JPMorgan Chase & Co. Issues Pessimistic Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC - Get Free Report) had its price target cut by stock analysts at JPMorgan Chase & Co. from $120.00 to $110.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target points to a potential upside of 35.89% from the company's previous close.

Several other analysts have also weighed in on the company. Canaccord Genuity Group boosted their price objective on Elastic from $130.00 to $135.00 and gave the company a "buy" rating in a report on Friday, February 28th. Truist Financial decreased their price objective on shares of Elastic from $145.00 to $140.00 and set a "buy" rating for the company in a report on Monday, March 31st. Wells Fargo & Company reduced their price objective on Elastic from $150.00 to $120.00 and set an "overweight" rating for the company in a research note on Friday. Oppenheimer decreased their price objective on shares of Elastic from $140.00 to $120.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. Finally, Royal Bank of Canada decreased their price target on shares of Elastic from $140.00 to $119.00 and set an "outperform" rating for the company in a report on Monday, May 19th. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $114.67.

Elastic Stock Down 12.0%

Shares of NYSE:ESTC traded down $11.08 during mid-day trading on Friday, hitting $80.95. 8,817,353 shares of the company traded hands, compared to its average volume of 1,484,527. The firm has a market cap of $8.45 billion, a P/E ratio of 147.18 and a beta of 1.20. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. Elastic has a 52-week low of $69.00 and a 52-week high of $123.96. The firm's 50 day simple moving average is $85.51 and its 200 day simple moving average is $97.68.

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

Insider Buying and Selling

In other news, CRO Mark Eugene Dodds sold 2,755 shares of the company's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $90.77, for a total transaction of $250,071.35. Following the completion of the transaction, the executive now directly owns 96,484 shares in the company, valued at $8,757,852.68. The trade was a 2.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ashutosh Kulkarni sold 5,000 shares of the company's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $102.64, for a total transaction of $513,200.00. Following the transaction, the chief executive officer now 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 172,636 shares of company stock worth $17,959,032. 15.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Elastic

Large investors have recently bought and sold shares of the stock. Signaturefd LLC raised its stake in shares of Elastic by 53.7% in the 1st quarter. Signaturefd LLC now owns 335 shares of the company's stock valued at $30,000 after buying an additional 117 shares in the last quarter. Sigma Planning Corp raised its position in Elastic by 3.7% in the fourth quarter. Sigma Planning Corp now owns 3,929 shares of the company's stock worth $389,000 after purchasing an additional 139 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Elastic by 4.5% in the 1st quarter. Parallel Advisors LLC now owns 3,396 shares of the company's stock worth $303,000 after buying an additional 145 shares in the last quarter. Y.D. More Investments Ltd raised its stake in Elastic by 0.5% during the first quarter. Y.D. More Investments Ltd now owns 29,742 shares of the company's stock worth $2,756,000 after acquiring an additional 145 shares in the last quarter. Finally, CIBC Asset Management Inc increased its position in shares of Elastic by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,053 shares of the company's stock worth $302,000 after purchasing an additional 151 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.