Jefferies Financial Group Issues Pessimistic Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price objective trimmed by Jefferies Financial Group from $125.00 to $110.00 in a research report report published on Monday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also commented on ESTC. Scotiabank reduced their price target on shares of Elastic from $140.00 to $137.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 27th. Wedbush lowered shares of Elastic from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Truist Financial reduced their target price on shares of Elastic from $145.00 to $140.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Morgan Stanley upped their target price on shares of Elastic from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Finally, Piper Sandler upped their target price on shares of Elastic from $130.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Seven investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Elastic currently has an average rating of “Moderate Buy” and a consensus price target of $130.09.

Elastic Stock Performance

NYSE ESTC opened at $83.29 on Monday. The stock has a market cap of $8.70 billion, a P/E ratio of 151.44 and a beta of 1.19. Elastic has a twelve month low of $69.00 and a twelve month high of $123.96. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. The company’s 50-day simple moving average is $100.20 and its 200 day simple moving average is $96.43.

Elastic (NYSE:ESTC) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). The firm had revenue of $382.08 million during 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%. As a group, research analysts forecast that Elastic will post -0.77 earnings per share for the current fiscal year.

Insider Buying and Selling at Elastic

In other Elastic news, 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 completion of the sale, the chief technology officer now owns 2,408,541 shares of the company’s stock, valued at approximately $271,033,118.73. This represents a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $90.77, for a total transaction of $1,700,575.95. Following the completion of the sale, the chief executive officer now directly owns 376,591 shares of the company’s stock, valued at $34,183,165.07. The trade was a 4.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 198,304 shares of company stock valued at $20,847,452. Corporate insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

Several large investors have recently made changes to their positions in ESTC. Geneos Wealth Management Inc. bought a new stake in shares of Elastic during the fourth quarter worth $25,000. SBI Securities Co. Ltd. bought a new stake in shares of Elastic during the fourth quarter worth $25,000. Fourth Dimension Wealth LLC acquired a new position in Elastic during the fourth quarter worth $26,000. Venturi Wealth Management LLC boosted its holdings in Elastic by 793.3% during the fourth quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock worth $27,000 after purchasing an additional 238 shares during the last quarter. Finally, Smartleaf Asset Management LLC boosted its holdings in Elastic by 126.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock worth $28,000 after purchasing an additional 158 shares during the last quarter. Institutional investors own 97.03% of the company’s stock.

Elastic Company Profile

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.