Elastic (NYSE:ESTC) Upgraded at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Elastic (NYSE:ESTC) to a hold rating in a report published on Tuesday,Zacks.com reports.

A number of other equities analysts also recently issued reports on ESTC. Cantor Fitzgerald reiterated a “neutral” rating on shares of Elastic in a research report on Friday, August 29th. DA Davidson started coverage on Elastic in a report on Friday, August 29th. They issued a “neutral” rating and a $105.00 price objective on the stock. Mizuho increased their target price on Elastic from $100.00 to $119.00 and gave the company an “outperform” rating in a report on Friday, August 29th. Oppenheimer reiterated an “outperform” rating on shares of Elastic in a research report on Friday, August 29th. Finally, Monness Crespi & Hardt increased their price objective on Elastic from $111.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, August 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $118.80.

Elastic Stock Performance

ESTC opened at $87.61 on Tuesday. The firm has a fifty day moving average price of $83.75 and a 200 day moving average price of $85.15. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.09 and a quick ratio of 2.09. Elastic has a 1 year low of $70.14 and a 1 year high of $118.84. The stock has a market cap of $9.31 billion, a P/E ratio of -109.52 and a beta of 1.05.

Insider Activity

In other Elastic news, CEO Ashutosh Kulkarni sold 19,622 shares of the business’s stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total value of $1,768,334.64. Following the sale, the chief executive officer owned 457,314 shares of the company’s stock, valued at $41,213,137.68. The trade was a 4.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO Mark Eugene Dodds sold 5,037 shares of the company’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total value of $453,934.44. Following the transaction, the executive owned 167,284 shares in the company, valued at $15,075,634.08. This trade represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 349,536 shares of company stock worth $30,872,136 in the last three months. 12.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Elastic

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cloud Capital Management LLC acquired a new stake in shares of Elastic during the first quarter worth about $25,000. Signaturefd LLC grew its holdings in shares of Elastic by 53.7% in the first quarter. Signaturefd LLC now owns 335 shares of the company’s stock valued at $30,000 after purchasing an additional 117 shares in the last quarter. Geneos Wealth Management Inc. purchased a new stake in Elastic during the 2nd quarter worth approximately $31,000. North Capital Inc. acquired a new stake in Elastic during the 1st quarter worth approximately $37,000. Finally, Huntington National Bank boosted its position in Elastic by 97.5% in the 2nd quarter. Huntington National Bank now owns 468 shares of the company’s stock valued at $39,000 after buying an additional 231 shares during the period. 97.03% of the stock is currently 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.