Scotiabank Lowers Elastic (NYSE:ESTC) Price Target to $127.00

Elastic (NYSE:ESTC) had its price target lowered by stock analysts at Scotiabank from $135.00 to $127.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price target suggests a potential upside of 26.42% from the company’s current price.

A number of other equities analysts also recently commented on ESTC. Morgan Stanley began coverage on shares of Elastic in a research note on Tuesday, December 17th. They set an “overweight” rating and a $130.00 target price for the company. Jefferies Financial Group upped their price objective on Elastic from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. The Goldman Sachs Group boosted their target price on Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Robert W. Baird raised shares of Elastic from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $95.00 to $135.00 in a report on Friday, November 22nd. Finally, Cantor Fitzgerald assumed coverage on shares of Elastic in a research report on Friday. They issued a “neutral” rating and a $108.00 target price on the stock. Seven analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $125.35.

Elastic Stock Up 0.1 %

Shares of Elastic stock traded up $0.07 on Tuesday, reaching $100.46. 530,574 shares of the company were exchanged, compared to its average volume of 1,131,463. The stock’s 50 day moving average price is $101.86 and its 200-day moving average price is $95.49. The company has a market cap of $10.41 billion, a P/E ratio of 182.73 and a beta of 1.06. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. 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 Activity at Elastic

In related news, CTO Shay Banon sold 150,000 shares of the stock in a transaction on 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 directly owns 2,604,978 shares of the company’s stock, valued at approximately $288,944,159.76. This trade represents a 5.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ashutosh Kulkarni sold 7,017 shares of the firm’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 transaction, the chief executive officer now directly owns 395,326 shares in the company, valued at $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. In the last quarter, insiders sold 168,162 shares of company stock valued at $18,637,562. 15.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Geneos Wealth Management Inc. acquired a new position in Elastic during the 4th quarter valued at approximately $25,000. Quarry LP bought a new position in shares of Elastic during the second quarter worth about $40,000. FNY Investment Advisers LLC increased its holdings in shares of Elastic by 87.3% in the 4th quarter. FNY Investment Advisers LLC now owns 749 shares of the company’s stock worth $74,000 after acquiring an additional 349 shares during the period. Eastern Bank bought a new stake in Elastic in the 3rd quarter valued at about $61,000. Finally, Janney Montgomery Scott LLC acquired a new position in Elastic during the 4th quarter valued at about $202,000. Institutional investors and hedge funds 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.