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

Wall Street Zen lowered shares of Elastic (NYSE:ESTC) from a buy rating to a hold rating in a research report sent to investors on Thursday.

ESTC has been the topic of a number of other research reports. Canaccord Genuity Group upped their target price on shares of Elastic from $130.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, February 28th. DA Davidson reduced their price target on shares of Elastic from $115.00 to $75.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Rosenblatt Securities reissued a “buy” rating and set a $130.00 price target on shares of Elastic in a research report on Tuesday, February 25th. Robert W. Baird increased their price target on shares of Elastic from $135.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday, February 28th. Finally, UBS Group increased their price target on shares of Elastic from $140.00 to $148.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Nine investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Elastic has a consensus rating of “Moderate Buy” and an average target price of $125.96.

Elastic Trading Down 0.7%

NYSE ESTC opened at $92.38 on Thursday. The firm’s 50-day moving average is $86.32 and its two-hundred day moving average is $97.62. Elastic has a 12 month low of $69.00 and a 12 month high of $123.96. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. The stock has a market capitalization of $9.65 billion, a P/E ratio of 167.96 and a beta of 1.20.

Elastic (NYSE:ESTC) last posted its earnings results on Thursday, February 27th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). Elastic had a net margin of 4.39% and a negative return on equity of 13.20%. The company had revenue of $382.08 million during the quarter, compared to analyst estimates of $368.85 million. On average, sell-side analysts anticipate that Elastic will post -0.77 earnings per share for the current year.

Insider Transactions at Elastic

In related news, CRO Mark Eugene Dodds sold 2,755 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $90.77, for a total transaction of $250,071.35. Following the completion of the sale, the executive now directly owns 96,484 shares of the company’s stock, valued at $8,757,852.68. This trade represents a 2.78% 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, CTO Shay Banon sold 140,129 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $106.68, for a total value of $14,948,961.72. Following the sale, the chief technology officer now directly owns 2,254,978 shares of the company’s stock, valued at approximately $240,561,053.04. This represents a 5.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 198,304 shares of company stock worth $20,847,452. Insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Elastic by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 9,352,108 shares of the company’s stock worth $926,607,000 after purchasing an additional 168,483 shares during the period. Sylebra Capital LLC lifted its holdings in shares of Elastic by 62.6% during the fourth quarter. Sylebra Capital LLC now owns 4,561,462 shares of the company’s stock worth $451,950,000 after purchasing an additional 1,756,842 shares during the period. Pictet Asset Management Holding SA lifted its holdings in Elastic by 15.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,429,756 shares of the company’s stock valued at $339,820,000 after acquiring an additional 462,974 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Elastic by 5,437.6% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,288,128 shares of the company’s stock valued at $203,872,000 after acquiring an additional 2,246,808 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Elastic by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 1,439,412 shares of the company’s stock valued at $142,663,000 after acquiring an additional 45,076 shares during the period. 97.03% of the stock is owned by institutional investors and hedge funds.

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.