Barclays Lowers Elastic (NYSE:ESTC) Price Target to $124.00

Elastic (NYSE:ESTC) had its target price trimmed by Barclays from $138.00 to $124.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other research firms also recently commented on ESTC. Cantor Fitzgerald assumed coverage on Elastic in a report on Friday, January 17th. They set a “neutral” rating and a $108.00 price objective for the company. Wells Fargo & Company increased their price target on Elastic from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, February 28th. Truist Financial lowered their price target on Elastic from $145.00 to $140.00 and set a “buy” rating for the company in a report on Monday, March 31st. Canaccord Genuity Group increased their price target on Elastic from $130.00 to $135.00 and gave the company a “buy” rating in a report on Friday, February 28th. Finally, Scotiabank lowered their price target on Elastic from $140.00 to $137.00 and set a “sector outperform” rating for the company in a report on Thursday, March 27th. Seven research 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 stock presently has an average rating of “Moderate Buy” and a consensus price target of $126.87.

Elastic Price Performance

ESTC stock opened at $92.25 on Friday. Elastic has a 1 year low of $69.00 and a 1 year 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’s 50 day moving average price is $86.56 and its 200 day moving average price is $97.37. The firm has a market cap of $9.63 billion, a P/E ratio of 167.73 and a beta of 1.20.

Elastic (NYSE:ESTC) last issued its quarterly earnings results 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 business had revenue of $382.08 million during the quarter, compared to analyst estimates of $368.85 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. On average, sell-side analysts expect that Elastic will post -0.77 earnings per share for the current fiscal year.

Insider Activity at Elastic

In related news, insider Carolyn Herzog sold 3,334 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $90.78, for a total value of $302,660.52. Following the completion of the transaction, the insider now owns 84,152 shares of the company’s stock, valued at approximately $7,639,318.56. This trade represents a 3.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ashutosh Kulkarni sold 5,000 shares of the stock in a transaction on Tuesday, March 25th. The shares were 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 owns 371,591 shares of the company’s stock, valued at $38,140,100.24. The trade was a 1.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 198,304 shares of company stock worth $20,847,452 over the last quarter. 15.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Elastic

A number of large investors have recently made changes to their positions in the business. Signaturefd LLC lifted its stake in Elastic by 53.7% in the first quarter. Signaturefd LLC now owns 335 shares of the company’s stock valued at $30,000 after acquiring an additional 117 shares during the last quarter. Sigma Planning Corp lifted its stake in shares of Elastic by 3.7% in the 4th quarter. Sigma Planning Corp now owns 3,929 shares of the company’s stock valued at $389,000 after purchasing an additional 139 shares during the last quarter. Parallel Advisors LLC boosted its holdings in Elastic by 4.5% in the first quarter. Parallel Advisors LLC now owns 3,396 shares of the company’s stock worth $303,000 after purchasing an additional 145 shares in the last quarter. Y.D. More Investments Ltd increased its position in Elastic by 0.5% during the first quarter. Y.D. More Investments Ltd now owns 29,742 shares of the company’s stock worth $2,756,000 after buying an additional 145 shares during the last quarter. Finally, CIBC Asset Management Inc increased its position in Elastic by 5.2% during the fourth quarter. CIBC Asset Management Inc now owns 3,053 shares of the company’s stock worth $302,000 after buying an additional 151 shares during the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.

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.