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

Elastic (NYSE:ESTC) had its price target dropped by investment analysts at Barclays from $138.00 to $124.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 34.41% from the stock’s previous close.

ESTC has been the subject of several other reports. Wells Fargo & Company raised their target price on Elastic from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Guggenheim upped their target price on Elastic from $130.00 to $136.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Morgan Stanley reduced their price target 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. Scotiabank decreased their price target on shares of Elastic from $140.00 to $137.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 27th. Finally, Robert W. Baird raised their price objective on shares of Elastic from $135.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Seven equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $126.87.

Elastic Stock Up 0.1%

Elastic stock opened at $92.25 on Friday. The firm has a market cap of $9.63 billion, a price-to-earnings ratio of 167.73 and a beta of 1.20. Elastic has a 52-week low of $69.00 and a 52-week high of $123.96. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. The firm has a 50 day moving average price of $86.56 and a two-hundred day moving average price of $97.25.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, February 27th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.47 by ($0.48). The business had revenue of $382.08 million for the quarter, compared to analyst estimates of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. Equities analysts predict that Elastic will post -0.77 EPS for the current year.

Insider Buying and Selling

In related news, CTO Shay Banon sold 25,668 shares of Elastic stock in a transaction dated Sunday, March 2nd. The stock was sold at an average price of $112.53, for a total value of $2,888,420.04. Following the completion of the sale, the chief technology officer now 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the business’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 transaction of $1,700,575.95. Following the completion of the sale, the chief executive officer now directly owns 376,591 shares in the company, valued at approximately $34,183,165.07. This trade represents a 4.74% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 198,304 shares of company stock valued at $20,847,452. 15.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Elastic

Hedge funds have recently bought and sold shares of the company. Slow Capital Inc. bought a new stake in shares of Elastic during the 4th quarter valued at about $5,039,000. Wealth Effects LLC grew its holdings in Elastic by 25.4% in the 4th quarter. Wealth Effects LLC now owns 28,800 shares of the company’s stock worth $2,854,000 after acquiring an additional 5,830 shares during the last quarter. Smith Group Asset Management LLC purchased a new position in Elastic during the 4th quarter valued at about $3,408,000. Nisa Investment Advisors LLC increased its stake in shares of Elastic by 3,442.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 14,525 shares of the company’s stock valued at $1,439,000 after buying an additional 14,115 shares during the period. Finally, Thrivent Financial for Lutherans raised its holdings in Elastic by 187.7% in the 4th quarter. Thrivent Financial for Lutherans now owns 9,073 shares of the company’s stock worth $899,000 after purchasing an additional 5,919 shares in 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.