Elastic (NYSE:ESTC) Lowered to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Elastic (NYSE:ESTC) from a hold rating to a sell rating in a report published on Wednesday morning, Zacks.com reports.

According to Zacks, “Elastic N.V. is a search company. It primarily provides Elastic Stack, a set of software products which ingest and store data from various sources and formats, as well as performs search, analysis and visualization. Elastic N.V. is based in Mountain View, California. “

A number of other equities analysts have also recently weighed in on the company. Bank of America set a $20.00 price target on Fiat Chrysler Automobiles and gave the stock a hold rating in a report on Thursday, June 6th. Stifel Nicolaus assumed coverage on Elastic in a report on Monday, May 13th. They issued a hold rating and a $75.00 price target for the company. FBN Securities assumed coverage on Elastic in a report on Tuesday, April 2nd. They issued an outperform rating for the company. Monness Crespi & Hardt reissued a buy rating and issued a $185.00 price target (up from $150.00) on shares of Mongodb in a report on Thursday, June 6th. Finally, KeyCorp lowered their price objective on PolyOne from $36.00 to $34.00 and set an overweight rating for the company in a research report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $93.92.

Shares of NYSE ESTC traded up $4.99 during trading on Wednesday, reaching $89.16. The company had a trading volume of 1,974,932 shares, compared to its average volume of 835,398. Elastic has a twelve month low of $58.55 and a twelve month high of $100.43. The stock has a market capitalization of $5.91 billion and a PE ratio of -49.53. The business’s 50-day simple moving average is $78.84.

Elastic (NYSE:ESTC) last released its quarterly earnings results on Wednesday, June 5th. The company reported ($0.28) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.45) by $0.17. The company had revenue of $80.60 million during the quarter, compared to analyst estimates of $75.79 million. Elastic’s revenue for the quarter was up 62.5% compared to the same quarter last year. Sell-side analysts anticipate that Elastic will post -2.17 earnings per share for the current fiscal year.

In other Elastic news, CRO Aaron Katz sold 25,000 shares of the business’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $77.73, for a total transaction of $1,943,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP W.H. Baird Garrett sold 2,000 shares of the business’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $76.40, for a total value of $152,800.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,523,440 shares of company stock valued at $121,369,434. Company insiders own 51.80% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Pearl River Capital LLC purchased a new stake in Elastic during the first quarter valued at about $32,000. Barclays PLC purchased a new stake in Elastic during the fourth quarter valued at about $40,000. Botty Investors LLC purchased a new stake in Elastic during the first quarter valued at about $66,000. PNC Financial Services Group Inc. purchased a new stake in Elastic during the fourth quarter valued at about $100,000. Finally, Partner Investment Management L.P. purchased a new stake in Elastic during the fourth quarter valued at about $137,000. 41.66% of the stock is owned by hedge funds and other institutional investors.

Elastic Company Profile

Elastic N.V. develops and delivers technology that enables users to search structured and unstructured data for a range of consumer and enterprise applications. It primarily provides 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.

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