Elastic (NYSE:ESTC) Stock Price Down 7.7% – Should You Sell?

Shares of Elastic (NYSE:ESTC) fell 7.7% during trading on Friday . The company traded as low as $91.42 and last traded at $91.67. 701,312 shares changed 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.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ESTC shares. Baird R W upgraded Elastic from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Bank of America increased their price objective on Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Rosenblatt Securities restated a “buy” rating and set a $130.00 target price on shares of Elastic in a research note on Tuesday, February 25th. Citigroup upped their price target on Elastic from $136.00 to $150.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Oppenheimer raised their price objective on shares of Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. Seven research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $131.52.

Elastic Stock Down 4.4 %

The company has a market capitalization of $9.84 billion, a price-to-earnings ratio of 172.61 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 business has a 50-day simple moving average of $106.19 and a two-hundred day simple moving average of $95.34.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). The firm had revenue of $382.08 million during the quarter, compared to analysts’ expectations of $368.85 million. Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. As a group, equities analysts predict that Elastic will post -0.77 EPS for the current year.

Insider Transactions at Elastic

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 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ashutosh Kulkarni sold 7,017 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total transaction of $758,678.04. Following the transaction, the chief executive officer now directly owns 395,326 shares in the company, valued at approximately $42,742,647.12. This trade represents a 1.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 172,814 shares of company stock worth $18,596,060 over the last ninety days. 15.90% of the stock is currently owned by company insiders.

Institutional Trading of Elastic

A number of institutional investors have recently added to or reduced their stakes in ESTC. Slow Capital Inc. acquired a new stake in shares of Elastic during the 4th quarter valued at approximately $5,039,000. Wealth Effects LLC increased its stake in Elastic by 25.4% in the 4th quarter. Wealth Effects LLC now owns 28,800 shares of the company’s stock valued at $2,854,000 after purchasing an additional 5,830 shares in the last quarter. Blueshift Asset Management LLC acquired a new position in Elastic during the third quarter worth $585,000. Charles Schwab Investment Management Inc. boosted its position in Elastic by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 545,870 shares of the company’s stock worth $41,901,000 after purchasing an additional 14,590 shares in the last quarter. Finally, Bangor Savings Bank acquired a new stake in Elastic in the fourth quarter valued at $1,657,000. 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.