Elastic (NYSE:ESTC) Given New $95.00 Price Target at Citigroup

Elastic (NYSE:ESTC) had its target price reduced by Citigroup from $115.00 to $95.00 in a report issued on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts have also recently commented on ESTC. Royal Bank Of Canada decreased their target price on shares of Elastic from $115.00 to $95.00 and set an “outperform” rating on the stock in a research report on Monday, January 5th. Truist Financial reduced their price target on shares of Elastic from $140.00 to $120.00 and set a “buy” rating on the stock in a research note on Wednesday, November 19th. Piper Sandler decreased their price objective on shares of Elastic from $125.00 to $110.00 and set an “overweight” rating on the stock in a report on Friday, November 21st. JPMorgan Chase & Co. lowered their price objective on shares of Elastic from $113.00 to $98.00 and set an “overweight” rating for the company in a research report on Friday. Finally, Rosenblatt Securities dropped their target price on shares of Elastic from $130.00 to $110.00 and set a “buy” rating for the company in a report on Friday, January 30th. Seventeen analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $102.17.

Elastic Trading Down 6.5%

Shares of Elastic stock opened at $58.00 on Friday. The stock has a 50 day moving average of $70.32 and a 200 day moving average of $78.53. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.97 and a current ratio of 1.97. The firm has a market capitalization of $6.11 billion, a price-to-earnings ratio of -56.31, a PEG ratio of 252.45 and a beta of 0.93. Elastic has a fifty-two week low of $56.69 and a fifty-two week high of $117.49.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, November 20th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.58 by $0.06. The business had revenue of $423.48 million for the quarter, compared to analyst estimates of $418.27 million. Elastic had a negative return on equity of 2.02% and a negative net margin of 6.79%.The company’s quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.59 EPS. As a group, research analysts predict that Elastic will post -0.77 earnings per share for the current year.

Insider Activity at Elastic

In other Elastic news, CTO Shay Banon sold 4,552 shares of the stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $75.05, for a total transaction of $341,627.60. Following the sale, the chief technology officer directly owned 4,359,228 shares in the company, valued at $327,160,061.40. This represents a 0.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Jane E. Bone sold 1,187 shares of the business’s stock in a transaction on Friday, January 9th. The stock was sold at an average price of $80.31, for a total transaction of $95,327.97. Following the completion of the transaction, the chief accounting officer owned 43,171 shares of the company’s stock, valued at approximately $3,467,063.01. This trade represents a 2.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 61,828 shares of company stock worth $4,641,010 over the last 90 days. 12.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Elastic

Several large investors have recently bought and sold shares of ESTC. Sound Income Strategies LLC purchased a new position in shares of Elastic in the 4th quarter valued at about $25,000. Geneos Wealth Management Inc. acquired a new stake in Elastic in the second quarter valued at approximately $31,000. Huntington National Bank raised its holdings in Elastic by 97.5% in the second quarter. Huntington National Bank now owns 468 shares of the company’s stock valued at $39,000 after acquiring an additional 231 shares in the last quarter. Plato Investment Management Ltd purchased a new position in Elastic in the second quarter worth approximately $40,000. Finally, Activest Wealth Management grew its holdings in Elastic by 3,181.3% during the 4th quarter. Activest Wealth Management now owns 525 shares of the company’s stock worth $40,000 after acquiring an additional 509 shares in the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

About Elastic

Elastic N.V. operates as a search and analytics company, offering a suite of open source and subscription-based solutions for search, observability and security use cases. Its flagship product, Elasticsearch, enables fast and scalable full-text search and analytics across large volumes of structured and unstructured data. Complementary tools such as Kibana provide visualization capabilities, while Beats and Logstash serve as lightweight data shippers and data processing pipelines, respectively.

The company was founded in 2012 by Shay Banon, who serves as chief technology officer, and Steven Schuurman.