Scotiabank Has Lowered Expectations for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price objective dropped by equities research analysts at Scotiabank from $135.00 to $127.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s target price suggests a potential upside of 26.42% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. Baird R W raised shares of Elastic from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 22nd. Bank of America lifted their target price on Elastic from $94.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Jefferies Financial Group upped their price objective on Elastic from $110.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Wells Fargo & Company raised their target price on shares of Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Finally, Stifel Nicolaus upped their price target on shares of Elastic from $98.00 to $132.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Seven analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $125.35.

Elastic Stock Performance

Shares of ESTC stock traded up $0.07 during mid-day trading on Tuesday, reaching $100.46. 530,574 shares of the company’s stock traded hands, compared to its average volume of 1,131,463. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.99 and a current ratio of 1.99. The firm has a 50 day moving average price of $101.86 and a two-hundred day moving average price of $95.49. The firm has a market capitalization of $10.41 billion, a PE ratio of 182.73 and a beta of 1.06. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06.

Insider Activity

In related news, insider Carolyn Herzog sold 11,145 shares of the business’s stock in a transaction on Tuesday, November 26th. The shares were 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 owns 92,011 shares of the company’s stock, valued at approximately $10,244,504.74. The trade was a 10.80 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Shay Banon sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were 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 in the company, valued at $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 valued at $18,637,562 in the last ninety days. Insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. American Century Companies Inc. boosted its stake in Elastic by 10.0% during the second quarter. American Century Companies Inc. now owns 30,410 shares of the company’s stock worth $3,464,000 after buying an additional 2,777 shares during the period. Dimensional Fund Advisors LP increased its holdings in Elastic by 16.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 216,287 shares of the company’s stock valued at $24,640,000 after purchasing an additional 30,810 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in Elastic by 20.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 6,710 shares of the company’s stock worth $764,000 after purchasing an additional 1,123 shares in the last quarter. Hsbc Holdings PLC boosted its position in shares of Elastic by 23.3% during the second quarter. Hsbc Holdings PLC now owns 15,486 shares of the company’s stock worth $1,772,000 after buying an additional 2,927 shares during the period. Finally, ProShare Advisors LLC grew its stake in shares of Elastic by 28.7% in the second quarter. ProShare Advisors LLC now owns 2,873 shares of the company’s stock valued at $327,000 after buying an additional 641 shares in the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

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.