Elastic (NYSE:ESTC) Trading Down 4.2% - Here's Why

Shares of Elastic (NYSE:ESTC - Get Free Report) traded down 4.2% on Friday . The company traded as low as $82.77 and last traded at $82.69. 1,613,094 shares were traded during mid-day trading, an increase of 16% from the average session volume of 1,394,195 shares. The stock had previously closed at $86.30.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ESTC. Cantor Fitzgerald assumed coverage on Elastic in a research note on Friday, January 17th. They set a "neutral" rating and a $108.00 price target for the company. DA Davidson cut their target price 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. Piper Sandler increased their price target on shares of Elastic from $130.00 to $135.00 and gave the stock an "overweight" rating in a research report on Friday, February 28th. Canaccord Genuity Group boosted their price objective on shares of Elastic from $130.00 to $135.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Finally, Wells Fargo & Company raised their target price on Elastic from $135.00 to $150.00 and gave the stock an "overweight" rating in a report on Friday, February 28th. Seven equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Elastic has a consensus rating of "Moderate Buy" and an average target price of $127.48.

Elastic Stock Down 3.7 %

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 market capitalization of $8.67 billion, a PE ratio of 151.04 and a beta of 1.19. The company has a fifty day moving average price of $89.39 and a 200-day moving average price of $96.55.

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

Insider Buying and Selling

In other news, CEO Ashutosh Kulkarni sold 5,000 shares of Elastic stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $102.64, for a total value of $513,200.00. Following the completion of the transaction, the chief executive officer now owns 371,591 shares in the company, valued at approximately $38,140,100.24. The trade was a 1.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Mark Eugene Dodds sold 2,755 shares of the firm's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $90.77, for a total value of $250,071.35. Following the completion of the sale, the executive now owns 96,484 shares of the company's stock, valued at approximately $8,757,852.68. This represents a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 198,304 shares of company stock worth $20,847,452. Corporate insiders own 15.90% of the company's stock.

Institutional Trading of Elastic

Several institutional investors have recently added to or reduced their stakes in the company. Barclays PLC raised its holdings in shares of Elastic by 56.2% in the third quarter. Barclays PLC now owns 153,155 shares of the company's stock worth $11,757,000 after buying an additional 55,084 shares during the period. Virtu Financial LLC increased its stake in Elastic by 131.9% in the third quarter. Virtu Financial LLC now owns 4,338 shares of the company's stock worth $333,000 after purchasing an additional 2,467 shares during the period. Tidal Investments LLC lifted its position in shares of Elastic by 239.1% during the third quarter. Tidal Investments LLC now owns 9,807 shares of the company's stock worth $753,000 after purchasing an additional 6,915 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Elastic by 256.3% during the third quarter. Franklin Resources Inc. now owns 341,524 shares of the company's stock valued at $28,387,000 after purchasing an additional 245,680 shares during the period. Finally, Everence Capital Management Inc. purchased a new stake in shares of Elastic during the fourth quarter valued at $275,000. 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.

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