Elastic (NYSE:ESTC) Stock Price Down 6.2%

Elastic (NYSE:ESTC) shares traded down 6.2% on Tuesday . The stock traded as low as $104.86 and last traded at $105.39. 675,036 shares were traded during trading, a decline of 47% from the average session volume of 1,281,395 shares. The stock had previously closed at $112.31.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ESTC. Canaccord Genuity Group reduced their price objective on Elastic from $130.00 to $125.00 and set a “buy” rating for the company in a research note on Friday, May 31st. UBS Group assumed coverage on Elastic in a report on Wednesday, May 22nd. They issued a “buy” rating and a $135.00 price target for the company. Barclays lowered their price objective on Elastic from $128.00 to $117.00 and set an “equal weight” rating on the stock in a research report on Friday, May 31st. Scotiabank cut their target price on shares of Elastic from $154.00 to $135.00 and set a “sector outperform” rating for the company in a report on Friday, May 31st. Finally, Bank of America lowered their price target on shares of Elastic from $150.00 to $140.00 and set a “buy” rating on the stock in a report on Friday, May 31st. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $118.05.

Elastic Stock Performance

The firm’s 50 day simple moving average is $111.24 and its 200-day simple moving average is $111.02. The company has a market cap of $10.83 billion, a price-to-earnings ratio of 199.92 and a beta of 0.98. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.76 and a current ratio of 1.76.

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

Insider Activity

In other Elastic news, CTO Shay Banon sold 5,260 shares of the business’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $109.89, for a total transaction of $578,021.40. Following the transaction, the chief technology officer now owns 4,545,856 shares of the company’s stock, valued at $499,544,115.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CTO Shay Banon sold 5,260 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $109.89, for a total transaction of $578,021.40. Following the completion of the sale, the chief technology officer now directly owns 4,545,856 shares in the company, valued at $499,544,115.84. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Mark Eugene Dodds sold 3,457 shares of the business’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 completion of the transaction, the executive now owns 82,498 shares in the company, valued at $9,139,128.44. The disclosure for this sale can be found here. Insiders sold 355,312 shares of company stock worth $38,626,610 over the last ninety days. Corporate insiders own 18.10% of the company’s stock.

Institutional Investors Weigh In On Elastic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ESTC. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Elastic by 4.8% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 8,147 shares of the company’s stock worth $928,000 after purchasing an additional 371 shares during the period. Signaturefd LLC lifted its position in Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock valued at $44,000 after buying an additional 119 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Elastic by 4.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,050 shares of the company’s stock worth $3,765,000 after buying an additional 1,488 shares during the period. Migdal Insurance & Financial Holdings Ltd. increased its position in shares of Elastic by 56.9% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 262,000 shares of the company’s stock valued at $29,844,000 after acquiring an additional 95,000 shares during the last quarter. Finally, Jessup Wealth Management Inc purchased a new stake in shares of Elastic in the 2nd quarter valued at approximately $7,718,000. Hedge funds and other institutional investors own 97.03% of the company’s stock.

Elastic Company Profile

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.