Elastic (NYSE:ESTC) Shares Gap Down Following Analyst Downgrade

Elastic (NYSE:ESTC - Get Free Report) shares gapped down before the market opened on Friday after Robert W. Baird lowered their price target on the stock from $125.00 to $115.00. The stock had previously closed at $92.03, but opened at $77.83. Robert W. Baird currently has an outperform rating on the stock. Elastic shares last traded at $78.57, with a volume of 1,310,686 shares changing hands.

Several other analysts have also issued reports on the stock. TD Securities cut their target price on shares of Elastic from $125.00 to $105.00 and set a "hold" rating for the company in a research report on Wednesday, May 21st. Piper Sandler dropped their price target on shares of Elastic from $135.00 to $120.00 and set an "overweight" rating for the company in a research report on Friday. DA Davidson dropped their price target on shares of Elastic from $115.00 to $75.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Canaccord Genuity Group upped their price target on shares of Elastic from $130.00 to $135.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Finally, Scotiabank lowered their target price on shares of Elastic from $137.00 to $95.00 and set a "sector outperform" rating on the stock in a report on Friday. Seven research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Elastic currently has an average rating of "Moderate Buy" and a consensus target price of $114.67.

Insider Activity

In other Elastic news, CRO Mark Eugene Dodds sold 2,755 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $90.77, for a total transaction of $250,071.35. Following the transaction, the executive now directly owns 96,484 shares in the company, valued at $8,757,852.68. This represents a 2.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Shay Banon sold 140,129 shares of the stock in a transaction dated 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 transaction, the chief technology officer now owns 2,254,978 shares in the company, valued at approximately $240,561,053.04. The trade was a 5.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 172,636 shares of company stock valued at $17,959,032. 15.90% of the stock is currently owned by company insiders.

Institutional Trading of Elastic

A number of institutional investors have recently modified their holdings of ESTC. Vanguard Group Inc. raised its position in shares of Elastic by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company's stock valued at $926,607,000 after purchasing an additional 168,483 shares during the last quarter. Sylebra Capital LLC raised its position in Elastic by 62.6% during the 4th quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company's stock worth $451,950,000 after buying an additional 1,756,842 shares during the last quarter. Pictet Asset Management Holding SA raised its position in Elastic by 15.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company's stock worth $339,820,000 after buying an additional 462,974 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in Elastic by 5,437.6% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company's stock worth $203,872,000 after buying an additional 2,246,808 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Elastic by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 1,439,412 shares of the company's stock worth $142,663,000 after buying an additional 45,076 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors.

Elastic Stock Down 12.0%

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 business's 50 day moving average price is $85.51 and its 200 day moving average price is $97.68. 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 (NYSE:ESTC - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The company reported $0.47 EPS for the quarter, topping analysts' consensus estimates of $0.37 by $0.10. The business had revenue of $388.43 million for the quarter, compared to analysts' expectations 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 last year, the company earned $0.21 EPS. On average, equities analysts forecast that Elastic will post -0.77 EPS for the current year.

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.