Elastic (NYSE:ESTC) Rating Lowered to Hold at Wall Street Zen

Key Points

• Elastic's rating has been downgraded from a "buy" to a "hold" by Wall Street Zen, indicating a cautious outlook for the stock.
• Despite the downgrade, other analysts maintain a positive stance, with Canaccord Genuity and Royal Bank of Canada raising their target prices and giving "buy" or "outperform" ratings.
• Elastic shares recently traded at $85.69, with a 52-week price range between $70.14 and $118.84, and have a consensus rating of "Moderate Buy."

Elastic (NYSE:ESTC - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Friday.

Other analysts have also recently issued reports about the stock. Canaccord Genuity Group raised their target price on shares of Elastic from $110.00 to $120.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Scotiabank reissued an "outperform" rating on shares of Elastic in a research note on Friday, August 29th. Royal Bank Of Canada lifted their target price on Elastic from $106.00 to $125.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. Guggenheim upped their target price on Elastic from $107.00 to $122.00 and gave the company a "buy" rating in a report on Friday, August 29th. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of Elastic in a research report on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $118.80.

Elastic Price Performance

Shares of NYSE:ESTC traded down $1.89 during trading hours on Friday, hitting $85.69. 1,107,858 shares of the company's stock traded hands, compared to its average volume of 1,685,344. The company's fifty day simple moving average is $83.67 and its two-hundred day simple moving average is $85.10. The company has a market cap of $9.11 billion, a price-to-earnings ratio of -107.11 and a beta of 1.05. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.09 and a current ratio of 2.09. Elastic has a 52 week low of $70.14 and a 52 week high of $118.84.

Insider Buying and Selling at Elastic

In other news, CFO Navam Welihinda sold 3,489 shares of Elastic stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total transaction of $314,428.68. Following the completion of the sale, the chief financial officer directly owned 130,436 shares in the company, valued at $11,754,892.32. The trade was a 2.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Carolyn Herzog sold 5,143 shares of the business'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 $463,487.16. Following the completion of the sale, the insider directly owned 94,677 shares of the company's stock, valued at approximately $8,532,291.24. The trade was a 5.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold 349,536 shares of company stock valued at $30,872,136 in the last quarter. Corporate insiders own 12.70% of the company's stock.

Hedge Funds Weigh In On Elastic

Several institutional investors have recently bought and sold shares of ESTC. Massachusetts Financial Services Co. MA boosted its stake in shares of Elastic by 5,437.6% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company's stock worth $203,872,000 after acquiring an additional 2,246,808 shares in the last quarter. AQR Capital Management LLC boosted its position in Elastic by 30.5% during the second quarter. AQR Capital Management LLC now owns 1,832,215 shares of the company's stock worth $153,100,000 after purchasing an additional 428,356 shares during the period. State Street Corp grew its holdings in Elastic by 4.0% during the second quarter. State Street Corp now owns 1,574,525 shares of the company's stock valued at $132,780,000 after purchasing an additional 59,850 shares during the last quarter. Geode Capital Management LLC grew its holdings in Elastic by 3.6% during the second quarter. Geode Capital Management LLC now owns 1,569,578 shares of the company's stock valued at $132,384,000 after purchasing an additional 54,812 shares during the last quarter. Finally, Optimus Prime Fund Management Co. Ltd. raised its position in shares of Elastic by 4.7% in the second quarter. Optimus Prime Fund Management Co. Ltd. now owns 1,224,200 shares of the company's stock valued at $103,237,000 after purchasing an additional 55,000 shares during the period. 97.03% of the stock is currently owned by institutional investors.

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.

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