Elastic (NYSE:ESTC) Cut to “Neutral” at Robert W. Baird

Robert W. Baird downgraded shares of Elastic (NYSE:ESTC) from an outperform rating to a neutral rating in a research note published on Friday, Marketbeat reports. They currently have $95.00 price objective on the stock, down from their prior price objective of $135.00.

Several other brokerages also recently commented on ESTC. Scotiabank cut their price target 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. Bank of America downgraded shares of Elastic from a buy rating to a neutral rating and cut their price target for the company from $140.00 to $94.00 in a report on Friday. Barclays cut their price target on shares of Elastic from $128.00 to $117.00 and set an equal weight rating for the company in a report on Friday, May 31st. JPMorgan Chase & Co. dropped their price objective on shares of Elastic from $138.00 to $125.00 and set an overweight rating for the company in a report on Friday, May 24th. Finally, Canaccord Genuity Group dropped their price objective on shares of Elastic from $130.00 to $125.00 and set a buy rating for the company in a report on Friday, May 31st. Nine research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Elastic presently has a consensus rating of Moderate Buy and an average price target of $105.20.

Elastic Stock Down 26.5 %

Elastic stock opened at $76.19 on Friday. Elastic has a 1-year low of $59.30 and a 1-year high of $136.06. The firm has a market capitalization of $7.83 billion, a price-to-earnings ratio of 143.75 and a beta of 0.98. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.77. The firm has a 50 day simple moving average of $109.70 and a 200 day simple moving average of $108.24.

Elastic (NYSE:ESTC) last released its quarterly earnings data on Thursday, August 29th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.10. Elastic had a net margin of 4.62% and a negative return on equity of 18.41%. The business had revenue of $347.42 million during the quarter, compared to analyst estimates of $344.67 million. During the same period in the previous year, the business earned ($0.35) EPS. Elastic’s revenue was up 18.3% compared to the same quarter last year. On average, analysts predict that Elastic will post -1.12 earnings per share for the current year.

Insider Buying and Selling at Elastic

In other Elastic news, insider Carolyn Herzog sold 5,820 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $109.87, for a total value of $639,443.40. Following the transaction, the insider now owns 107,448 shares in the company, valued at $11,805,311.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Elastic news, insider Carolyn Herzog sold 5,820 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $109.87, for a total value of $639,443.40. Following the transaction, the insider now owns 107,448 shares in the company, valued at $11,805,311.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Shay Banon sold 5,260 shares of the business’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 transaction, the chief technology officer now owns 4,545,856 shares in the company, valued at approximately $499,544,115.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 355,312 shares of company stock worth $38,626,610. 18.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Elastic

Several hedge funds and other institutional investors have recently modified their holdings of ESTC. Asset Dedication LLC boosted its stake in Elastic by 1,333.3% during the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after acquiring an additional 280 shares in the last quarter. GAMMA Investing LLC bought a new stake in Elastic during the fourth quarter worth about $39,000. AlphaCentric Advisors LLC bought a new stake in Elastic during the second quarter worth about $40,000. Quarry LP bought a new stake in Elastic during the second quarter worth about $40,000. Finally, Lynx Investment Advisory bought a new stake in Elastic during the second quarter worth about $43,000. 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.