Jefferies Financial Group Lowers Elastic (NYSE:ESTC) Price Target to $125.00

Elastic (NYSE:ESTC) had its target price lowered by investment analysts at Jefferies Financial Group from $135.00 to $125.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Jefferies Financial Group’s target price points to a potential upside of 36.90% from the stock’s previous close.

A number of other analysts also recently weighed in on the stock. Cantor Fitzgerald assumed coverage on shares of Elastic in a research report on Friday, January 17th. They issued a “neutral” rating and a $108.00 target price on the stock. Piper Sandler upped their price objective on shares of Elastic from $130.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Morgan Stanley lifted their target price on shares of Elastic from $130.00 to $140.00 and gave the company an “overweight” rating in a report on Friday, February 28th. Rosenblatt Securities restated a “buy” rating and issued a $130.00 price target on shares of Elastic in a research note on Tuesday, February 25th. Finally, Wells Fargo & Company raised their price objective on Elastic from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. Seven research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Elastic presently has a consensus rating of “Moderate Buy” and an average price target of $130.74.

Elastic Price Performance

ESTC opened at $91.31 on Monday. 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 capitalization of $9.53 billion, a PE ratio of 166.02 and a beta of 1.20. The stock’s 50 day moving average price is $104.84 and its 200-day moving average price is $96.51. Elastic has a 52-week low of $69.00 and a 52-week high of $123.96.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.48). The firm 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%. On average, equities research analysts predict that Elastic will post -0.77 EPS for the current year.

Insider Buying and Selling at Elastic

In other Elastic news, CTO Shay Banon sold 2,683 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 $243,562.74. Following the completion of the transaction, the chief technology officer now owns 4,535,456 shares of the company’s stock, valued at $411,728,695.68. This represents a 0.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ashutosh Kulkarni sold 5,000 shares of Elastic stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $102.64, for a total value of $513,200.00. Following the completion of the sale, the chief executive officer now directly owns 371,591 shares in the company, valued at $38,140,100.24. This trade represents a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 198,304 shares of company stock valued at $20,847,452 in the last three months. 15.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Elastic

Large investors have recently added to or reduced their stakes in the stock. Slow Capital Inc. bought a new stake in Elastic in the fourth quarter worth about $5,039,000. Wealth Effects LLC raised its holdings in shares of Elastic by 25.4% in the fourth quarter. Wealth Effects LLC now owns 28,800 shares of the company’s stock worth $2,854,000 after buying an additional 5,830 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Elastic by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 545,870 shares of the company’s stock worth $41,901,000 after acquiring an additional 14,590 shares during the last quarter. Bangor Savings Bank purchased a new position in Elastic during the 4th quarter valued at $1,657,000. Finally, Smith Group Asset Management LLC bought a new position in Elastic in the 4th quarter valued at $3,408,000. 97.03% of the stock is 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.