Elastic (NYSE:ESTC – Get Free Report) gapped down before the market opened on Friday after DA Davidson lowered their price target on the stock from $100.00 to $75.00. The stock had previously closed at $103.64, but opened at $79.22. DA Davidson currently has a neutral rating on the stock. Elastic shares last traded at $76.00, with a volume of 2,719,594 shares changing hands.
A number of other research analysts also recently issued reports on the company. Wells Fargo & Company decreased their price target on Elastic from $145.00 to $100.00 and set an “overweight” rating for the company in a report on Friday. TD Cowen decreased their target price on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research note on Friday. Jefferies Financial Group dropped their price target on shares of Elastic from $140.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday. Canaccord Genuity Group decreased their price objective on shares of Elastic from $130.00 to $125.00 and set a “buy” rating for the company in a research report on Friday, May 31st. Finally, Barclays dropped their target price on Elastic from $117.00 to $106.00 and set an “equal weight” rating on the stock in a research report on Friday. Eight research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Elastic has an average rating of “Moderate Buy” and an average target price of $105.20.
Insiders Place Their Bets
In related news, CFO Janesh Moorjani sold 10,011 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $109.90, for a total transaction of $1,100,208.90. Following the completion of the sale, the chief financial officer now owns 202,491 shares of the company’s stock, valued at approximately $22,253,760.90. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Elastic news, CRO Mark Eugene Dodds sold 3,457 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $110.78, for a total value of $382,966.46. Following the completion of the sale, the executive now directly owns 82,498 shares of the company’s stock, valued at approximately $9,139,128.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Janesh Moorjani sold 10,011 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $109.90, for a total transaction of $1,100,208.90. Following the completion of the sale, the chief financial officer now directly owns 202,491 shares of the company’s stock, valued at approximately $22,253,760.90. The disclosure for this sale can be found here. Insiders have sold a total of 355,312 shares of company stock valued at $38,626,610 in the last 90 days. 18.10% of the stock is owned by insiders.
Hedge Funds Weigh In On Elastic
Institutional investors and hedge funds have recently bought and sold shares of the company. Quarry LP acquired a new stake in Elastic during the second quarter worth $40,000. Creative Planning increased its position in shares of Elastic by 21.5% during the 2nd quarter. Creative Planning now owns 9,413 shares of the company’s stock worth $1,072,000 after purchasing an additional 1,668 shares during the last quarter. Driehaus Capital Management LLC boosted its stake in Elastic by 4.3% during the second quarter. Driehaus Capital Management LLC now owns 499,915 shares of the company’s stock worth $56,945,000 after buying an additional 20,633 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Elastic during the second quarter valued at about $683,000. Finally, Daventry Group LP raised its stake in shares of Elastic by 8.6% in the 2nd quarter. Daventry Group LP now owns 316,975 shares of the company’s stock valued at $36,107,000 after acquiring an additional 25,008 shares during the period. 97.03% of the stock is currently owned by institutional investors and hedge funds.
Elastic Stock Performance
The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $7.75 billion, a price-to-earnings ratio of 143.75 and a beta of 0.98. The firm’s fifty day moving average price is $110.35 and its 200 day moving average price is $108.82.
Elastic (NYSE:ESTC – Get Free Report) last released its quarterly earnings results on Thursday, May 30th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.03). Elastic had a negative return on equity of 20.83% and a net margin of 4.87%. The firm had revenue of $335.00 million for the quarter, compared to analyst estimates of $329.15 million. Analysts forecast that Elastic will post -1.12 EPS for the current fiscal year.
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.