Elastic (NYSE:ESTC) Stock Rating Lowered by Wall Street Zen

Elastic (NYSE:ESTC) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

ESTC has been the subject of a number of other research reports. Royal Bank Of Canada lifted their price objective on shares of Elastic from $106.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, August 29th. Cowen restated a “hold” rating on shares of Elastic in a research note on Friday, August 29th. Stifel Nicolaus increased their price target on Elastic from $112.00 to $134.00 and gave the stock a “buy” rating in a research report on Friday, August 29th. Mizuho boosted their price objective on Elastic from $100.00 to $119.00 and gave the company an “outperform” rating in a research report on Friday, August 29th. Finally, Piper Sandler increased their target price on Elastic from $120.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, August 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $118.80.

Elastic Price Performance

Shares of NYSE ESTC opened at $85.69 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.09 and a quick ratio of 2.09. The stock has a market capitalization of $9.11 billion, a price-to-earnings ratio of -107.11 and a beta of 1.05. The firm’s 50 day simple moving average is $83.67 and its 200-day simple moving average is $85.02. Elastic has a 12 month low of $70.14 and a 12 month high of $118.84.

Insider Transactions at Elastic

In related news, insider Ken Exner sold 6,290 shares of the company’s stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $90.12, for a total transaction of $566,854.80. Following the completion of the sale, the insider owned 233,582 shares of the company’s stock, valued at approximately $21,050,409.84. This represents a 2.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ashutosh Kulkarni sold 19,622 shares of the company’s stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $90.12, for a total value of $1,768,334.64. Following the completion of the sale, the chief executive officer owned 457,314 shares of the company’s stock, valued at $41,213,137.68. This trade represents a 4.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 349,536 shares of company stock valued at $30,872,136. Company insiders own 12.70% of the company’s stock.

Hedge Funds Weigh In On Elastic

Several institutional investors and hedge funds have recently bought and sold shares of ESTC. Cloud Capital Management LLC acquired a new stake in shares of Elastic during the 1st quarter worth approximately $25,000. Signaturefd LLC grew its position in Elastic by 53.7% in the first quarter. Signaturefd LLC now owns 335 shares of the company’s stock worth $30,000 after acquiring an additional 117 shares during the period. Geneos Wealth Management Inc. acquired a new stake in Elastic during the second quarter worth $31,000. North Capital Inc. purchased a new stake in Elastic in the first quarter valued at $37,000. Finally, Smartleaf Asset Management LLC lifted its stake in shares of Elastic by 53.7% in the 1st quarter. Smartleaf Asset Management LLC now owns 435 shares of the company’s stock valued at $40,000 after purchasing an additional 152 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.