Elastic (NYSE:ESTC) Price Target Lowered to $98.00 at JPMorgan Chase & Co.

Elastic (NYSE:ESTC) had its target price cut by research analysts at JPMorgan Chase & Co. from $113.00 to $98.00 in a report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 68.80% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the stock. DA Davidson decreased their price target on shares of Elastic from $100.00 to $80.00 and set a “neutral” rating for the company in a report on Friday, November 21st. Wells Fargo & Company cut their price objective on Elastic from $90.00 to $75.00 and set an “equal weight” rating for the company in a research report on Friday, November 21st. Royal Bank Of Canada lowered their target price on Elastic from $115.00 to $95.00 and set an “outperform” rating on the stock in a report on Monday, January 5th. Piper Sandler dropped their price target on Elastic from $125.00 to $110.00 and set an “overweight” rating on the stock in a research report on Friday, November 21st. Finally, Barclays reduced their price objective on Elastic from $107.00 to $100.00 and set an “overweight” rating for the company in a research report on Monday, January 12th. Seventeen equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $103.00.

Elastic Stock Performance

Shares of ESTC stock traded down $4.00 during trading on Friday, reaching $58.06. The company had a trading volume of 1,227,661 shares, compared to its average volume of 1,704,636. Elastic has a one year low of $56.69 and a one year high of $117.49. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.97 and a quick ratio of 1.97. The firm’s 50 day simple moving average is $70.68 and its two-hundred day simple moving average is $78.69. The company has a market capitalization of $6.12 billion, a PE ratio of -56.37, a PEG ratio of 248.26 and a beta of 0.93.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, November 20th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.06. Elastic had a negative net margin of 6.79% and a negative return on equity of 2.02%. The business had revenue of $423.48 million during the quarter, compared to analysts’ expectations of $418.27 million. During the same period in the previous year, the company earned $0.59 earnings per share. Elastic’s revenue for the quarter was up 15.9% on a year-over-year basis. Sell-side analysts forecast that Elastic will post -0.77 earnings per share for the current year.

Insider Buying and Selling at Elastic

In other Elastic news, CFO Navam Welihinda sold 1,046 shares of Elastic stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $74.51, for a total transaction of $77,937.46. Following the sale, the chief financial officer directly owned 123,874 shares of the company’s stock, valued at approximately $9,229,851.74. The trade was a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ashutosh Kulkarni sold 5,000 shares of the stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $74.60, for a total value of $373,000.00. Following the completion of the transaction, the chief executive officer directly owned 426,901 shares of the company’s stock, valued at approximately $31,846,814.60. The trade was a 1.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 61,828 shares of company stock worth $4,641,010 in the last 90 days. 12.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Orion Porfolio Solutions LLC increased its holdings in shares of Elastic by 1.4% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 8,593 shares of the company’s stock valued at $726,000 after purchasing an additional 118 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Elastic by 17.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,159 shares of the company’s stock valued at $98,000 after acquiring an additional 171 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Elastic by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 28,323 shares of the company’s stock valued at $2,393,000 after acquiring an additional 175 shares in the last quarter. Jones Financial Companies Lllp increased its position in Elastic by 6.9% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,020 shares of the company’s stock worth $260,000 after purchasing an additional 194 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in Elastic by 0.3% during the second quarter. California State Teachers Retirement System now owns 83,403 shares of the company’s stock valued at $7,033,000 after acquiring an additional 219 shares in the last quarter. 97.03% of the stock is owned by institutional investors.

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.