Royal Bank of Canada Has Lowered Expectations for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC - Free Report) had its price objective decreased by Royal Bank of Canada from $119.00 to $115.00 in a research report report published on Friday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

A number of other equities analysts have also weighed in on ESTC. Jefferies Financial Group lowered their price objective on shares of Elastic from $125.00 to $110.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Oppenheimer lowered their target price on shares of Elastic from $140.00 to $120.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Morgan Stanley lowered their target price on shares of Elastic from $140.00 to $120.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. UBS Group lifted their price objective on Elastic from $140.00 to $148.00 and gave the company a "buy" rating in a report on Friday, February 28th. Finally, TD Securities lowered their price objective on Elastic from $125.00 to $105.00 and set a "hold" rating on the stock in a report on Wednesday, May 21st. Seven research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $114.67.

Elastic Stock Performance

Shares of NYSE ESTC traded down $11.08 during midday trading on Friday, reaching $80.95. 8,817,353 shares of the company were exchanged, compared to its average volume of 1,484,527. 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 has a 1 year low of $69.00 and a 1 year high of $123.96. The stock has a fifty day simple moving average of $85.51 and a 200 day simple moving average of $97.68. The stock has a market cap of $8.45 billion, a P/E ratio of 147.18 and a beta of 1.20.

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

Insider Buying and Selling at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 18,735 shares of the company's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $90.77, for a total value of $1,700,575.95. Following the transaction, the chief executive officer now directly owns 376,591 shares in the company, valued at approximately $34,183,165.07. This represents a 4.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 completion of the transaction, the insider now owns 84,152 shares in the company, valued at approximately $7,639,318.56. This trade represents a 3.81% decrease in their ownership of the stock. 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 quarter. Corporate insiders own 15.90% of the company's stock.

Hedge Funds Weigh In On Elastic

Several institutional investors and hedge funds have recently modified their holdings of the company. SBI Securities Co. Ltd. purchased a new position in shares of Elastic during the 4th quarter worth $25,000. Geneos Wealth Management Inc. purchased a new position in Elastic during the fourth quarter worth about $25,000. Fourth Dimension Wealth LLC purchased a new position in Elastic during the fourth quarter worth about $26,000. Venturi Wealth Management LLC lifted its position in Elastic by 793.3% during the fourth quarter. Venturi Wealth Management LLC now owns 268 shares of the company's stock worth $27,000 after buying an additional 238 shares during the period. Finally, Smartleaf Asset Management LLC lifted its position in Elastic by 126.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 283 shares of the company's stock worth $28,000 after buying an additional 158 shares during the period. Hedge funds and other institutional investors own 97.03% of the company's stock.

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.