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

Elastic (NYSE:ESTC) had its price objective reduced by Truist Financial from $145.00 to $140.00 in a research note released on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts also recently issued reports about the company. Scotiabank lowered their price target on Elastic from $140.00 to $137.00 and set a “sector outperform” rating for the company in a report on Thursday, March 27th. Robert W. Baird boosted their target price on shares of Elastic from $135.00 to $140.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Wedbush cut shares of Elastic from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Piper Sandler lifted their price target on shares of Elastic from $130.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, February 28th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $130.00 price objective on shares of Elastic in a research note on Tuesday, February 25th. Seven equities 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’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $130.74.

Elastic Trading Down 2.8 %

NYSE ESTC opened at $89.12 on Monday. The company’s fifty day moving average price is $105.03 and its two-hundred day moving average price is $96.39. The company has a market capitalization of $9.31 billion, a price-to-earnings ratio of 162.04 and a beta of 1.20. Elastic has a 12 month low of $69.00 and a 12 month high of $123.96. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99.

Elastic (NYSE:ESTC) last issued its quarterly 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 company had revenue of $382.08 million for the quarter, compared to the consensus estimate of $368.85 million. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. As a group, research analysts predict that Elastic will post -0.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Ashutosh Kulkarni sold 5,000 shares of Elastic 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 transaction, the chief executive officer now directly owns 371,591 shares in the company, valued at $38,140,100.24. The trade was a 1.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Shay Banon sold 2,683 shares of the business’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $90.78, for a total value of $243,562.74. Following the sale, the chief technology officer now directly owns 4,535,456 shares in the company, valued at $411,728,695.68. This trade represents a 0.06 % 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 in the last ninety days. 15.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. SBI Securities Co. Ltd. acquired a new stake in shares of Elastic during the fourth quarter valued at approximately $25,000. Geneos Wealth Management Inc. acquired a new stake in Elastic during the 4th quarter valued at $25,000. Fourth Dimension Wealth LLC acquired a new stake in Elastic during the 4th quarter valued at $26,000. Venturi Wealth Management LLC lifted its holdings in shares of Elastic by 793.3% in the fourth quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock valued at $27,000 after purchasing an additional 238 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its position in shares of Elastic by 126.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock worth $28,000 after buying an additional 158 shares during the period. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.