TD Securities Has Lowered Expectations for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price target lowered by investment analysts at TD Securities from $125.00 to $105.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the stock. TD Securities’ price objective suggests a potential upside of 11.35% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Jefferies Financial Group reduced their price objective on shares of Elastic from $125.00 to $110.00 and set a “buy” rating for the company in a research report on Monday, April 7th. Scotiabank dropped their target price on Elastic from $140.00 to $137.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 27th. Morgan Stanley cut their price objective on Elastic from $140.00 to $120.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Truist Financial dropped their price target on shares of Elastic from $145.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Finally, Piper Sandler lifted their target price on Elastic from $130.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Eight investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Elastic has a consensus rating of “Moderate Buy” and an average target price of $125.96.

Elastic Stock Up 2.2%

Shares of ESTC opened at $94.30 on Wednesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. Elastic has a 1 year low of $69.00 and a 1 year high of $123.96. The stock has a market capitalization of $9.85 billion, a PE ratio of 171.45 and a beta of 1.20. The company’s 50-day simple moving average is $86.48 and its 200-day simple moving average is $97.42.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, February 27th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.47 by ($0.48). The business 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 earnings per share for the current fiscal year.

Insider Transactions at Elastic

In other news, 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 sale, the executive now owns 96,484 shares in the company, valued at approximately $8,757,852.68. This trade represents a 2.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Shay Banon sold 140,129 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $106.68, for a total transaction of $14,948,961.72. Following the completion of 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. This trade represents a 5.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 198,304 shares of company stock valued at $20,847,452 over the last three months. 15.90% of the stock is owned by corporate insiders.

Institutional Trading of Elastic

A number of hedge funds have recently modified their holdings of ESTC. Massachusetts Financial Services Co. MA grew its stake in shares of Elastic by 5,437.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company’s stock valued at $203,872,000 after purchasing an additional 2,246,808 shares during the period. Sylebra Capital LLC increased its stake in shares of Elastic by 62.6% in the 4th quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock valued at $451,950,000 after buying an additional 1,756,842 shares during the period. AQR Capital Management LLC lifted its position in Elastic by 6,651.3% during the 1st quarter. AQR Capital Management LLC now owns 1,403,859 shares of the company’s stock valued at $122,978,000 after purchasing an additional 1,383,065 shares during the period. Norges Bank acquired a new stake in Elastic during the 4th quarter worth $102,485,000. Finally, Driehaus Capital Management LLC boosted its holdings in Elastic by 1,450.8% during the first quarter. Driehaus Capital Management LLC now owns 880,454 shares of the company’s stock worth $78,448,000 after buying an additional 823,680 shares during the last quarter. 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.