Elastic (NYSE:ESTC) Upgraded at Wells Fargo & Company

Key Points

• Elastic (NYSE:ESTC) received an analyst upgrade from Wells Fargo to a "hold" rating, following multiple assessments where other firms gave it buy ratings and raised their price targets.
• The stock currently has a consensus rating of "Moderate Buy" and an average price target of approximately $118.80.
• Insider trading activity shows that CTO Shay Banon sold over 104,000 shares recently, reflecting a decrease in ownership, while institutional investors hold 97.03% of the company’s stock.

Elastic (NYSE:ESTC - Get Free Report) was upgraded by analysts at Wells Fargo & Company to a "hold" rating in a report issued on Tuesday,Zacks.com reports.

ESTC has been the subject of several other research reports. Oppenheimer reissued an "outperform" rating on shares of Elastic in a report on Friday, August 29th. Canaccord Genuity Group upped their target price on Elastic from $110.00 to $120.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. Rosenblatt Securities reaffirmed a "buy" rating and set a $130.00 target price on shares of Elastic in a report on Friday, August 29th. Monness Crespi & Hardt lifted their price target on Elastic from $111.00 to $150.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Finally, Royal Bank Of Canada upped their price objective on Elastic from $106.00 to $125.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $118.80.

Elastic Trading Up 2.5%

Shares of NYSE ESTC opened at $86.57 on Tuesday. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.59. Elastic has a twelve month low of $70.14 and a twelve month high of $118.84. The firm has a market cap of $9.20 billion, a PE ratio of -108.21 and a beta of 1.05. The business has a fifty day simple moving average of $83.78 and a two-hundred day simple moving average of $85.20.

Insider Buying and Selling at Elastic

In other news, CTO Shay Banon sold 104,326 shares of the company's stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $90.34, for a total transaction of $9,424,810.84. Following the completion of the sale, the chief technology officer owned 4,363,780 shares of the company's stock, valued at $394,223,885.20. This represents a 2.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ken Exner sold 6,290 shares of the 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 $21,050,409.84. This trade represents a 2.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 349,536 shares of company stock valued at $30,872,136. 12.70% of the stock is owned by insiders.

Institutional Trading of Elastic

Several large investors have recently bought and sold shares of the business. Cloud Capital Management LLC acquired a new stake in Elastic in the 1st quarter valued at about $25,000. Signaturefd LLC increased its holdings in shares of Elastic by 53.7% in the first quarter. Signaturefd LLC now owns 335 shares of the company's stock valued at $30,000 after purchasing an additional 117 shares during the last quarter. Geneos Wealth Management Inc. purchased a new position in Elastic during the second quarter worth approximately $31,000. North Capital Inc. acquired a new position in Elastic during the first quarter worth $37,000. Finally, Huntington National Bank grew its holdings in Elastic by 97.5% in the 2nd quarter. Huntington National Bank now owns 468 shares of the company's stock valued at $39,000 after buying an additional 231 shares in the last quarter. Hedge funds and other 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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