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

Elastic (NYSE:ESTC - Free Report) had its price target decreased by Scotiabank from $137.00 to $95.00 in a research note published on Friday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

Other analysts also recently issued reports about the company. Morgan Stanley reduced their price objective on Elastic from $140.00 to $120.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Piper Sandler upped their price objective 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. UBS Group lifted their target price on shares of Elastic from $140.00 to $148.00 and gave the company a "buy" rating in a report on Friday, February 28th. Cantor Fitzgerald dropped their target price on Elastic from $109.00 to $92.00 and set a "neutral" rating on the stock in a research report on Friday. Finally, Robert W. Baird raised their price target on Elastic from $135.00 to $140.00 and gave the company an "outperform" rating in a report on Friday, February 28th. 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 MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $114.67.

Elastic Stock Performance

Shares of Elastic stock traded down $11.08 on Friday, hitting $80.95. The stock had a trading volume of 8,817,353 shares, compared to its average volume of 1,484,527. The stock has a market cap of $8.45 billion, a price-to-earnings ratio of 147.18 and a beta of 1.20. 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 52-week low of $69.00 and a 52-week high of $123.96. The company's 50 day moving average price is $85.51 and its 200 day moving average price is $97.68.

Elastic (NYSE:ESTC - Get Free Report) last announced its 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 net margin of 4.39% and a negative return on equity of 13.20%. The business had revenue of $388.43 million for the quarter, compared to analyst estimates of $380.61 million. During the same period last year, the firm posted $0.21 earnings per share. The company's revenue for the quarter was up 15.9% compared to the same quarter last year. On average, research analysts anticipate that Elastic will post -0.77 EPS for the current year.

Insider Transactions at Elastic

In other news, CTO Shay Banon sold 2,683 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 $243,562.74. Following the completion of the transaction, the chief technology officer now owns 4,535,456 shares of the company's stock, valued at $411,728,695.68. This represents a 0.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ashutosh Kulkarni sold 18,735 shares of the stock in a transaction dated Monday, March 10th. The stock was 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 owns 376,591 shares in the company, valued at approximately $34,183,165.07. The trade was a 4.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 172,636 shares of company stock worth $17,959,032 over the last ninety days. 15.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Elastic

Several institutional investors have recently made changes to their positions in the stock. Thrivent Financial for Lutherans boosted its holdings in Elastic by 187.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 9,073 shares of the company's stock valued at $899,000 after acquiring an additional 5,919 shares during the last quarter. Cetera Investment Advisers raised its holdings in shares of Elastic by 13.3% in the 4th quarter. Cetera Investment Advisers now owns 7,203 shares of the company's stock worth $714,000 after purchasing an additional 843 shares during the period. Barclays PLC lifted its stake in shares of Elastic by 56.2% in the 3rd quarter. Barclays PLC now owns 153,155 shares of the company's stock valued at $11,757,000 after purchasing an additional 55,084 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Elastic by 3.4% during the 4th quarter. Principal Financial Group Inc. now owns 7,299 shares of the company's stock worth $723,000 after purchasing an additional 241 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Elastic by 0.8% during the 4th quarter. Bank of New York Mellon Corp now owns 482,818 shares of the company's stock worth $47,838,000 after purchasing an additional 3,772 shares during the period. 97.03% of the stock is owned by hedge funds and other institutional investors.

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.