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

Elastic (NYSE:ESTC) had its price objective decreased by equities researchers at Jefferies Financial Group from $135.00 to $125.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Jefferies Financial Group’s price objective points to a potential upside of 36.90% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on the company. UBS Group upped their price objective on Elastic from $140.00 to $148.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Guggenheim upped their price target on shares of Elastic from $130.00 to $136.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Wells Fargo & Company increased their price target on shares of Elastic from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Scotiabank lowered their price objective on shares of Elastic from $140.00 to $137.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 27th. Finally, Morgan Stanley raised their target price on shares of Elastic from $130.00 to $140.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Seven research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $130.74.

Elastic Price Performance

ESTC stock opened at $91.31 on Monday. The stock has a 50-day moving average price of $104.84 and a two-hundred day moving average price of $96.51. Elastic has a 1 year low of $69.00 and a 1 year high of $123.96. The stock has a market cap of $9.53 billion, a PE ratio of 166.02 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 (NYSE:ESTC) last announced its 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 firm had revenue of $382.08 million during 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%. Equities analysts forecast that Elastic will post -0.77 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Ashutosh Kulkarni sold 5,000 shares of the stock in a transaction 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 sale, the chief executive officer now owns 371,591 shares in the company, valued at approximately $38,140,100.24. This trade represents a 1.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Carolyn Herzog sold 3,334 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $90.78, for a total value of $302,660.52. Following the completion of the sale, the insider now directly owns 84,152 shares in the company, valued at approximately $7,639,318.56. The trade was a 3.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 198,304 shares of company stock worth $20,847,452 over the last 90 days. Corporate insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

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