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

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 released on Thursday.

ESTC has been the topic of a number of other reports. Robert W. Baird upped their price objective on Elastic from $135.00 to $140.00 and gave the company an "outperform" rating in a report on Friday, February 28th. Piper Sandler boosted their target price on shares of Elastic from $130.00 to $135.00 and gave the company an "overweight" rating in a research report on Friday, February 28th. TD Securities lowered their price target on shares of Elastic from $125.00 to $105.00 and set a "hold" rating on the stock in a research report on Wednesday. Barclays dropped their price objective on shares of Elastic from $138.00 to $124.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. Finally, Canaccord Genuity Group boosted their price objective on shares of Elastic from $130.00 to $135.00 and gave the company a "buy" rating in a report on Friday, February 28th. Nine equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Elastic currently has an average rating of "Moderate Buy" and an average price target of $125.96.

Elastic Stock Performance

Shares of ESTC stock traded up $2.20 during midday trading on Thursday, hitting $92.85. 352,774 shares of the company were exchanged, compared to its average volume of 1,574,015. Elastic has a 52 week low of $69.00 and a 52 week high of $123.96. The firm has a market capitalization of $9.69 billion, a P/E ratio of 168.81 and a beta of 1.20. The firm's 50 day moving average price is $86.40 and its two-hundred day moving average price is $97.38. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99.

Elastic (NYSE:ESTC - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.48). Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The company had revenue of $382.08 million for the quarter, compared to analyst estimates of $368.85 million. As a group, equities research analysts anticipate that Elastic will post -0.77 earnings per share for the current year.

Insider Activity

In related news, CEO Ashutosh Kulkarni sold 18,735 shares of the business's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $90.77, for a total value of $1,700,575.95. Following the sale, the chief executive officer now owns 376,591 shares of the company's stock, valued at $34,183,165.07. The trade was a 4.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Shay Banon sold 140,129 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $106.68, for a total value of $14,948,961.72. Following the completion of the sale, the chief technology officer now owns 2,254,978 shares in the company, valued at $240,561,053.04. This trade represents a 5.85% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 198,304 shares of company stock worth $20,847,452. Corporate insiders own 15.90% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ESTC. Massachusetts Financial Services Co. MA increased its position in shares of Elastic by 5,437.6% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company's stock worth $203,872,000 after buying an additional 2,246,808 shares during the period. Sylebra Capital LLC boosted its position in shares of Elastic by 62.6% during the 4th quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company's stock valued at $451,950,000 after purchasing an additional 1,756,842 shares in the last quarter. AQR Capital Management LLC grew its stake in Elastic by 6,651.3% during the first quarter. AQR Capital Management LLC now owns 1,403,859 shares of the company's stock worth $122,978,000 after purchasing an additional 1,383,065 shares during the period. Norges Bank bought a new stake in Elastic in the fourth quarter worth approximately $102,485,000. Finally, Driehaus Capital Management LLC increased its holdings in Elastic by 1,450.8% in the first quarter. Driehaus Capital Management LLC now owns 880,454 shares of the company's stock worth $78,448,000 after purchasing an additional 823,680 shares in the last quarter. Institutional investors own 97.03% of the company's stock.

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.

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