Elastic (NYSE:ESTC) Stock Price Down 8.3% – Here’s What Happened

Elastic N.V. (NYSE:ESTC) was down 8.3% during mid-day trading on Thursday . The stock traded as low as $54.10 and last traded at $53.8390. Approximately 232,199 shares were traded during trading, a decline of 89% from the average session volume of 2,075,375 shares. The stock had previously closed at $58.71.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Wells Fargo & Company decreased their price objective on Elastic from $75.00 to $60.00 and set an “equal weight” rating for the company in a report on Friday, February 27th. JPMorgan Chase & Co. cut their target price on Elastic from $99.00 to $80.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 27th. Piper Sandler reduced their price target on Elastic from $110.00 to $85.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. Oppenheimer lowered their price target on Elastic from $85.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, May 29th. Finally, Weiss Ratings upgraded shares of Elastic from a “sell (e+)” rating to a “sell (d+)” rating in a research note on Tuesday, June 9th. Eighteen research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.04.

Elastic Stock Performance

The stock has a market cap of $5.58 billion, a P/E ratio of 15.33, a PEG ratio of 15.16 and a beta of 1.00. The company has a fifty day moving average of $54.62 and a 200 day moving average of $60.36. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.68 and a quick ratio of 1.68.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Thursday, May 28th. The company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. Elastic had a negative return on equity of 1.82% and a net margin of 21.14%.The firm had revenue of $450.68 million during the quarter, compared to analyst estimates of $446.66 million. During the same period last year, the company posted $0.47 EPS. The firm’s quarterly revenue was up 16.0% on a year-over-year basis. Elastic has set its FY 2027 guidance at 3.210-3.290 EPS and its Q1 2027 guidance at 0.570-0.590 EPS. On average, equities analysts predict that Elastic N.V. will post 0.23 earnings per share for the current fiscal year.

Insider Buying and Selling at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 40,373 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $60.61, for a total value of $2,447,007.53. Following the completion of the sale, the chief executive officer directly owned 628,752 shares of the company’s stock, valued at approximately $38,108,658.72. This represents a 6.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Mark Eugene Dodds sold 18,439 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $60.61, for a total transaction of $1,117,587.79. Following the transaction, the executive owned 298,211 shares of the company’s stock, valued at approximately $18,074,568.71. This trade represents a 5.82% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 110,099 shares of company stock valued at $6,673,100. Corporate insiders own 12.70% of the company’s stock.

Institutional Trading of Elastic

Large investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC grew its position in Elastic by 153.4% in the fourth quarter. AQR Capital Management LLC now owns 7,545,081 shares of the company’s stock worth $569,201,000 after buying an additional 4,567,720 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of Elastic by 516.1% during the 1st quarter. First Trust Advisors LP now owns 2,627,636 shares of the company’s stock worth $131,356,000 after acquiring an additional 2,201,140 shares in the last quarter. Pictet Asset Management Holding SA boosted its stake in shares of Elastic by 43.2% during the 1st quarter. Pictet Asset Management Holding SA now owns 6,492,717 shares of the company’s stock worth $324,550,000 after acquiring an additional 1,958,219 shares in the last quarter. FIL Ltd grew its holdings in shares of Elastic by 36.9% in the 4th quarter. FIL Ltd now owns 3,628,748 shares of the company’s stock worth $273,753,000 after acquiring an additional 977,578 shares during the last quarter. Finally, Alyeska Investment Group L.P. raised its position in shares of Elastic by 490.4% during the third quarter. Alyeska Investment Group L.P. now owns 1,113,503 shares of the company’s stock worth $94,080,000 after purchasing an additional 924,911 shares during the period. 97.03% of the stock is currently owned by institutional investors.

Elastic Company Profile

Elastic N.V. operates as a search and analytics company, offering a suite of open source and subscription-based solutions for search, observability and security use cases. Its flagship product, Elasticsearch, enables fast and scalable full-text search and analytics across large volumes of structured and unstructured data. Complementary tools such as Kibana provide visualization capabilities, while Beats and Logstash serve as lightweight data shippers and data processing pipelines, respectively.

The company was founded in 2012 by Shay Banon, who serves as chief technology officer, and Steven Schuurman.