Elastic (NYSE:ESTC) Given New $137.00 Price Target at Scotiabank

Elastic (NYSE:ESTC) had its price target reduced by Scotiabank from $140.00 to $137.00 in a research note published on Thursday,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

ESTC has been the subject of several other reports. Truist Financial lifted their price target on shares of Elastic from $135.00 to $145.00 and gave the stock a “buy” rating in a report on Monday, March 3rd. Piper Sandler raised their price objective on Elastic from $130.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Morgan Stanley upped their target price on Elastic from $130.00 to $140.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. Wedbush downgraded Elastic from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Finally, 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. Seven analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.39.

Elastic Stock Down 4.4 %

Shares of NYSE ESTC opened at $94.96 on Thursday. Elastic has a 12-month low of $69.00 and a 12-month high of $123.96. The stock’s fifty day simple moving average is $105.43 and its two-hundred day simple moving average is $95.83. The stock has a market capitalization of $9.91 billion, a PE ratio of 172.65 and a beta of 1.20. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). The company had revenue of $382.08 million for 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%. As a group, analysts expect that Elastic will post -0.77 EPS for the current fiscal year.

Insider Activity at Elastic

In related news, CTO Shay Banon sold 25,668 shares of Elastic stock in a transaction dated 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 transaction, the chief technology officer now owns 2,408,541 shares in the company, valued at $271,033,118.73. The trade was a 1.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $90.77, for a total value of $1,700,575.95. Following the transaction, the chief executive officer now owns 376,591 shares in the company, valued at $34,183,165.07. This represents a 4.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 198,304 shares of company stock worth $20,847,452 in the last three months. Company insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

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