Morgan Stanley Cuts Elastic (NYSE:ESTC) Price Target to $120.00

Elastic (NYSE:ESTC) had its price objective cut by Morgan Stanley from $140.00 to $120.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

ESTC has been the topic of several other reports. Rosenblatt Securities restated a “buy” rating and set a $130.00 target price on shares of Elastic in a research report on Tuesday, February 25th. UBS Group upped their price objective on Elastic from $140.00 to $148.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Piper Sandler lifted their target price on Elastic from $130.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Wedbush downgraded Elastic from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Finally, DA Davidson lowered their price target on Elastic from $115.00 to $75.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Seven investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $127.48.

Elastic Trading Down 1.3 %

Shares of ESTC stock opened at $77.79 on Wednesday. The stock’s 50-day moving average price is $95.22 and its 200-day moving average price is $96.37. Elastic has a 12-month low of $69.00 and a 12-month high of $123.96. The stock has a market capitalization of $8.12 billion, a price-to-earnings ratio of 141.44 and a beta of 1.19. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70.

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

Insider Activity at Elastic

In related news, CRO Mark Eugene Dodds sold 2,755 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $90.77, for a total transaction of $250,071.35. Following the sale, the executive now directly owns 96,484 shares of the company’s stock, valued at $8,757,852.68. This trade represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Shay Banon sold 25,668 shares of the business’s stock in a transaction that occurred on Sunday, March 2nd. The stock was sold at an average price of $112.53, for a total transaction of $2,888,420.04. Following the transaction, the chief technology officer now owns 2,408,541 shares of the company’s stock, valued at $271,033,118.73. This trade represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 198,304 shares of company stock valued at $20,847,452 in the last ninety days. Corporate insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. acquired a new position in shares of Elastic in the 4th quarter valued at $25,000. SBI Securities Co. Ltd. acquired a new position in Elastic in the fourth quarter valued at $25,000. Fourth Dimension Wealth LLC purchased a new stake in shares of Elastic in the fourth quarter valued at about $26,000. Venturi Wealth Management LLC grew its stake in shares of Elastic by 793.3% in the 4th quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock valued at $27,000 after purchasing an additional 238 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its stake in Elastic by 126.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock valued at $28,000 after buying an additional 158 shares during the period. 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.