Weiss Ratings Reaffirms "Sell (D)" Rating for Elastic (NYSE:ESTC)

Key Points

• Weiss Ratings has reaffirmed a "Sell (D)" rating for Elastic (NYSE:ESTC), indicating negative sentiment towards the company's stock performance.
• Despite the sell rating from Weiss, other analysts have issued mixed ratings, including a "buy" rating from Monness Crespi & Hardt and a "hold" rating from Zacks Research.
• In recent insider trading activities, CTO Shay Banon sold over 100,000 shares, reflecting a 2.33% decrease in their ownership of the company.

Elastic (NYSE:ESTC - Get Free Report)'s stock had its "sell (d)" rating reaffirmed by analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

Several other research analysts also recently issued reports on the company. Zacks Research downgraded Elastic from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 26th. Oppenheimer reaffirmed an "outperform" rating on shares of Elastic in a research note on Friday, August 29th. Monness Crespi & Hardt increased their target price on shares of Elastic from $111.00 to $150.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Scotiabank set a $90.00 target price on shares of Elastic and gave the company a "sector perform" rating in a research report on Monday. Finally, UBS Group increased their target price on shares of Elastic from $95.00 to $125.00 and gave the company a "buy" rating in a research report on Friday, August 29th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $118.60.

Elastic Trading Up 3.4%

Shares of Elastic stock traded up $2.76 on Wednesday, hitting $83.16. The stock had a trading volume of 1,608,432 shares, compared to its average volume of 1,516,378. The stock has a 50 day moving average of $83.31 and a 200 day moving average of $84.82. Elastic has a twelve month low of $70.14 and a twelve month high of $118.84. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.09 and a current ratio of 2.09. The firm has a market capitalization of $8.84 billion, a P/E ratio of -103.95 and a beta of 1.05.

Insider Activity

In other Elastic news, CTO Shay Banon sold 104,326 shares of the stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $90.34, for a total transaction of $9,424,810.84. Following the transaction, the chief technology officer directly owned 4,363,780 shares in the company, valued at approximately $394,223,885.20. This represents a 2.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Mark Eugene Dodds sold 5,037 shares of the stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total value of $453,934.44. Following the transaction, the executive owned 167,284 shares in the company, valued at $15,075,634.08. The trade was a 2.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 350,792 shares of company stock worth $30,978,369. Company insiders own 12.70% of the company's stock.

Hedge Funds Weigh In On Elastic

A number of large investors have recently modified their holdings of ESTC. Cloud Capital Management LLC bought a new position in shares of Elastic in the 1st quarter worth $25,000. Signaturefd LLC lifted its holdings in shares of Elastic by 53.7% in the 1st quarter. Signaturefd LLC now owns 335 shares of the company's stock worth $30,000 after purchasing an additional 117 shares in the last quarter. Geneos Wealth Management Inc. bought a new position in shares of Elastic in the 2nd quarter worth $31,000. North Capital Inc. bought a new position in shares of Elastic in the 1st quarter worth $37,000. Finally, Huntington National Bank lifted its holdings in shares of Elastic by 97.5% in the 2nd quarter. Huntington National Bank now owns 468 shares of the company's stock worth $39,000 after purchasing an additional 231 shares in the last quarter. 97.03% of the stock is currently owned by 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.

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