elastic in the second quarter valued at approximately $43,000. Finally, Signaturefd LLC lifted its stake in Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after buying an additional 119 shares during 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.