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

Elastic (NYSE:ESTC) was downgraded by 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 also recently weighed in on ESTC. Piper Sandler boosted their price target on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Stifel Nicolaus upped their target price on Elastic from $98.00 to $132.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Morgan Stanley assumed coverage on Elastic in a research note on Tuesday. They set an “overweight” rating and a $130.00 target price for the company. TD Cowen reduced their price target on shares of Elastic from $110.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 30th. Finally, Bank of America boosted their price objective on Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Six investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Elastic has a consensus rating of “Moderate Buy” and a consensus price target of $126.50.

Elastic Stock Down 0.2 %

Elastic stock opened at $103.71 on Wednesday. The company has a 50 day moving average of $93.37 and a 200-day moving average of $97.37. The stock has a market capitalization of $10.75 billion, a PE ratio of 188.56 and a beta of 1.02. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06.

Insider Buying and Selling at Elastic

In related news, CEO Ashutosh Kulkarni sold 7,017 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the completion of the sale, the chief executive officer now owns 395,326 shares of the company’s stock, valued at $42,742,647.12. This represents a 1.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Carolyn Herzog sold 11,145 shares of Elastic stock in a transaction dated 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 transaction, the insider now directly owns 92,011 shares in the company, valued at approximately $10,244,504.74. The trade was a 10.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 168,162 shares of company stock worth $18,637,562 in the last 90 days. 15.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Elastic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Blueshift Asset Management LLC acquired a new position in shares of Elastic in the 3rd quarter valued at $585,000. Charles Schwab Investment Management Inc. raised its position in shares of Elastic by 2.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 545,870 shares of the company’s stock worth $41,901,000 after acquiring an additional 14,590 shares during the last quarter. Fifth Third Wealth Advisors LLC acquired a new position in Elastic during the 3rd quarter valued at about $1,262,000. WD Rutherford LLC bought a new position in Elastic in the second quarter valued at approximately $422,000. Finally, Daventry Group LP grew its stake in shares of Elastic by 8.6% during the second quarter. Daventry Group LP now owns 316,975 shares of the company’s stock worth $36,107,000 after purchasing an additional 25,008 shares during the period. 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.