Elastic (NYSE:ESTC) Cut to Hold at Zacks Research

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

ESTC has been the subject of a number of other reports. Stifel Nicolaus cut their target price on shares of Elastic from $140.00 to $112.00 and set a “buy” rating for the company in a report on Friday, May 30th. Wall Street Zen raised shares of Elastic from a “hold” rating to a “buy” rating in a report on Friday, May 30th. Rosenblatt Securities cut their target price on shares of Elastic from $140.00 to $130.00 and set a “buy” rating for the company in a report on Friday, May 30th. KeyCorp assumed coverage on shares of Elastic in a research note on Tuesday, June 10th. They set a “sector weight” rating for the company. Finally, Cantor Fitzgerald dropped their price objective on shares of Elastic from $109.00 to $92.00 and set a “neutral” rating for the company in a research note on Friday, May 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, Elastic has a consensus rating of “Moderate Buy” and a consensus target price of $110.60.

Elastic Trading Up 5.7%

ESTC stock opened at $88.08 on Tuesday. The firm has a fifty day moving average price of $82.67 and a 200 day moving average price of $88.29. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $118.84. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.92 and a current ratio of 1.92. The firm has a market cap of $9.30 billion, a PE ratio of -83.88 and a beta of 1.07.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, May 29th. The company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.10. Elastic had a negative net margin of 7.29% and a negative return on equity of 4.46%. The firm had revenue of $388.43 million during the quarter, compared to analyst estimates of $380.61 million. During the same period last year, the firm posted $0.21 earnings per share. Elastic’s revenue for the quarter was up 15.9% compared to the same quarter last year. Sell-side analysts anticipate that Elastic will post -0.77 earnings per share for the current fiscal year.

Insider Activity

In other news, CRO Mark Eugene Dodds sold 2,500 shares of the business’s stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $83.50, for a total transaction of $208,750.00. Following the completion of the sale, the executive directly owned 172,321 shares of the company’s stock, valued at approximately $14,388,803.50. The trade was a 1.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ashutosh Kulkarni sold 22,901 shares of the business’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $86.91, for a total transaction of $1,990,325.91. Following the sale, the chief executive officer directly owned 454,841 shares of the company’s stock, valued at $39,530,231.31. This represents a 4.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 50,913 shares of company stock valued at $4,416,324. Insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

Large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its stake in shares of Elastic by 4.6% during the first quarter. Bank of New York Mellon Corp now owns 504,823 shares of the company’s stock valued at $44,980,000 after purchasing an additional 22,005 shares during the period. Cetera Investment Advisers raised its holdings in shares of Elastic by 13.3% in the fourth quarter. Cetera Investment Advisers now owns 7,203 shares of the company’s stock valued at $714,000 after acquiring an additional 843 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in shares of Elastic in the first quarter valued at about $205,000. Teacher Retirement System of Texas raised its holdings in shares of Elastic by 26.6% in the first quarter. Teacher Retirement System of Texas now owns 18,130 shares of the company’s stock valued at $1,615,000 after acquiring an additional 3,813 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Elastic by 666.7% in the first quarter. Principal Financial Group Inc. now owns 55,959 shares of the company’s stock valued at $4,986,000 after acquiring an additional 48,660 shares in the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

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.