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

Wedbush downgraded shares of Elastic (NYSE:ESTC) from a strong-buy rating to a hold rating in a research report report published on Wednesday,Zacks.com reports.

ESTC has been the topic of several other research reports. Barclays lifted their price target on Elastic from $105.00 to $138.00 and gave the stock an “overweight” rating in a research report on Monday, November 25th. Citigroup raised their price objective on shares of Elastic from $136.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. The Goldman Sachs Group upped their price objective on Elastic from $99.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Needham & Company LLC restated a “hold” rating on shares of Elastic in a research note on Friday, November 22nd. Finally, Royal Bank of Canada raised their target price on shares of Elastic from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Six investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $126.50.

Elastic Stock Performance

Shares of Elastic stock opened at $103.71 on Wednesday. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. The firm’s 50 day moving average is $93.37 and its two-hundred day moving average is $97.37. The firm has a market capitalization of $10.75 billion, a P/E ratio of 188.56 and a beta of 1.02. Elastic has a 52 week low of $69.00 and a 52 week high of $136.06.

Insider Activity at Elastic

In other news, insider Carolyn Herzog sold 11,145 shares of the business’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $111.34, for a total value of $1,240,884.30. Following the completion of the transaction, the insider now directly owns 92,011 shares of the company’s stock, valued at $10,244,504.74. The trade was a 10.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Ashutosh Kulkarni sold 7,017 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 395,326 shares in the company, valued at approximately $42,742,647.12. The trade was a 1.74 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 168,162 shares of company stock valued at $18,637,562. Insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

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