Barclays Trims Elastic (NYSE:ESTC) Target Price to $135.00

Elastic (NYSE:ESTC) had its price objective reduced by Barclays from $200.00 to $135.00 in a report issued on Wednesday morning, The Fly reports.

A number of other brokerages have also weighed in on ESTC. Zacks Investment Research raised shares of Elastic from a sell rating to a hold rating in a report on Monday, October 25th. Piper Sandler dropped their price objective on shares of Elastic from $175.00 to $155.00 in a report on Thursday, January 6th. Robert W. Baird boosted their target price on shares of Elastic from $150.00 to $170.00 and gave the company a neutral rating in a research report on Thursday, December 2nd. Bank of America boosted their target price on shares of Elastic from $184.00 to $185.00 and gave the company a buy rating in a research report on Thursday, December 2nd. Finally, Jefferies Financial Group downgraded shares of Elastic from a buy rating to a hold rating and decreased their target price for the company from $180.00 to $125.00 in a research report on Thursday, January 6th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Elastic has a consensus rating of Buy and a consensus target price of $175.53.

NYSE ESTC opened at $94.54 on Wednesday. The firm’s fifty day simple moving average is $135.01 and its two-hundred day simple moving average is $149.27. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.26. Elastic has a 12-month low of $93.66 and a 12-month high of $189.84.

Elastic (NYSE:ESTC) last released its quarterly earnings results on Wednesday, December 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.07. The business had revenue of $206.00 million for the quarter, compared to analyst estimates of $194.57 million. Elastic had a negative net margin of 22.18% and a negative return on equity of 29.19%. The business’s revenue for the quarter was up 42.1% on a year-over-year basis. During the same period in the previous year, the company earned ($0.22) earnings per share. On average, analysts predict that Elastic will post -1.82 earnings per share for the current fiscal year.

In related news, CFO Janesh Moorjani sold 866 shares of the company’s stock in a transaction dated Thursday, December 9th. The shares were sold at an average price of $122.87, for a total transaction of $106,405.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Shay Banon sold 2,074 shares of the company’s stock in a transaction dated Thursday, December 9th. The shares were sold at an average price of $122.87, for a total transaction of $254,832.38. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 198,503 shares of company stock valued at $33,964,126. Insiders own 20.40% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Total Clarity Wealth Management Inc. purchased a new stake in shares of Elastic in the 3rd quarter valued at approximately $35,000. Berman Capital Advisors LLC grew its stake in shares of Elastic by 84.5% in the 3rd quarter. Berman Capital Advisors LLC now owns 321 shares of the company’s stock valued at $47,000 after buying an additional 147 shares during the period. Sandy Spring Bank purchased a new stake in shares of Elastic in the 3rd quarter valued at approximately $56,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Elastic in the 3rd quarter valued at approximately $104,000. Finally, Rockefeller Capital Management L.P. grew its stake in shares of Elastic by 8.8% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 916 shares of the company’s stock valued at $136,000 after buying an additional 74 shares during the period. 75.27% of the stock is owned by institutional investors.

Elastic Company Profile

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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