Elastic (NYSE:ESTC) Lowered to “Hold” Rating by Wedbush

Elastic (NYSE:ESTC) was downgraded by equities research analysts at Wedbush from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other brokerages have also weighed in on ESTC. Truist Financial raised their target price on shares of Elastic from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Baird R W upgraded Elastic from a “hold” rating to a “strong-buy” rating in a report on Friday, November 22nd. Canaccord Genuity Group increased their price objective on Elastic from $110.00 to $130.00 and gave the company a “buy” rating in a report on Friday, November 22nd. The Goldman Sachs Group increased their price objective on shares of Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Finally, Robert W. Baird raised Elastic from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $95.00 to $135.00 in a research note on Friday, November 22nd. Six analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $126.50.

Elastic Trading Down 0.2 %

Shares of Elastic stock opened at $103.71 on Wednesday. The business has a fifty day simple moving average of $93.37 and a two-hundred day simple moving average of $97.37. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The company has a market capitalization of $10.75 billion, a price-to-earnings ratio of 188.56 and a beta of 1.02. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99.

Insider Transactions at Elastic

In other news, CTO Shay Banon sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $110.92, for a total value of $16,638,000.00. Following the transaction, the chief technology officer now owns 2,604,978 shares of the company’s stock, valued at $288,944,159.76. This trade represents a 5.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ashutosh Kulkarni sold 7,017 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the transaction, the chief executive officer now owns 395,326 shares of the company’s stock, valued at approximately $42,742,647.12. This trade represents a 1.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 168,162 shares of company stock worth $18,637,562 in the last ninety days. Insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ESTC. Asset Dedication LLC boosted its stake in Elastic by 1,333.3% in the 2nd quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after purchasing an additional 280 shares during the period. AlphaCentric Advisors LLC purchased a new position in Elastic during the second quarter valued at $40,000. Quarry LP bought a new stake in Elastic in the 2nd quarter valued at $40,000. Signaturefd LLC lifted its stake in Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares in the last quarter. Finally, Headlands Technologies LLC boosted its holdings in shares of Elastic by 75.4% during the 2nd quarter. Headlands Technologies LLC now owns 628 shares of the company’s stock valued at $72,000 after purchasing an additional 270 shares during the last quarter. Institutional investors 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.