Elastic (NYSE:ESTC) Hits New 12-Month Low on Analyst Downgrade

Shares of Elastic N.V. (NYSE:ESTC) reached a new 52-week low during mid-day trading on Monday after Citigroup lowered their price target on the stock from $115.00 to $95.00. Citigroup currently has a buy rating on the stock. Elastic traded as low as $54.76 and last traded at $55.4650, with a volume of 353614 shares trading hands. The stock had previously closed at $58.12.

ESTC has been the topic of several other reports. UBS Group cut their target price on shares of Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, November 21st. Scotiabank dropped their price target on Elastic from $90.00 to $76.00 and set a “sector perform” rating on the stock in a research report on Friday, November 21st. Jefferies Financial Group decreased their price objective on Elastic from $105.00 to $95.00 and set a “buy” rating for the company in a research report on Monday, January 5th. Morgan Stanley set a $80.00 target price on Elastic in a research note on Thursday. Finally, Canaccord Genuity Group reduced their price target on shares of Elastic from $120.00 to $115.00 and set a “buy” rating for the company in a research report on Friday, November 21st. Seventeen equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $102.17.

Insiders Place Their Bets

In other news, CFO Navam Welihinda sold 1,046 shares of the stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $74.51, for a total transaction of $77,937.46. Following the transaction, the chief financial officer owned 123,874 shares in the company, valued at $9,229,851.74. This represents a 0.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Shay Banon sold 4,552 shares of the firm’s stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $75.05, for a total transaction of $341,627.60. Following the transaction, the chief technology officer owned 4,359,228 shares in the company, valued at $327,160,061.40. This represents a 0.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 61,828 shares of company stock worth $4,641,010 in the last quarter. Corporate insiders own 12.70% of the company’s stock.

Institutional Trading of Elastic

Institutional investors and hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC raised its stake in shares of Elastic by 153.4% in the 4th quarter. AQR Capital Management LLC now owns 7,545,081 shares of the company’s stock valued at $569,201,000 after acquiring an additional 4,567,720 shares in the last quarter. FIL Ltd grew its holdings in Elastic by 36.9% during the fourth quarter. FIL Ltd now owns 3,628,748 shares of the company’s stock valued at $273,753,000 after purchasing an additional 977,578 shares during the last quarter. Alyeska Investment Group L.P. raised its position in shares of Elastic by 490.4% in the third quarter. Alyeska Investment Group L.P. now owns 1,113,503 shares of the company’s stock valued at $94,080,000 after purchasing an additional 924,911 shares during the period. Vanguard Group Inc. lifted its stake in shares of Elastic by 7.4% in the third quarter. Vanguard Group Inc. now owns 10,206,204 shares of the company’s stock worth $862,322,000 after buying an additional 705,991 shares during the last quarter. Finally, Qube Research & Technologies Ltd boosted its holdings in shares of Elastic by 302.1% during the 2nd quarter. Qube Research & Technologies Ltd now owns 932,630 shares of the company’s stock worth $78,649,000 after buying an additional 700,697 shares during the period. Institutional investors and hedge funds own 97.03% of the company’s stock.

Elastic Stock Down 8.5%

The firm has a market capitalization of $5.60 billion, a price-to-earnings ratio of -51.64, a price-to-earnings-growth ratio of 236.42 and a beta of 0.93. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.97 and a current ratio of 1.97. The business’s 50 day moving average is $69.91 and its 200-day moving average is $78.35.

About Elastic

Elastic N.V. operates as a search and analytics company, offering a suite of open source and subscription-based solutions for search, observability and security use cases. Its flagship product, Elasticsearch, enables fast and scalable full-text search and analytics across large volumes of structured and unstructured data. Complementary tools such as Kibana provide visualization capabilities, while Beats and Logstash serve as lightweight data shippers and data processing pipelines, respectively.

The company was founded in 2012 by Shay Banon, who serves as chief technology officer, and Steven Schuurman.