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

Elastic (NYSE:ESTC - Get Free Report) had its target price lowered by analysts at DA Davidson from $115.00 to $75.00 in a report released on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. DA Davidson's price objective points to a potential downside of 3.59% from the company's current price.

Several other research firms have also recently issued reports on ESTC. Cantor Fitzgerald started coverage on Elastic in a research note on Friday, January 17th. They set a "neutral" rating and a $108.00 target price for the company. Wedbush lowered shares of Elastic from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 18th. UBS Group increased their target price on shares of Elastic from $140.00 to $148.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Scotiabank lowered their price objective on shares of Elastic from $140.00 to $137.00 and set a "sector outperform" rating for the company in a research report on Thursday, March 27th. Finally, Piper Sandler boosted their price target on shares of Elastic from $130.00 to $135.00 and gave the stock an "overweight" rating in a research note on Friday, February 28th. Seven analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $127.48.

Elastic Price Performance

ESTC stock traded down $1.00 during mid-day trading on Monday, reaching $77.79. The company's stock had a trading volume of 885,373 shares, compared to its average volume of 1,367,073. The stock has a market cap of $8.12 billion, a PE ratio of 141.44 and a beta of 1.19. The company's 50 day moving average is $95.22 and its two-hundred day moving average is $96.51. Elastic has a fifty-two week low of $69.00 and a fifty-two week 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.

Elastic (NYSE:ESTC - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.01) EPS for the quarter, missing analysts' consensus estimates of $0.47 by ($0.48). Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The company had revenue of $382.08 million for the quarter, compared to analysts' expectations of $368.85 million. Equities research analysts expect that Elastic will post -0.77 EPS for the current year.

Insider Buying and Selling

In other Elastic news, CEO Ashutosh Kulkarni sold 5,000 shares of the business's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $102.64, for a total value of $513,200.00. Following the transaction, the chief executive officer now directly owns 371,591 shares of the company's stock, valued at approximately $38,140,100.24. The trade was a 1.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Shay Banon sold 140,129 shares of the firm's stock in a transaction on Tuesday, March 4th. The stock was 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 of the company's stock, valued at $240,561,053.04. This trade represents a 5.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 198,304 shares of company stock valued at $20,847,452 over the last quarter. 15.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Elastic

Several hedge funds have recently bought and sold shares of ESTC. M&T Bank Corp grew its holdings in shares of Elastic by 3.1% during the third quarter. M&T Bank Corp now owns 4,652 shares of the company's stock worth $357,000 after buying an additional 139 shares in the last quarter. Sigma Planning Corp lifted its stake in shares of Elastic by 3.7% during the 4th quarter. Sigma Planning Corp now owns 3,929 shares of the company's stock worth $389,000 after purchasing an additional 139 shares during the period. Parallel Advisors LLC boosted its holdings in shares of Elastic by 4.5% during the first quarter. Parallel Advisors LLC now owns 3,396 shares of the company's stock worth $303,000 after purchasing an additional 145 shares during the last quarter. CIBC Asset Management Inc grew its position in shares of Elastic by 5.2% in the fourth quarter. CIBC Asset Management Inc now owns 3,053 shares of the company's stock valued at $302,000 after purchasing an additional 151 shares during the period. Finally, Smartleaf Asset Management LLC increased its stake in Elastic by 126.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 283 shares of the company's stock valued at $28,000 after purchasing an additional 158 shares during the last quarter. 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.