Elastic (NYSE:ESTC) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Elastic (NYSE:ESTC) from a hold rating to a sell rating in a research note released on Tuesday morning, Zacks.com reports.

According to Zacks, “Elastic N.V. is a search company. It primarily provides Elastic Stack, a set of software products which ingest and store data from various sources and formats, as well as performs search, analysis and visualization. Elastic N.V. is based in Mountain View, California. “

Several other research analysts have also recently weighed in on the company. Rosenblatt Securities raised their target price on Elastic from $175.00 to $180.00 and gave the company a buy rating in a research note on Thursday, June 3rd. Monness Crespi & Hardt raised their target price on Elastic from $200.00 to $212.00 and gave the company a buy rating in a research note on Thursday, June 3rd. Jefferies Financial Group raised their target price on Elastic from $135.00 to $150.00 and gave the company a buy rating in a research note on Thursday, June 3rd. Royal Bank of Canada raised their target price on Elastic from $183.00 to $194.00 and gave the company an outperform rating in a research note on Thursday, June 3rd. Finally, Bank of America began coverage on Elastic in a report on Thursday, May 27th. They set a buy rating and a $145.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and fifteen have given a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $169.26.

NYSE:ESTC opened at $135.09 on Tuesday. Elastic has a 1 year low of $78.00 and a 1 year high of $176.49. The company has a market capitalization of $12.13 billion, a PE ratio of -91.28 and a beta of 1.06. The stock has a fifty day simple moving average of $119.63.

Elastic (NYSE:ESTC) last released its quarterly earnings results on Tuesday, June 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.08. Elastic had a negative return on equity of 23.24% and a negative net margin of 21.27%. The company had revenue of $177.60 million during the quarter, compared to analysts’ expectations of $158.87 million. During the same quarter in the prior year, the business posted ($0.12) earnings per share. The company’s revenue for the quarter was up 43.7% compared to the same quarter last year. On average, research analysts expect that Elastic will post -1.67 earnings per share for the current fiscal year.

In other Elastic news, CFO Janesh Moorjani sold 840 shares of the firm’s stock in a transaction that occurred on Wednesday, June 9th. The stock was sold at an average price of $133.45, for a total value of $112,098.00. Following the sale, the chief financial officer now owns 36,270 shares of the company’s stock, valued at approximately $4,840,231.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Shay Banon sold 3,132 shares of the firm’s stock in a transaction that occurred on Wednesday, June 9th. The shares were sold at an average price of $133.45, for a total value of $417,965.40. Following the completion of the sale, the chief executive officer now directly owns 8,470,066 shares in the company, valued at approximately $1,130,330,307.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,880 shares of company stock worth $4,762,219. 25.20% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Advisory Services Network LLC grew its holdings in Elastic by 101.2% in the 1st quarter. Advisory Services Network LLC now owns 13,879 shares of the company’s stock valued at $1,544,000 after buying an additional 6,980 shares during the last quarter. 180 Wealth Advisors LLC acquired a new stake in Elastic in the 1st quarter valued at approximately $244,000. Axiom Investment Management LLC acquired a new stake in Elastic in the 1st quarter valued at approximately $222,000. Baker Tilly Wealth Management LLC lifted its position in shares of Elastic by 25.9% in the 1st quarter. Baker Tilly Wealth Management LLC now owns 2,301 shares of the company’s stock worth $256,000 after acquiring an additional 474 shares during the period. Finally, Melqart Asset Management UK Ltd bought a new stake in shares of Elastic in the 1st quarter worth approximately $3,236,000. 76.70% of the stock is currently owned by hedge funds and other institutional investors.

About Elastic

Elastic N.V., a search company, delivers technology that enables users to search through structured and unstructured data for a range of consumer and enterprise applications. It primarily offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as perform search, analysis, and visualization.

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