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

Elastic (NYSE:ESTC) had its target price dropped by Jefferies Financial Group from $125.00 to $110.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s price objective indicates a potential upside of 50.63% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Canaccord Genuity Group boosted their price target on shares of Elastic from $130.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Piper Sandler boosted their target price on shares of Elastic from $130.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday, February 28th. Truist Financial decreased their price target on shares of Elastic from $145.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Rosenblatt Securities reiterated a “buy” rating and set a $130.00 price objective on shares of Elastic in a research note on Tuesday, February 25th. Finally, Scotiabank decreased their target price on Elastic from $140.00 to $137.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 27th. Seven investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $130.09.

Elastic Stock Down 2.2 %

ESTC opened at $73.03 on Monday. The company has a fifty day moving average of $101.34 and a two-hundred day moving average of $96.47. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $123.96. The stock has a market capitalization of $7.62 billion, a price-to-earnings ratio of 132.77 and a beta of 1.19.

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

Insiders Place Their Bets

In related news, CTO Shay Banon sold 25,668 shares of Elastic 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ashutosh Kulkarni sold 5,000 shares of the stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $102.64, for a total transaction of $513,200.00. Following the completion of the sale, the chief executive officer now directly owns 371,591 shares in the company, valued at approximately $38,140,100.24. This represents a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 198,304 shares of company stock worth $20,847,452 over the last 90 days. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of institutional investors and hedge funds have recently modified their holdings of the company. Geneos Wealth Management Inc. purchased a new stake in Elastic during the 4th quarter worth about $25,000. SBI Securities Co. Ltd. purchased a new stake in Elastic in the fourth quarter valued at $25,000. Fourth Dimension Wealth LLC acquired a new position in Elastic in the fourth quarter valued at $26,000. Venturi Wealth Management LLC grew its holdings in shares of 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 increased its position in shares of 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 in the last quarter. Institutional investors and hedge funds 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.