Elastic (NYSE:ESTC) Price Target Lowered to $137.00 at Scotiabank

Elastic (NYSE:ESTC) had its price objective cut by stock analysts at Scotiabank from $140.00 to $137.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 41.11% from the stock’s current price.

A number of other equities analysts also recently commented on ESTC. Canaccord Genuity Group boosted their price objective on shares of Elastic from $130.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Piper Sandler boosted their target price on shares of Elastic from $130.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Rosenblatt Securities reiterated a “buy” rating and set a $130.00 price objective on shares of Elastic in a research note on Tuesday, February 25th. Cantor Fitzgerald assumed coverage on shares of Elastic in a report on Friday, January 17th. They set a “neutral” rating and a $108.00 price objective on the stock. Finally, Robert W. Baird boosted their price target on Elastic from $135.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Seven analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $131.39.

Elastic Trading Down 2.3 %

Shares of NYSE:ESTC traded down $2.28 during trading on Thursday, reaching $97.09. The company’s stock had a trading volume of 93,135 shares, compared to its average volume of 1,294,289. The stock has a market capitalization of $10.14 billion, a PE ratio of 176.96 and a beta of 1.20. Elastic has a 12 month low of $69.00 and a 12 month high of $123.96. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. The firm’s 50 day simple moving average is $105.53 and its two-hundred day simple moving average is $95.83.

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

Insiders Place Their Bets

In other Elastic news, insider Carolyn Herzog sold 3,334 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $90.78, for a total transaction of $302,660.52. Following the completion of the transaction, the insider now owns 84,152 shares of the company’s stock, valued at $7,639,318.56. This trade represents a 3.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Shay Banon sold 25,668 shares of the stock in a transaction that occurred on Sunday, March 2nd. The stock was sold at an average price of $112.53, for a total transaction of $2,888,420.04. Following the transaction, the chief technology officer now directly owns 2,408,541 shares of the company’s stock, valued at $271,033,118.73. The trade was a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 198,304 shares of company stock valued at $20,847,452 in the last ninety days. 15.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. acquired a new stake in Elastic during the 4th quarter worth $25,000. Geneos Wealth Management Inc. acquired a new position in Elastic in the 4th quarter valued at about $25,000. Fourth Dimension Wealth LLC purchased a new position in shares of Elastic in the 4th quarter valued at approximately $26,000. Venturi Wealth Management LLC increased its holdings in shares of Elastic by 793.3% in the fourth quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock valued at $27,000 after purchasing an additional 238 shares during the period. Finally, Smartleaf Asset Management LLC raised its stake in shares of Elastic by 126.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock worth $28,000 after purchasing an additional 158 shares during the last quarter. 97.03% of the stock is currently 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.