Piper Sandler Issues Pessimistic Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price target reduced by analysts at Piper Sandler from $135.00 to $120.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s target price points to a potential upside of 48.24% from the company’s current price.

ESTC has been the topic of several other reports. Jefferies Financial Group reduced their target price on Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a report on Monday, April 7th. UBS Group increased their target price on Elastic from $140.00 to $148.00 and gave the stock a “buy” rating in a report on Friday, February 28th. DA Davidson decreased their price objective on Elastic from $115.00 to $75.00 and set a “neutral” rating for the company in a report on Monday, April 14th. JPMorgan Chase & Co. decreased their price objective on Elastic from $120.00 to $110.00 and set an “overweight” rating for the company in a report on Friday. Finally, Barclays lowered their price target on Elastic from $138.00 to $124.00 and set an “overweight” rating on the stock in a research report on Friday, May 16th. Seven research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Elastic presently has a consensus rating of “Moderate Buy” and a consensus target price of $114.67.

Elastic Stock Performance

Shares of ESTC stock opened at $80.95 on Friday. The company has a market capitalization of $8.45 billion, a price-to-earnings ratio of 147.18 and a beta of 1.20. Elastic has a 1-year low of $69.00 and a 1-year high of $123.96. 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 200-day simple moving average is $97.68.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, May 29th. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.10. The company had revenue of $388.43 million during 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 quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.21 earnings per share. On average, sell-side analysts predict that Elastic will post -0.77 earnings per share for the current fiscal year.

Insider Transactions at Elastic

In other Elastic news, CRO Mark Eugene Dodds sold 2,755 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $90.77, for a total value of $250,071.35. Following the completion of the transaction, the executive now owns 96,484 shares of the company’s stock, valued at $8,757,852.68. This trade represents a 2.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Shay Banon sold 140,129 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $106.68, for a total transaction of $14,948,961.72. Following the completion of the sale, the chief technology officer now owns 2,254,978 shares in the company, valued at $240,561,053.04. The trade was a 5.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 172,636 shares of company stock valued at $17,959,032. Corporate insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

Several hedge funds and other institutional investors have recently made changes to their positions in ESTC. Acadian Asset Management LLC lifted its holdings in shares of Elastic by 185.2% in the first quarter. Acadian Asset Management LLC now owns 20,279 shares of the company’s stock valued at $1,805,000 after purchasing an additional 13,169 shares in the last quarter. Focus Partners Wealth purchased a new stake in Elastic during the first quarter worth approximately $494,000. Bayforest Capital Ltd boosted its stake in shares of Elastic by 542.8% in the first quarter. Bayforest Capital Ltd now owns 10,902 shares of the company’s stock valued at $971,000 after purchasing an additional 9,206 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Elastic by 3.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 429,526 shares of the company’s stock valued at $38,271,000 after purchasing an additional 12,510 shares during the period. Finally, Prostatis Group LLC bought a new position in Elastic during the 1st quarter valued at $325,000. Hedge funds and other institutional investors own 97.03% of the company’s stock.

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.