Stifel Nicolaus Issues Pessimistic Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its target price decreased by investment analysts at Stifel Nicolaus from $140.00 to $112.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Stifel Nicolaus’ price target would indicate a potential upside of 38.36% from the company’s current price.

Other research analysts have also issued research reports about the stock. Robert W. Baird boosted their target price on shares of Elastic from $135.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday, February 28th. JPMorgan Chase & Co. cut their target price on shares of Elastic from $120.00 to $110.00 and set an “overweight” rating for the company in a research report on Friday. Scotiabank cut their target price on shares of Elastic from $137.00 to $95.00 and set a “sector outperform” rating for the company in a research report on Friday. Morgan Stanley cut their price objective on shares of Elastic from $140.00 to $120.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Finally, Wedbush cut their price objective on shares of Elastic from $135.00 to $110.00 and set an “outperform” rating for the company in a research report on Friday. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $114.67.

Elastic Stock Down 12.0%

Elastic stock opened at $80.95 on Friday. The firm has a market cap of $8.45 billion, a price-to-earnings ratio of 147.18 and a beta of 1.20. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $123.96. The firm has a fifty day moving average price of $85.51 and a two-hundred day moving average price of $97.68.

Elastic (NYSE:ESTC) last released its 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 firm had revenue of $388.43 million during the quarter, compared to analyst estimates of $380.61 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The business’s revenue was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.21 EPS. As a group, analysts forecast that Elastic will post -0.77 earnings per share for the current year.

Insider Activity at Elastic

In other Elastic news, insider Carolyn Herzog sold 3,334 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $90.78, for a total transaction of $302,660.52. Following the sale, the insider now directly owns 84,152 shares of the company’s stock, valued at approximately $7,639,318.56. This represents a 3.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ashutosh Kulkarni sold 5,000 shares of the company’s stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $102.64, for a total transaction of $513,200.00. Following the sale, the chief executive officer now directly owns 371,591 shares in the company, valued at $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 have sold a total of 172,636 shares of company stock valued at $17,959,032 over the last quarter. 15.90% of the stock is owned by company insiders.

Institutional Trading of Elastic

Several large investors have recently added to or reduced their stakes in ESTC. Geneos Wealth Management Inc. bought a new stake in shares of Elastic during the fourth quarter valued at approximately $25,000. SBI Securities Co. Ltd. bought a new stake in shares of Elastic during the fourth quarter valued at approximately $25,000. Cloud Capital Management LLC bought a new stake in shares of Elastic during the first quarter valued at approximately $25,000. Fourth Dimension Wealth LLC bought a new stake in shares of Elastic during the fourth quarter valued at approximately $26,000. Finally, Venturi Wealth Management LLC grew its stake in shares of Elastic by 793.3% during the fourth quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock valued at $27,000 after purchasing an additional 238 shares during the last quarter. 97.03% of the stock is owned by 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.