Elastic (NYSE:ESTC) Cut to “Neutral” at Bank of America

Bank of America cut shares of Elastic (NYSE:ESTC) from a buy rating to a neutral rating in a research report released on Friday morning, Marketbeat.com reports. Bank of America currently has $94.00 target price on the stock, down from their prior target price of $140.00.

A number of other research firms also recently issued reports on ESTC. Canaccord Genuity Group decreased their price objective on shares of Elastic from $130.00 to $125.00 and set a buy rating for the company in a report on Friday, May 31st. Stifel Nicolaus lowered their price objective on shares of Elastic from $130.00 to $120.00 and set a buy rating for the company in a report on Friday, May 31st. Needham & Company LLC reaffirmed a hold rating on shares of Elastic in a research note on Friday, May 31st. Scotiabank decreased their target price on shares of Elastic from $154.00 to $135.00 and set a sector outperform rating on the stock in a research note on Friday, May 31st. Finally, Rosenblatt Securities restated a buy rating and issued a $136.00 price objective on shares of Elastic in a report on Tuesday. Eight investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Elastic presently has an average rating of Moderate Buy and a consensus target price of $105.20.

Elastic Stock Down 26.5 %

Elastic stock opened at $76.16 on Friday. Elastic has a 1-year low of $59.30 and a 1-year high of $136.06. The firm has a market capitalization of $7.75 billion, a price-to-earnings ratio of 143.70 and a beta of 0.98. The firm’s fifty day moving average price is $109.70 and its two-hundred day moving average price is $108.47. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.77.

Elastic (NYSE:ESTC) last released its quarterly earnings data on Thursday, May 30th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.03). Elastic had a net margin of 4.87% and a negative return on equity of 20.83%. The business had revenue of $335.00 million during the quarter, compared to the consensus estimate of $329.15 million. On average, equities research analysts predict that Elastic will post -1.12 earnings per share for the current fiscal year.

Insider Activity at Elastic

In related news, CRO Mark Eugene Dodds sold 2,281 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $109.90, for a total transaction of $250,681.90. Following the sale, the executive now directly owns 106,344 shares of the company’s stock, valued at approximately $11,687,205.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CRO Mark Eugene Dodds sold 2,281 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $109.90, for a total transaction of $250,681.90. Following the sale, the executive now directly owns 106,344 shares of the company’s stock, valued at approximately $11,687,205.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Shay Banon sold 180,000 shares of the firm’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $107.82, for a total transaction of $19,407,600.00. Following the sale, the chief technology officer now directly owns 2,874,978 shares in the company, valued at approximately $309,980,127.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 355,312 shares of company stock valued at $38,626,610. 18.10% of the stock is owned by insiders.

Institutional Trading of Elastic

A number of institutional investors have recently made changes to their positions in ESTC. Baillie Gifford & Co. boosted its holdings in shares of Elastic by 30.8% during the 1st quarter. Baillie Gifford & Co. now owns 10,156,726 shares of the company’s stock valued at $1,018,110,000 after acquiring an additional 2,392,356 shares during the last quarter. 1832 Asset Management L.P. purchased a new stake in shares of Elastic during the 2nd quarter valued at about $248,335,000. Assenagon Asset Management S.A. purchased a new position in shares of Elastic in the second quarter worth approximately $102,169,000. Norges Bank purchased a new position in shares of Elastic in the fourth quarter worth approximately $92,847,000. Finally, Federated Hermes Inc. boosted its holdings in shares of Elastic by 32,630.2% in the second quarter. Federated Hermes Inc. now owns 615,655 shares of the company’s stock worth $70,129,000 after buying an additional 613,774 shares during the last quarter. 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.