Elastic (NYSE:ESTC) Downgraded by Wedbush to “Hold”

Elastic (NYSE:ESTC) was downgraded by analysts at Wedbush from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

ESTC has been the topic of several other reports. Piper Sandler increased their target price on Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a research report on Friday, November 22nd. Jefferies Financial Group upped their target price on Elastic from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Robert W. Baird upgraded Elastic from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $95.00 to $135.00 in a research note on Friday, November 22nd. Canaccord Genuity Group increased their target price on shares of Elastic from $110.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Finally, Morgan Stanley started coverage on shares of Elastic in a report on Tuesday. They set an “overweight” rating and a $130.00 price target for the company. Six analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $126.50.

Elastic Stock Down 0.2 %

Elastic stock opened at $103.71 on Wednesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. The stock’s fifty day moving average is $93.37 and its two-hundred day moving average is $97.37. Elastic has a fifty-two week low of $69.00 and a fifty-two week high of $136.06. The firm has a market capitalization of $10.75 billion, a price-to-earnings ratio of 188.56 and a beta of 1.02.

Insider Activity

In other news, CEO Ashutosh Kulkarni sold 7,017 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total transaction of $758,678.04. Following the transaction, the chief executive officer now directly owns 395,326 shares of the company’s stock, valued at $42,742,647.12. This represents a 1.74 % 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, insider Carolyn Herzog sold 11,145 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $111.34, for a total value of $1,240,884.30. Following the completion of the transaction, the insider now owns 92,011 shares in the company, valued at $10,244,504.74. The trade was a 10.80 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 168,162 shares of company stock valued at $18,637,562. 15.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Elastic

Several institutional investors have recently added to or reduced their stakes in the business. Asset Dedication LLC lifted its holdings in Elastic by 1,333.3% in the second quarter. Asset Dedication LLC now owns 301 shares of the company’s stock worth $34,000 after buying an additional 280 shares during the period. AlphaCentric Advisors LLC purchased a new stake in Elastic in the second quarter worth approximately $40,000. Quarry LP bought a new position in Elastic in the second quarter valued at about $40,000. Signaturefd LLC raised its position in Elastic by 44.1% in the second quarter. Signaturefd LLC now owns 389 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the period. Finally, Eastern Bank purchased a new position in shares of Elastic during the 3rd quarter valued at about $61,000. 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.