Elastic’s (ESTC) Sector Perform Rating Reaffirmed at Scotiabank

Elastic (NYSE:ESTC)‘s stock had its “sector perform” rating reissued by analysts at Scotiabank in a note issued to investors on Monday, Marketbeat Ratings reports. They currently have a $90.00 price objective on the stock, down from their previous price objective of $121.00. Scotiabank’s price target would indicate a potential upside of 7.09% from the company’s current price.

Several other brokerages have also weighed in on ESTC. Royal Bank Of Canada upped their price objective on shares of Elastic from $106.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, August 29th. Wells Fargo & Company initiated coverage on shares of Elastic in a report on Tuesday, September 30th. They set an “equal weight” rating and a $90.00 price objective on the stock. Monness Crespi & Hardt upped their price objective on shares of Elastic from $111.00 to $150.00 and gave the company a “buy” rating in a report on Friday, August 29th. Piper Sandler upped their price objective on shares of Elastic from $120.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, August 29th. Finally, Mizuho upped their price objective on shares of Elastic from $100.00 to $119.00 and gave the company an “outperform” rating in a report on Friday, August 29th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $118.60.

Elastic Price Performance

Shares of NYSE ESTC opened at $84.04 on Monday. The firm’s 50-day moving average price is $83.57 and its 200-day moving average price is $84.87. Elastic has a 1-year low of $70.14 and a 1-year high of $118.84. The firm has a market capitalization of $8.93 billion, a P/E ratio of -105.05 and a beta of 1.05. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.59.

Insiders Place Their Bets

In other news, CRO Mark Eugene Dodds sold 5,037 shares of Elastic stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total transaction of $453,934.44. Following the sale, the executive directly owned 167,284 shares in the company, valued at $15,075,634.08. The trade was a 2.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Navam Welihinda sold 3,489 shares of the business’s 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 transaction, the chief financial officer directly owned 130,436 shares in the company, valued at $11,754,892.32. This trade represents a 2.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 349,536 shares of company stock worth $30,872,136 in the last ninety days. 12.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Elastic

Several large investors have recently modified their holdings of ESTC. Signaturefd LLC boosted its holdings in Elastic by 53.7% in the 1st quarter. Signaturefd LLC now owns 335 shares of the company’s stock worth $30,000 after buying an additional 117 shares during the period. Y.D. More Investments Ltd boosted its holdings in Elastic by 0.5% in the 1st quarter. Y.D. More Investments Ltd now owns 29,742 shares of the company’s stock worth $2,756,000 after buying an additional 145 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Elastic by 53.7% in the 1st quarter. Smartleaf Asset Management LLC now owns 435 shares of the company’s stock worth $40,000 after buying an additional 152 shares during the period. WCM Investment Management LLC boosted its holdings in Elastic by 0.7% in the 1st quarter. WCM Investment Management LLC now owns 23,811 shares of the company’s stock worth $2,183,000 after buying an additional 169 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in Elastic by 17.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,159 shares of the company’s stock worth $98,000 after buying an additional 171 shares during the period. 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.