Elastic (NYSE:ESTC) Lowered to "Hold" Rating by Wedbush

Elastic (NYSE:ESTC - Get Free Report) was downgraded by analysts at Wedbush from a "strong-buy" rating to a "hold" rating in a research note issued on Wednesday,Zacks.com reports.

Several other research firms have also recently issued reports on ESTC. Jefferies Financial Group increased their price objective on shares of Elastic from $110.00 to $135.00 and gave the company a "buy" rating in a report on Friday, November 22nd. DA Davidson lifted their price target on Elastic from $75.00 to $115.00 and gave the stock a "neutral" rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. lifted their price target on Elastic from $100.00 to $130.00 and gave the company an "overweight" rating in a report on Friday, November 22nd. UBS Group cut their target price on shares of Elastic from $135.00 to $95.00 and set a "buy" rating for the company in a research report on Friday, August 30th. Finally, Piper Sandler lifted their price target on Elastic from $100.00 to $130.00 and gave the company an "overweight" rating in a report on Friday, November 22nd. Six investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Elastic presently has an average rating of "Moderate Buy" and an average target price of $126.50.

Elastic Stock Performance

ESTC stock traded down $0.08 on Wednesday, reaching $103.63. The company's stock had a trading volume of 1,858,694 shares, compared to its average volume of 1,351,117. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99. Elastic has a 52 week low of $69.00 and a 52 week high of $136.06. The firm has a fifty day moving average of $93.80 and a two-hundred day moving average of $97.41. The company has a market capitalization of $10.74 billion, a P/E ratio of 188.42 and a beta of 1.02.

Insiders Place Their Bets

In other news, insider Carolyn Herzog sold 11,145 shares of the firm's 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 in the company, valued at approximately $10,244,504.74. This trade represents a 10.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CTO Shay Banon sold 150,000 shares of the business's stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $110.92, for a total transaction of $16,638,000.00. Following the completion of the transaction, the chief technology officer now directly owns 2,604,978 shares of the company's stock, valued at approximately $288,944,159.76. This represents a 5.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 168,162 shares of company stock worth $18,637,562 over the last 90 days. Corporate insiders own 15.90% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Asset Dedication LLC boosted its holdings in Elastic by 1,333.3% during the second quarter. Asset Dedication LLC now owns 301 shares of the company's stock worth $34,000 after buying an additional 280 shares during the last quarter. AlphaCentric Advisors LLC acquired a new position in Elastic during the 2nd quarter worth approximately $40,000. Quarry LP bought a new position in Elastic in the second quarter valued at $40,000. Signaturefd LLC grew its holdings in shares of Elastic by 44.1% in the 2nd quarter. Signaturefd LLC now owns 389 shares of the company's stock valued at $44,000 after acquiring an additional 119 shares in the last quarter. Finally, Eastern Bank acquired a new position in shares of Elastic during the 3rd quarter worth approximately $61,000. 97.03% of the stock is currently owned by institutional investors.

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.