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

Elastic (NYSE:ESTC)’s stock price gapped down prior to trading 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.

Wall Street Analysts Forecast Growth

Several analysts have commented on ESTC shares. Oppenheimer lowered their target price on shares of Elastic from $150.00 to $125.00 and set an “outperform” rating for the company in a research note on Friday, August 30th. Needham & Company LLC reiterated a “hold” rating on shares of Elastic in a research report on Friday, August 30th. Baird R W cut Elastic from a “strong-buy” rating to a “hold” rating in a report on Friday, August 30th. Royal Bank of Canada dropped their price objective on shares of Elastic from $135.00 to $110.00 and set an “outperform” rating for the company in a research note on Friday, August 30th. Finally, Truist Financial decreased their target price on shares of Elastic from $140.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, August 30th. Nine investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $104.45.

Elastic Trading Down 0.8 %

The company has a debt-to-equity ratio of 0.77, a current ratio of 1.76 and a quick ratio of 1.76. The firm’s fifty day moving average price is $107.60 and its 200-day moving average price is $107.20. The company has a market cap of $7.40 billion, a price-to-earnings ratio of 138.38 and a beta of 0.94.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, August 29th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.25 by $0.10. The firm had revenue of $347.42 million during the quarter, compared to analysts’ expectations of $344.67 million. Elastic had a net margin of 4.62% and a negative return on equity of 18.41%. Elastic’s quarterly revenue was up 18.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.35) EPS. On average, equities analysts expect that Elastic will post -1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CRO Mark Eugene Dodds sold 3,457 shares of Elastic stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $110.78, for a total transaction of $382,966.46. Following the sale, the executive now directly owns 82,498 shares in the company, valued at $9,139,128.44. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Paul R. Auvil III acquired 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average price of $74.25 per share, for a total transaction of $1,485,000.00. Following the completion of the acquisition, the director now owns 22,627 shares of the company’s stock, valued at approximately $1,680,054.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Mark Eugene Dodds sold 3,457 shares of the stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $110.78, for a total value of $382,966.46. Following the transaction, the executive now owns 82,498 shares in the company, valued at approximately $9,139,128.44. The disclosure for this sale can be found here. In the last quarter, insiders sold 355,312 shares of company stock worth $38,626,610. 18.10% of the stock is owned by company insiders.

Institutional Trading of Elastic

Several institutional investors have recently modified their holdings of ESTC. Baillie Gifford & Co. grew its holdings in shares of Elastic by 30.8% in the 1st quarter. Baillie Gifford & Co. now owns 10,156,726 shares of the company’s stock valued at $1,018,110,000 after buying an additional 2,392,356 shares during the period. Vanguard Group Inc. grew its stake in shares of Elastic by 0.5% in the first quarter. Vanguard Group Inc. now owns 8,613,723 shares of the company’s stock valued at $863,440,000 after acquiring an additional 44,597 shares in the last quarter. 1832 Asset Management L.P. bought a new stake in shares of Elastic during the 2nd quarter worth approximately $248,335,000. Optimus Prime Fund Management Co. Ltd. lifted its stake in Elastic by 5.2% in the 4th quarter. Optimus Prime Fund Management Co. Ltd. now owns 1,004,000 shares of the company’s stock valued at $113,151,000 after purchasing an additional 50,000 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Elastic in the 2nd quarter valued at approximately $102,169,000. Institutional investors and hedge funds 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.