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

Elastic (NYSE:ESTC - Free Report) had its price target cut by Morgan Stanley from $140.00 to $120.00 in a research report report published on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts have also issued research reports about the stock. 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. Jefferies Financial Group cut their price target on shares of Elastic from $125.00 to $110.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Robert W. Baird boosted their target price 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. Wells Fargo & Company increased their price target on Elastic from $135.00 to $150.00 and gave the stock an "overweight" rating in a research report on Friday, February 28th. Finally, Piper Sandler lifted their price target on Elastic from $130.00 to $135.00 and gave the company an "overweight" rating in a report 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 issued a strong buy rating to the company's stock. According to MarketBeat.com, Elastic presently has an average rating of "Moderate Buy" and a consensus target price of $127.48.

Elastic Price Performance

NYSE ESTC traded down $2.09 during trading hours on Wednesday, reaching $75.78. The company's stock had a trading volume of 2,038,333 shares, compared to its average volume of 1,368,959. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $123.96. The stock has a market cap of $7.91 billion, a PE ratio of 137.78 and a beta of 1.19. 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 company's 50-day moving average is $95.22 and its two-hundred day moving average is $96.65.

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

Insider Transactions at Elastic

In related news, CTO Shay Banon sold 2,683 shares of the business's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $90.78, for a total transaction of $243,562.74. Following the transaction, the chief technology officer now owns 4,535,456 shares of the company's stock, valued at approximately $411,728,695.68. The trade was a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 transaction of $1,700,575.95. Following the transaction, the chief executive officer now directly owns 376,591 shares of the company's stock, valued at $34,183,165.07. This represents a 4.74 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 198,304 shares of company stock worth $20,847,452. 15.90% of the stock is owned by insiders.

Institutional Trading of Elastic

Institutional investors have recently made changes to their positions in the business. M&T Bank Corp grew its holdings in Elastic by 3.1% during the third quarter. M&T Bank Corp now owns 4,652 shares of the company's stock worth $357,000 after purchasing an additional 139 shares during the period. Sigma Planning Corp lifted its position in shares of Elastic by 3.7% in the fourth quarter. Sigma Planning Corp now owns 3,929 shares of the company's stock valued at $389,000 after buying an additional 139 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Elastic by 4.5% during the 1st quarter. Parallel Advisors LLC now owns 3,396 shares of the company's stock worth $303,000 after acquiring an additional 145 shares during the period. CIBC Asset Management Inc raised its stake in Elastic by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 3,053 shares of the company's stock valued at $302,000 after acquiring an additional 151 shares during the period. Finally, Smartleaf Asset Management LLC lifted its holdings in Elastic by 126.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 283 shares of the company's stock valued at $28,000 after purchasing an additional 158 shares during 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.