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

Posted by on Jun 8th, 2022

Elastic (NYSE:ESTC – Get Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, 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. “

Several other equities analysts have also issued reports on the company. Oppenheimer reduced their target price on Elastic from $185.00 to $150.00 and set an “outperform” rating for the company in a report on Friday, March 4th. Monness Crespi & Hardt reduced their price objective on Elastic from $230.00 to $124.00 and set a “buy” rating for the company in a report on Wednesday, March 2nd. Citigroup increased their price objective on Elastic from $97.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, June 2nd. William Blair initiated coverage on Elastic in a report on Monday, April 25th. They set an “outperform” rating for the company. Finally, Barclays reduced their price objective on Elastic from $135.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, May 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $128.13.

Shares of Elastic stock traded up $3.71 on Tuesday, hitting $77.81. The company had a trading volume of 2,196,477 shares, compared to its average volume of 1,521,429. The stock has a market capitalization of $7.27 billion, a price-to-earnings ratio of -35.37 and a beta of 1.30. Elastic has a 1 year low of $50.74 and a 1 year high of $189.84. The stock has a 50 day moving average of $74.64 and a 200-day moving average of $92.47. The company has a debt-to-equity ratio of 1.31, a quick ratio of 2.22 and a current ratio of 2.22.

Elastic (NYSE:ESTC – Get Rating) last issued its quarterly earnings data on Wednesday, June 1st. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.06. The firm had revenue of $239.36 million during the quarter, compared to the consensus estimate of $232.38 million. Elastic had a negative return on equity of 38.75% and a negative net margin of 23.64%. The company’s quarterly revenue was up 34.8% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.44) earnings per share. Equities analysts anticipate that Elastic will post -1.75 earnings per share for the current year.

In related news, CEO Ashutosh Kulkarni sold 5,822 shares of the firm’s stock in a transaction dated Friday, March 11th. The stock was sold at an average price of $75.30, for a total value of $438,396.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jonathan Chadwick sold 6,250 shares of the firm’s stock in a transaction dated Monday, April 25th. The stock was sold at an average price of $82.29, for a total value of $514,312.50. Following the completion of the sale, the director now directly owns 5,102 shares in the company, valued at $419,843.58. The disclosure for this sale can be found here. Insiders have sold 12,415 shares of company stock worth $978,537 over the last ninety days. Insiders own 18.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Amundi Pioneer Asset Management Inc. purchased a new stake in Elastic during the 1st quarter valued at $13,435,000. Rockefeller Capital Management L.P. raised its stake in Elastic by 8.8% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 916 shares of the company’s stock valued at $136,000 after buying an additional 74 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Elastic during the 3rd quarter valued at $2,786,000. HighTower Advisors LLC raised its stake in Elastic by 6.7% during the 3rd quarter. HighTower Advisors LLC now owns 5,212 shares of the company’s stock valued at $777,000 after buying an additional 326 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in Elastic during the 3rd quarter valued at $507,000. Institutional investors own 77.44% of the company’s stock.

Elastic Company Profile (Get Rating)

Elastic N.V., a search company, delivers technology that enables users to search through structured and unstructured data for a range of consumer and enterprise applications. It primarily offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as perform search, analysis, and visualization.

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