Scotiabank Cuts Elastic (NYSE:ESTC) Price Target to $127.00

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

ESTC has been the topic of several other reports. Jefferies Financial Group increased their price objective on Elastic from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Barclays increased 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. Baird R W upgraded Elastic from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 22nd. Guggenheim lifted their price target on shares of Elastic from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Finally, The Goldman Sachs Group upped their price objective on Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Seven investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $125.35.

Elastic Stock Performance

Shares of ESTC opened at $104.15 on Tuesday. Elastic has a one year low of $69.00 and a one year high of $136.06. The firm has a market capitalization of $10.79 billion, a PE ratio of 189.35 and a beta of 1.06. The company has a 50-day simple moving average of $102.60 and a two-hundred day simple moving average of $95.49. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.99 and a quick ratio of 1.99.

Insider Activity

In related news, insider Carolyn Herzog sold 11,145 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $111.34, for a total value of $1,240,884.30. Following the transaction, the insider now directly owns 92,011 shares of the company’s stock, valued at approximately $10,244,504.74. This trade represents a 10.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Shay Banon sold 150,000 shares of Elastic stock in a transaction dated Tuesday, November 26th. The shares were 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 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 sold a total of 168,162 shares of company stock valued at $18,637,562 over the last 90 days. Insiders own 15.90% of the company’s stock.

Institutional Trading of Elastic

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