Elastic (NYSE:ESTC) Stock Price Down 7.7% – Time to Sell?

Elastic (NYSE:ESTC) shares traded down 7.7% on Friday . The stock traded as low as $91.42 and last traded at $91.67. 701,312 shares traded hands during trading, a decline of 45% from the average session volume of 1,285,259 shares. The stock had previously closed at $99.35.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on ESTC shares. The Goldman Sachs Group raised their target price on Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Cantor Fitzgerald assumed coverage on Elastic in a research note on Friday, January 17th. They issued a “neutral” rating and a $108.00 price objective on the stock. Morgan Stanley increased their target price on shares of Elastic from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Scotiabank boosted their price target on shares of Elastic from $127.00 to $140.00 and gave the company a “sector outperform” rating in a research report on Friday, February 28th. Finally, Stifel Nicolaus lifted their price objective on shares of Elastic from $98.00 to $132.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Seven 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’s stock. Based on data from MarketBeat.com, Elastic presently has an average rating of “Moderate Buy” and an average price target of $131.52.

Elastic Price Performance

The stock has a market cap of $9.93 billion, a P/E ratio of 174.09 and a beta of 1.20. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. The firm has a 50-day moving average price of $106.32 and a 200-day moving average price of $95.56.

Elastic (NYSE:ESTC) last announced its earnings results on Thursday, February 27th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). The business had revenue of $382.08 million for the quarter, compared to the consensus estimate of $368.85 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. On average, analysts forecast that Elastic will post -0.77 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Elastic news, CTO Shay Banon sold 140,129 shares of the business’s 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 in the company, valued at approximately $240,561,053.04. The trade was a 5.85 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ashutosh Kulkarni sold 7,017 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the sale, the chief executive officer now owns 395,326 shares of the company’s stock, valued at approximately $42,742,647.12. This trade represents a 1.74 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 172,814 shares of company stock valued at $18,596,060. Insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of institutional investors have recently bought and sold shares of the stock. Sylebra Capital LLC increased its holdings in Elastic by 62.6% in the 4th quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock worth $451,950,000 after acquiring an additional 1,756,842 shares in the last quarter. FMR LLC boosted its stake in shares of Elastic by 25.6% in the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after acquiring an additional 1,115,750 shares during the period. Norges Bank bought a new position in Elastic in the 4th quarter worth approximately $102,485,000. Arrowstreet Capital Limited Partnership raised its position in shares of Elastic by 5,972.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 744,358 shares of the company’s stock valued at $73,751,000 after buying an additional 732,100 shares during the last quarter. Finally, Atreides Management LP lifted its stake in Elastic by 57.2% in the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after purchasing an additional 614,309 shares in 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.