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

Elastic (NYSE:ESTC) had its price target lowered by equities research analysts at Scotiabank from $140.00 to $137.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price target points to a potential upside of 41.11% from the stock’s previous close.

ESTC has been the subject of a number of other research reports. Canaccord Genuity Group raised their price target on Elastic from $130.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $130.00 price target on shares of Elastic in a report on Tuesday, February 25th. Cantor Fitzgerald began coverage on shares of Elastic in a research note on Friday, January 17th. They set a “neutral” rating and a $108.00 price objective for the company. Guggenheim upped their target price on Elastic from $130.00 to $136.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Finally, Morgan Stanley raised their price target on Elastic from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Seven equities 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’s stock. Based on data from MarketBeat, Elastic presently has an average rating of “Moderate Buy” and a consensus price target of $131.39.

Elastic Price Performance

Shares of ESTC traded down $2.28 during trading hours on Thursday, reaching $97.09. The company had a trading volume of 93,135 shares, compared to its average volume of 1,294,289. The company has a market capitalization of $10.14 billion, a price-to-earnings 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 firm has a 50 day simple moving average of $105.53 and a 200-day simple moving average of $95.83. 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 posted 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). The company had revenue of $382.08 million for 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%. Research analysts expect that Elastic will post -0.77 earnings per share for the current year.

Insider Activity

In other news, CRO Mark Eugene Dodds sold 2,755 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $90.77, for a total value of $250,071.35. Following the transaction, the executive now directly owns 96,484 shares in the company, valued at approximately $8,757,852.68. This trade represents a 2.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Shay Banon sold 25,668 shares of the company’s stock in a transaction that occurred on Sunday, March 2nd. The shares were sold at an average price of $112.53, for a total value 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. This trade represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 198,304 shares of company stock worth $20,847,452. 15.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Elastic

Large investors have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. bought a new stake in Elastic in the fourth quarter valued at $25,000. SBI Securities Co. Ltd. acquired a new position in shares of Elastic during the fourth quarter valued at $25,000. Fourth Dimension Wealth LLC acquired a new stake in shares of Elastic in the 4th quarter worth approximately $26,000. Venturi Wealth Management LLC lifted its stake in shares of Elastic by 793.3% in the 4th quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock worth $27,000 after acquiring an additional 238 shares during the period. Finally, Smartleaf Asset Management LLC increased 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 valued at $28,000 after acquiring an additional 158 shares during the period. 97.03% of the stock is owned by institutional investors and hedge funds.

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.