Elastic (NYSE:ESTC) Price Target Cut to $127.00 by Analysts at Scotiabank

Elastic (NYSE:ESTC) had its target price trimmed by Scotiabank from $135.00 to $127.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has a sector outperform rating on the stock.

Several other equities research analysts have also recently commented on the stock. Citigroup boosted their price target on shares of Elastic from $136.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. DA Davidson increased their price target on Elastic from $75.00 to $115.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Oppenheimer boosted their price target on Elastic from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. Canaccord Genuity Group increased their price objective on Elastic from $110.00 to $130.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Finally, Barclays boosted their target price on shares of Elastic from $105.00 to $138.00 and gave the stock an “overweight” rating in a report on Monday, November 25th. Seven research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $125.35.

Elastic Stock Performance

Shares of ESTC stock opened at $100.40 on Tuesday. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06. The company’s fifty day simple moving average is $102.08 and its 200-day simple moving average is $95.39. The firm has a market cap of $10.40 billion, a PE ratio of 182.55 and a beta of 1.06. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.70.

Insider Activity at Elastic

In other Elastic news, CTO Shay Banon sold 150,000 shares of Elastic stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $110.92, for a total value 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 $288,944,159.76. The trade was a 5.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ashutosh Kulkarni sold 7,017 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the sale, the chief executive officer now owns 395,326 shares of the company’s stock, valued at approximately $42,742,647.12. The trade was a 1.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 168,162 shares of company stock worth $18,637,562. Corporate insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ESTC. FMR LLC grew its stake in Elastic by 25.6% during the third quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after buying an additional 1,115,750 shares in the last quarter. Atreides Management LP lifted its holdings in shares of Elastic by 57.2% during the 3rd quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after acquiring an additional 614,309 shares during the period. JAT Capital Mgmt LP boosted its position in shares of Elastic by 601.4% during the 3rd quarter. JAT Capital Mgmt LP now owns 465,549 shares of the company’s stock worth $35,736,000 after acquiring an additional 399,175 shares in the last quarter. Thematics Asset Management boosted its position in shares of Elastic by 463.3% during the 3rd quarter. Thematics Asset Management now owns 444,012 shares of the company’s stock worth $34,082,000 after acquiring an additional 365,192 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in Elastic by 256.3% in the third quarter. Franklin Resources Inc. now owns 341,524 shares of the company’s stock valued at $28,387,000 after acquiring an additional 245,680 shares during the last quarter. Institutional investors and hedge funds own 97.03% of the company’s stock.

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.