Elastic (NYSE:ESTC) Shares Gap Down to $73.34

Elastic (NYSE:ESTC) shares gapped down before the market opened on Thursday . The stock had previously closed at $73.34, but opened at $71.35. Elastic shares last traded at $71.75, with a volume of 278,429 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ESTC. UBS Group decreased their target price on Elastic from $135.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Rosenblatt Securities restated a “buy” rating and issued a $136.00 price objective on shares of Elastic in a research note on Tuesday, August 27th. Scotiabank cut their target price on shares of Elastic from $135.00 to $92.00 and set a “sector outperform” rating for the company in a research report on Friday, August 30th. Barclays reduced their target price on shares of Elastic from $117.00 to $106.00 and set an “equal weight” rating for the company in a research note on Friday, August 30th. Finally, Bank of America cut shares of Elastic from a “buy” rating to a “neutral” rating and dropped their price target for the company from $140.00 to $94.00 in a research note on Friday, August 30th. Nine equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $104.45.

Elastic Stock Down 3.3 %

The company has a market capitalization of $7.13 billion, a P/E ratio of 132.34 and a beta of 0.94. The company has a 50-day moving average of $105.88 and a two-hundred day moving average of $106.54. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.77.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $344.67 million. During the same quarter in the previous year, the firm posted ($0.35) earnings per share. Elastic’s quarterly revenue was up 18.3% on a year-over-year basis. On average, research analysts predict that Elastic will post -1.12 EPS for the current year.

Insider Activity at Elastic

In other news, CEO Ashutosh Kulkarni sold 18,819 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $109.90, for a total transaction of $2,068,208.10. Following the transaction, the chief executive officer now directly owns 461,961 shares of the company’s stock, valued at $50,769,513.90. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CRO Mark Eugene Dodds sold 2,281 shares of Elastic stock in a transaction on Monday, June 10th. The stock was sold at an average price of $109.90, for a total value of $250,681.90. Following the completion of the sale, the executive now owns 106,344 shares of the company’s stock, valued at $11,687,205.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ashutosh Kulkarni sold 18,819 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $109.90, for a total value of $2,068,208.10. Following the completion of the transaction, the chief executive officer now directly owns 461,961 shares in the company, valued at approximately $50,769,513.90. The disclosure for this sale can be found here. Insiders sold 351,855 shares of company stock valued at $38,243,644 over the last 90 days. Corporate insiders own 18.10% of the company’s stock.

Institutional Investors Weigh In On Elastic

Hedge funds and other institutional investors have recently modified their holdings of the stock. Nordea Investment Management AB bought a new position in shares of Elastic in the first quarter worth approximately $3,104,000. Toronto Dominion Bank bought a new position in Elastic in the 1st quarter worth $5,780,000. Quantbot Technologies LP increased its stake in Elastic by 165.2% in the 1st quarter. Quantbot Technologies LP now owns 12,921 shares of the company’s stock worth $1,295,000 after buying an additional 8,048 shares in the last quarter. CenterBook Partners LP raised its holdings in Elastic by 13.1% during the fourth quarter. CenterBook Partners LP now owns 27,985 shares of the company’s stock valued at $3,154,000 after acquiring an additional 3,245 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Elastic by 737.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 17,617 shares of the company’s stock valued at $1,766,000 after acquiring an additional 15,514 shares in the last quarter. 97.03% of the stock is currently owned by hedge funds and other 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.