Elastic (NYSE:ESTC – Get Rating) had its target price dropped by investment analysts at The Goldman Sachs Group from $83.00 to $64.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a "neutral" rating on the stock. The Goldman Sachs Group's price target points to a potential upside of 11.73% from the company's previous close.
Other research analysts have also recently issued research reports about the stock. Canaccord Genuity Group decreased their target price on shares of Elastic from $100.00 to $82.00 in a research report on Thursday, December 1st. Canaccord Genuity Group decreased their target price on shares of Elastic from $82.00 to $70.00 and set a "buy" rating for the company in a research report on Wednesday, January 18th. Robert W. Baird restated an "outperform" rating and issued a $100.00 target price on shares of Elastic in a research report on Wednesday, October 19th. Piper Sandler decreased their target price on shares of Elastic from $70.00 to $62.00 in a research report on Thursday, January 5th. Finally, Wells Fargo & Company began coverage on shares of Elastic in a research note on Tuesday, October 11th. They issued an "underweight" rating and a $73.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $82.50.
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Elastic Price Performance
Shares of NYSE:ESTC opened at $57.28 on Wednesday. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 1.45. Elastic has a fifty-two week low of $46.18 and a fifty-two week high of $98.75. The firm has a 50-day simple moving average of $53.98 and a 200 day simple moving average of $67.13. The company has a market cap of $5.48 billion, a PE ratio of -22.46 and a beta of 1.07.
Elastic (NYSE:ESTC – Get Rating) last announced its quarterly earnings data on Wednesday, November 30th. The company reported ($0.50) earnings per share for the quarter, beating analysts' consensus estimates of ($0.60) by $0.10. Elastic had a negative net
margin of 24.46% and a negative return on equity of 53.77%. The business had revenue of $264.40 million during the quarter, compared to the consensus estimate of $261.25 million. On average, sell-side analysts anticipate that Elastic will post -1.91 EPS for the current year.
Insider Activity at Elastic
In related news, CEO Ashutosh Kulkarni sold 3,619 shares of the company's stock in a transaction that occurred on Friday, December 9th. The shares were sold at an average price of $53.60, for a total value of $193,978.40. Following the completion of the sale, the chief executive officer now owns 355,135 shares in the company, valued at approximately $19,035,236. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Ashutosh Kulkarni sold 3,619 shares of the company's stock in a transaction that occurred on Friday, December 9th. The shares were sold at an average price of $53.60, for a total value of $193,978.40. Following the completion of the sale, the chief executive officer now owns 355,135 shares in the company, valued at approximately $19,035,236. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Carolyn Herzog sold 1,324 shares of the company's stock in a transaction that occurred on Friday, December 9th. The shares were sold at an average price of $53.60, for a total transaction of $70,966.40. Following the completion of the transaction, the insider now owns 90,148 shares in the company, valued at approximately $4,831,932.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,944 shares of company stock worth $586,598. 18.80% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the stock. Allworth Financial LP increased its stake in Elastic by 94.4% in the 3rd quarter. Allworth Financial LP now owns 383 shares of the company's stock valued at $27,000 after buying an additional 186 shares during the period. Quadrant Capital Group LLC increased its stake in shares of Elastic by 79.8% during the 2nd quarter. Quadrant Capital Group LLC now owns 446 shares of the company's stock worth $30,000 after purchasing an additional 198 shares during the last quarter. Altshuler Shaham Ltd acquired a new position in shares of Elastic during the 3rd quarter worth $43,000. Wipfli Financial Advisors LLC acquired a new position in shares of Elastic during the 3rd quarter worth $47,000. Finally, CWM LLC increased its stake in shares of Elastic by 88.0% during the 2nd quarter. CWM LLC now owns 1,130 shares of the company's stock worth $76,000 after purchasing an additional 529 shares during the last quarter. Institutional investors and hedge funds own 78.40% of the company's stock.
About Elastic
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Elastic NV engages in the provision of open-source search and analytics engine services. It offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as perform search, analysis, and visualization. The firms Elastic Stack product comprises Elasticsearch, a distributed, real-time search and analytics engine, and data store for various types of data, including textual, numerical, geospatial, structured, and unstructured, Kibana, a user interface, management, and configuration interface for the Elastic Stack, Beats, a single-purpose data shippers for sending data from edge machines to Elasticsearch or Logstash, and Logstash, a data processing pipeline for ingesting data into Elasticsearch or other storage systems.
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