DA Davidson Has Lowered Expectations for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its target price reduced by DA Davidson from $115.00 to $75.00 in a report issued on Monday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other analysts have also recently weighed in on the company. Scotiabank lowered their price target 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. UBS Group upped their target price on shares of Elastic from $140.00 to $148.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Canaccord Genuity Group increased their target price on shares of Elastic from $130.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Wells Fargo & Company boosted their price target on shares of Elastic from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. Finally, Truist Financial dropped their price objective on shares of Elastic from $145.00 to $140.00 and set a “buy” rating for the company in a report on Monday, March 31st. Seven research 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 company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $128.35.

Elastic Trading Down 0.8 %

Shares of ESTC stock opened at $79.18 on Monday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. The firm has a fifty day moving average of $98.12 and a 200-day moving average of $96.59. Elastic has a 52-week low of $69.00 and a 52-week high of $123.96. The stock has a market cap of $8.27 billion, a price-to-earnings ratio of 143.96 and a beta of 1.19.

Elastic (NYSE:ESTC) last announced 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 business had revenue of $382.08 million for the quarter, compared to the consensus estimate of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. On average, equities research analysts forecast that Elastic will post -0.77 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Ashutosh Kulkarni sold 18,735 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $90.77, for a total value of $1,700,575.95. Following the completion of the sale, the chief executive officer now owns 376,591 shares in the company, valued at approximately $34,183,165.07. This represents a 4.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CRO Mark Eugene Dodds sold 2,755 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $90.77, for a total value of $250,071.35. Following the transaction, the executive now owns 96,484 shares in the company, valued at approximately $8,757,852.68. This trade represents a 2.78 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 198,304 shares of company stock valued at $20,847,452. 15.90% of the stock is currently owned by insiders.

Institutional Trading of Elastic

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Pallas Capital Advisors LLC acquired a new position in Elastic during the first quarter valued at approximately $654,000. Blue Zone Wealth Advisors LLC boosted its position in shares of Elastic by 9.4% during the first quarter. Blue Zone Wealth Advisors LLC now owns 51,384 shares of the company’s stock worth $4,578,000 after purchasing an additional 4,410 shares in the last quarter. Merit Financial Group LLC acquired a new position in shares of Elastic in the 1st quarter valued at $881,000. Parallel Advisors LLC grew its holdings in shares of Elastic by 4.5% in the 1st quarter. Parallel Advisors LLC now owns 3,396 shares of the company’s stock valued at $303,000 after buying an additional 145 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of Elastic by 20,800.0% in the 1st quarter. GAMMA Investing LLC now owns 50,787 shares of the company’s stock valued at $4,525,000 after buying an additional 50,544 shares in the last quarter. 97.03% of the stock is owned by institutional investors.

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.