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

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

A number of other equities analysts have also weighed in on ESTC. Morgan Stanley initiated coverage on shares of Elastic in a research report on Tuesday. They issued an “overweight” rating and a $130.00 price objective on the stock. DA Davidson boosted their price target on shares of Elastic from $75.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. TD Cowen cut their price target on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 30th. UBS Group lowered their price objective on Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Finally, Stifel Nicolaus increased their target price on Elastic from $98.00 to $132.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Six investment 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, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $126.50.

Elastic Stock Down 0.1 %

Elastic stock opened at $103.63 on Wednesday. The stock has a market capitalization of $10.74 billion, a price-to-earnings ratio of 188.42 and a beta of 1.02. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. The stock has a 50 day moving average of $93.80 and a two-hundred day moving average of $97.41. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06.

Insider Buying and Selling at Elastic

In other Elastic news, insider Carolyn Herzog sold 11,145 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $111.34, for a total transaction of $1,240,884.30. Following the sale, the insider now owns 92,011 shares in the company, valued at approximately $10,244,504.74. This represents a 10.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ashutosh Kulkarni sold 7,017 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was 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 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. In the last three months, insiders sold 168,162 shares of company stock worth $18,637,562. 15.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Elastic during the second quarter valued at approximately $277,000. WD Rutherford LLC acquired a new stake in shares of Elastic during the second quarter worth $422,000. Bank of New York Mellon Corp grew its position in shares of Elastic by 12.2% in the second quarter. Bank of New York Mellon Corp now owns 447,957 shares of the company’s stock valued at $51,027,000 after purchasing an additional 48,785 shares during the period. AlphaCentric Advisors LLC acquired a new position in Elastic in the second quarter valued at $40,000. Finally, Liontrust Investment Partners LLP purchased a new position in Elastic during the second quarter worth about $2,848,000. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

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.