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

Elastic (NYSE:ESTC) had its price target dropped by analysts at Barclays from $124.00 to $105.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective suggests a potential upside of 29.71% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. JPMorgan Chase & Co. lowered their price target on Elastic from $120.00 to $110.00 and set an “overweight” rating on the stock in a research report on Friday. Jefferies Financial Group cut their target price on shares of Elastic from $125.00 to $110.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Rosenblatt Securities cut their target price on shares of Elastic from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday. 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. Finally, Canaccord Genuity Group boosted their price objective 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. Seven analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Elastic presently has an average rating of “Moderate Buy” and an average price target of $114.67.

Elastic Stock Performance

Shares of NYSE ESTC opened at $80.95 on Friday. 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 has a 50 day simple moving average of $85.51 and a 200-day simple moving average of $97.68. The company has a market cap of $8.45 billion, a PE ratio of 147.18 and a beta of 1.20. Elastic has a 12-month low of $69.00 and a 12-month high of $123.96.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, May 29th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.10. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The company had revenue of $388.43 million for the quarter, compared to analysts’ expectations of $380.61 million. During the same quarter in the prior year, the company earned $0.21 earnings per share. The firm’s revenue was up 15.9% on a year-over-year basis. On average, equities research analysts forecast that Elastic will post -0.77 EPS for the current year.

Insider Buying and Selling at Elastic

In related news, CTO Shay Banon sold 140,129 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $106.68, for a total value of $14,948,961.72. Following the sale, the chief technology officer now owns 2,254,978 shares in the company, valued at approximately $240,561,053.04. The trade was a 5.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $90.77, for a total transaction of $1,700,575.95. Following the transaction, the chief executive officer now owns 376,591 shares in the company, valued at $34,183,165.07. This trade represents a 4.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 172,636 shares of company stock valued at $17,959,032 over the last 90 days. 15.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Elastic

A number of hedge funds have recently added to or reduced their stakes in ESTC. Massachusetts Financial Services Co. MA lifted its stake in Elastic by 5,437.6% in the first 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 period. Sylebra Capital LLC lifted its position in shares of Elastic by 62.6% during the fourth quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock valued at $451,950,000 after buying an additional 1,756,842 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Elastic by 6,651.3% in the 1st quarter. AQR Capital Management LLC now owns 1,403,859 shares of the company’s stock valued at $122,978,000 after purchasing an additional 1,383,065 shares during the last quarter. Norges Bank purchased a new position in shares of Elastic in the 4th quarter valued at approximately $102,485,000. Finally, Driehaus Capital Management LLC raised its position in shares of Elastic by 1,450.8% in the 1st quarter. Driehaus Capital Management LLC now owns 880,454 shares of the company’s stock valued at $78,448,000 after purchasing an additional 823,680 shares during the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

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.