Elastic (NYSE:ESTC) Downgraded by Wedbush to Hold

Wedbush lowered shares of Elastic (NYSE:ESTC) from a strong-buy rating to a hold rating in a report released on Wednesday morning,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. Baird R W upgraded shares of Elastic from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. boosted their price target on shares of Elastic from $100.00 to $130.00 and gave the stock an “overweight” rating in a report on Friday, November 22nd. UBS Group decreased their price objective on shares of Elastic from $135.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, August 30th. Guggenheim lifted their target price on shares of Elastic from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Finally, TD Cowen reduced their price target on shares of Elastic from $110.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 30th. Six analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $126.50.

Elastic Stock Down 0.2 %

Shares of ESTC stock opened at $103.71 on Wednesday. Elastic has a twelve month low of $69.00 and a twelve month high of $136.06. The stock has a market cap of $10.75 billion, a P/E ratio of 188.56 and a beta of 1.02. The stock has a 50 day moving average of $93.37 and a 200 day moving average of $97.37. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70.

Insiders Place Their Bets

In other news, insider Carolyn Herzog sold 11,145 shares of Elastic stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $111.34, for a total value of $1,240,884.30. Following the completion of the sale, the insider now directly owns 92,011 shares of the company’s stock, valued at approximately $10,244,504.74. The trade was a 10.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ashutosh Kulkarni sold 7,017 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the transaction, the chief executive officer now owns 395,326 shares of the company’s stock, valued at $42,742,647.12. This trade represents a 1.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 168,162 shares of company stock valued at $18,637,562 over the last quarter. 15.90% of the stock is owned by insiders.

Institutional Trading of Elastic

Hedge funds have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC acquired a new stake in Elastic during the 2nd quarter worth approximately $277,000. WD Rutherford LLC purchased a new stake in shares of Elastic during the second quarter worth approximately $422,000. Bank of New York Mellon Corp raised its holdings in Elastic by 12.2% in the second quarter. Bank of New York Mellon Corp now owns 447,957 shares of the company’s stock valued at $51,027,000 after acquiring an additional 48,785 shares in the last quarter. AlphaCentric Advisors LLC purchased a new position in Elastic in the second quarter worth approximately $40,000. Finally, Liontrust Investment Partners LLP acquired a new position in Elastic during the 2nd quarter worth approximately $2,848,000. Institutional investors and hedge funds 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.