Elastic (NYSE:ESTC) Shares Down 3.6% – What’s Next?

Elastic (NYSE:ESTC)’s share price dropped 3.6% on Wednesday . The company traded as low as $112.53 and last traded at $112.97. Approximately 269,159 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 1,278,324 shares. The stock had previously closed at $117.25.

Wall Street Analysts Forecast Growth

ESTC has been the topic of several recent research reports. Oppenheimer increased their target price on Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. Royal Bank of Canada raised their target price on Elastic from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Canaccord Genuity Group lifted their target price on Elastic from $110.00 to $130.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Bank of America increased their price target on shares of Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Finally, Piper Sandler boosted their price objective on shares of Elastic from $100.00 to $130.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Seven investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Elastic presently has a consensus rating of “Moderate Buy” and a consensus target price of $125.35.

Elastic Stock Down 2.3 %

The company has a market cap of $11.47 billion, a P/E ratio of 201.23 and a beta of 1.06. The stock has a 50-day moving average of $104.74 and a two-hundred day moving average of $95.25. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99.

Insiders Place Their Bets

In other Elastic news, CTO Shay Banon sold 150,000 shares of Elastic stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $110.92, for a total value of $16,638,000.00. Following the transaction, the chief technology officer now directly owns 2,604,978 shares of the company’s stock, valued at $288,944,159.76. The trade was a 5.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ashutosh Kulkarni sold 7,017 shares of the stock in a transaction that occurred 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 directly 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 have sold 168,162 shares of company stock valued at $18,637,562. 15.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. M&T Bank Corp increased its position in shares of Elastic by 3.1% in the third quarter. M&T Bank Corp now owns 4,652 shares of the company’s stock valued at $357,000 after acquiring an additional 139 shares during the period. QRG Capital Management Inc. grew its stake in shares of Elastic by 7.0% in the third quarter. QRG Capital Management Inc. now owns 3,063 shares of the company’s stock worth $235,000 after purchasing an additional 201 shares during the last quarter. Oppenheimer & Co. Inc. increased its holdings in Elastic by 3.3% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 6,810 shares of the company’s stock valued at $523,000 after purchasing an additional 219 shares during the period. Van ECK Associates Corp raised its position in Elastic by 0.7% during the 4th quarter. Van ECK Associates Corp now owns 32,954 shares of the company’s stock valued at $3,265,000 after purchasing an additional 220 shares during the last quarter. Finally, Geneos Wealth Management Inc. purchased a new stake in Elastic in the 4th quarter worth approximately $25,000. 97.03% of the stock is owned by hedge funds and other institutional investors.

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.