Morgan Stanley Issues Pessimistic Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its target price decreased by Morgan Stanley from $140.00 to $120.00 in a report released on Wednesday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Several other research analysts also recently issued reports on ESTC. Robert W. Baird lifted their price objective on Elastic from $135.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday, February 28th. Truist Financial reduced their target price on Elastic from $145.00 to $140.00 and set a “buy” rating on the stock in a report on Monday, March 31st. DA Davidson dropped their price objective on shares of Elastic from $115.00 to $75.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Wells Fargo & Company upped their price target on Elastic from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Finally, Cantor Fitzgerald started coverage on Elastic in a research note on Friday, January 17th. They set a “neutral” rating and a $108.00 price objective for the company. Seven research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $127.48.

Elastic Trading Down 1.3 %

Shares of Elastic stock opened at $77.79 on Wednesday. The company has a 50-day moving average of $95.22 and a two-hundred day moving average of $96.37. The stock has a market cap of $8.12 billion, a PE ratio of 141.44 and a beta of 1.19. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a 12-month low of $69.00 and a 12-month high of $123.96.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.48). The firm had revenue of $382.08 million for the quarter, compared to analyst estimates of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. On average, research analysts anticipate that Elastic will post -0.77 EPS for the current fiscal year.

Insider Activity

In related news, CTO Shay Banon sold 25,668 shares of the business’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 transaction, the chief technology officer now owns 2,408,541 shares in the company, valued at $271,033,118.73. The trade was a 1.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $90.77, for a total value of $1,700,575.95. Following the completion of the transaction, the chief executive officer now owns 376,591 shares in the company, valued at $34,183,165.07. The trade was a 4.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 198,304 shares of company stock worth $20,847,452. 15.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Elastic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. acquired a new position in shares of Elastic during the 4th quarter worth about $25,000. Geneos Wealth Management Inc. acquired a new stake in shares of Elastic during the fourth quarter worth about $25,000. Fourth Dimension Wealth LLC bought a new position in shares of Elastic during the 4th quarter valued at about $26,000. Venturi Wealth Management LLC grew its position in shares of Elastic by 793.3% in the 4th quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock valued at $27,000 after purchasing an additional 238 shares during the period. Finally, Smartleaf Asset Management LLC lifted its stake in Elastic by 126.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock valued at $28,000 after buying an additional 158 shares in the last quarter. Institutional investors own 97.03% of the company’s stock.

About Elastic

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.