Robert W. Baird Issues Pessimistic Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its target price decreased by Robert W. Baird from $125.00 to $115.00 in a report issued on Friday morning,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

A number of other research firms have also commented on ESTC. Oppenheimer cut their price target on Elastic from $140.00 to $120.00 and set an “outperform” rating for the company in a report on Tuesday, April 22nd. Guggenheim lowered their price objective on Elastic from $136.00 to $107.00 and set a “buy” rating on the stock in a research report on Friday. Canaccord Genuity Group increased their price objective on Elastic from $130.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Wall Street Zen upgraded Elastic from a “hold” rating to a “buy” rating in a research report on Friday. Finally, TD Securities lowered their price objective on Elastic from $125.00 to $105.00 and set a “hold” rating on the stock in a research report on Wednesday, May 21st. Seven equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Elastic currently has a consensus rating of “Moderate Buy” and a consensus target price of $114.67.

Elastic Price Performance

Elastic stock opened at $80.95 on Friday. Elastic has a one year low of $69.00 and a one year high of $123.96. The business has a fifty day moving average price of $85.51 and a 200-day moving average price of $97.62. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The firm has a market capitalization of $8.45 billion, a P/E ratio of 147.18 and a beta of 1.20.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, May 29th. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.10. Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The firm had revenue of $388.43 million during the quarter, compared to analyst estimates of $380.61 million. During the same period last year, the company earned $0.21 earnings per share. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, equities research analysts forecast that Elastic will post -0.77 EPS for the current year.

Insider Transactions at Elastic

In related news, CTO Shay Banon sold 25,668 shares of the firm’s stock in a transaction dated Sunday, March 2nd. The stock was sold at an average price of $112.53, for a total value of $2,888,420.04. Following the sale, the chief technology officer now directly owns 2,408,541 shares of the company’s stock, valued at $271,033,118.73. This trade represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Carolyn Herzog sold 3,334 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was 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 $7,639,318.56. The trade was a 3.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 198,304 shares of company stock worth $20,847,452. Company insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

Several large investors have recently bought and sold shares of ESTC. Barclays PLC boosted its position in Elastic by 56.2% during the 3rd quarter. Barclays PLC now owns 153,155 shares of the company’s stock valued at $11,757,000 after acquiring an additional 55,084 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in Elastic during the 4th quarter valued at approximately $202,000. Geneos Wealth Management Inc. purchased a new position in shares of Elastic during the fourth quarter valued at approximately $25,000. KBC Group NV lifted its holdings in shares of Elastic by 42.2% during the fourth quarter. KBC Group NV now owns 3,435 shares of the company’s stock valued at $340,000 after purchasing an additional 1,020 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in shares of Elastic by 30.7% during the fourth quarter. Pacer Advisors Inc. now owns 2,408 shares of the company’s stock valued at $239,000 after purchasing an additional 566 shares during the last quarter. 97.03% of the stock is owned by 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.