Jefferies Financial Group Issues Pessimistic Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price target decreased by analysts at Jefferies Financial Group from $135.00 to $125.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s price objective would indicate a potential upside of 42.66% from the company’s previous close.

Several other equities analysts have also recently commented on the stock. Piper Sandler lifted their target price 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. Rosenblatt Securities reiterated a “buy” rating and set a $130.00 price target on shares of Elastic in a report on Tuesday, February 25th. Robert W. Baird upped their price objective on Elastic from $135.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Guggenheim lifted their target price on Elastic from $130.00 to $136.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Finally, Scotiabank reduced their price target on shares of Elastic from $140.00 to $137.00 and set a “sector outperform” rating for the company in a research report on Thursday. Seven 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 company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $130.74.

Elastic Stock Performance

Shares of ESTC stock opened at $87.62 on Monday. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. The firm has a fifty day simple moving average of $105.25 and a two-hundred day simple moving average of $96.29. Elastic has a 12 month low of $69.00 and a 12 month high of $123.96. The firm has a market capitalization of $9.15 billion, a PE ratio of 160.23 and a beta of 1.20.

Elastic (NYSE:ESTC) 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). The company had revenue of $382.08 million for the quarter, compared to analyst estimates 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 fiscal year.

Insider Activity at Elastic

In other Elastic news, CTO Shay Banon sold 140,129 shares of the business’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $106.68, for a total value of $14,948,961.72. Following the sale, the chief technology officer now directly owns 2,254,978 shares of the company’s stock, valued at approximately $240,561,053.04. The trade was a 5.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Mark Eugene Dodds sold 2,755 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $90.77, for a total value of $250,071.35. Following the transaction, the executive now owns 96,484 shares of the company’s stock, valued at $8,757,852.68. The trade was a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 198,304 shares of company stock worth $20,847,452 over the last ninety days. 15.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Elastic

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake 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 worth $926,607,000 after purchasing an additional 168,483 shares during the period. Sylebra Capital LLC raised its position in Elastic by 62.6% in the fourth quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock worth $451,950,000 after acquiring an additional 1,756,842 shares during the period. Pictet Asset Management Holding SA grew its position in shares of Elastic by 15.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company’s stock valued at $339,820,000 after acquiring an additional 462,974 shares during the period. Atreides Management LP increased its stake in shares of Elastic by 57.2% in the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after purchasing an additional 614,309 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Elastic by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 1,439,412 shares of the company’s stock worth $142,663,000 after purchasing an additional 45,076 shares during the period. Institutional investors own 97.03% of the company’s stock.

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.