Elastic (NYSE:ESTC) Downgraded by Robert W. Baird to Neutral

Elastic (NYSE:ESTC) was downgraded by analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Friday, MarketBeat.com reports. They presently have a $95.00 price target on the stock, down from their previous price target of $135.00. Robert W. Baird’s price objective indicates a potential downside of 8.30% from the stock’s previous close.

A number of other research firms have also commented on ESTC. Rosenblatt Securities reissued a “buy” rating and issued a $136.00 target price on shares of Elastic in a report on Tuesday. Citigroup raised their target price on shares of Elastic from $155.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday. UBS Group started coverage on Elastic in a research report on Wednesday, May 22nd. They set a “buy” rating and a $135.00 price objective for the company. Scotiabank dropped their target price on Elastic from $154.00 to $135.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 31st. Finally, Bank of America downgraded shares of Elastic from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $140.00 to $94.00 in a report on Friday. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $116.58.

Elastic Price Performance

ESTC opened at $103.60 on Friday. Elastic has a 1 year low of $59.30 and a 1 year high of $136.06. The stock has a 50-day moving average price of $110.35 and a 200-day moving average price of $108.82. The firm has a market cap of $10.54 billion, a PE ratio of 195.47 and a beta of 0.98. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.76 and a quick ratio of 1.76.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, May 30th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.03). Elastic had a net margin of 4.87% and a negative return on equity of 20.83%. The firm had revenue of $335.00 million for the quarter, compared to the consensus estimate of $329.15 million. Sell-side analysts predict that Elastic will post -1.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Elastic

In other Elastic news, insider Carolyn Herzog sold 5,820 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $109.87, for a total transaction of $639,443.40. Following the completion of the transaction, the insider now owns 107,448 shares of the company’s stock, valued at $11,805,311.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Carolyn Herzog sold 5,820 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $109.87, for a total value of $639,443.40. Following the transaction, the insider now directly owns 107,448 shares of the company’s stock, valued at $11,805,311.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CRO Mark Eugene Dodds sold 3,457 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $110.78, for a total transaction of $382,966.46. Following the sale, the executive now directly owns 82,498 shares of the company’s stock, valued at approximately $9,139,128.44. The disclosure for this sale can be found here. Insiders have sold a total of 355,312 shares of company stock valued at $38,626,610 over the last ninety days. Corporate insiders own 18.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. increased its position in shares of Elastic by 12.7% during the 1st quarter. Advisors Asset Management Inc. now owns 1,053 shares of the company’s stock worth $106,000 after purchasing an additional 119 shares during the last quarter. Signaturefd LLC lifted its stake in Elastic by 44.1% during the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Elastic by 8.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,469 shares of the company’s stock valued at $278,000 after acquiring an additional 185 shares during the period. Headlands Technologies LLC increased its stake in Elastic by 75.4% during the second quarter. Headlands Technologies LLC now owns 628 shares of the company’s stock worth $72,000 after purchasing an additional 270 shares during the period. Finally, Asset Dedication LLC lifted its position in shares of Elastic by 1,333.3% during the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after purchasing an additional 280 shares in the last quarter. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

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.