Wells Fargo & Company Issues Pessimistic Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price target trimmed by Wells Fargo & Company from $150.00 to $120.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other research analysts have also recently weighed in on ESTC. Guggenheim dropped their target price on shares of Elastic from $136.00 to $107.00 and set a “buy” rating on the stock in a research note on Friday. Piper Sandler upped their price objective on Elastic from $130.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Jefferies Financial Group decreased their target price on Elastic from $125.00 to $110.00 and set a “buy” rating for the company in a research report on Monday, April 7th. Truist Financial dropped their price target on Elastic from $145.00 to $140.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Finally, Scotiabank cut their price target on Elastic from $140.00 to $137.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 27th. Seven investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $114.67.

Elastic Stock Down 12.0%

ESTC stock opened at $80.95 on Friday. The stock has a market cap of $8.45 billion, a P/E ratio of 147.18 and a beta of 1.20. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. The stock’s fifty day simple moving average is $85.51 and its two-hundred day simple moving average is $97.62. Elastic has a 1-year low of $69.00 and a 1-year high of $123.96.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, May 29th. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.10. The company had revenue of $388.43 million for the quarter, compared to analysts’ expectations of $380.61 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The business’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.21 EPS. Analysts expect that Elastic will post -0.77 EPS for the current year.

Insiders Place Their Bets

In related news, CTO Shay Banon sold 25,668 shares of the firm’s stock in a transaction dated Sunday, March 2nd. The stock was sold at an average price of $112.53, for a total transaction of $2,888,420.04. Following the transaction, the chief technology officer now directly owns 2,408,541 shares of the company’s stock, valued at approximately $271,033,118.73. This trade represents a 1.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ashutosh Kulkarni sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $102.64, for a total value of $513,200.00. Following the completion of the sale, the chief executive officer now owns 371,591 shares of the company’s stock, valued at $38,140,100.24. The trade was a 1.33% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 198,304 shares of company stock valued at $20,847,452 in the last quarter. Corporate insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Massachusetts Financial Services Co. MA lifted its holdings in shares of Elastic by 5,437.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company’s stock worth $203,872,000 after acquiring an additional 2,246,808 shares during the last quarter. Sylebra Capital LLC lifted its stake in Elastic by 62.6% in the fourth quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock worth $451,950,000 after purchasing an additional 1,756,842 shares during the last quarter. AQR Capital Management LLC boosted its position in Elastic by 6,651.3% during the first quarter. AQR Capital Management LLC now owns 1,403,859 shares of the company’s stock valued at $122,978,000 after buying an additional 1,383,065 shares during the period. Norges Bank bought a new position in shares of Elastic during the fourth quarter valued at about $102,485,000. Finally, Driehaus Capital Management LLC increased its holdings in shares of Elastic by 1,450.8% in the first quarter. Driehaus Capital Management LLC now owns 880,454 shares of the company’s stock worth $78,448,000 after buying an additional 823,680 shares during the period. 97.03% of the stock is owned by hedge funds and other 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.