Elastic (NYSE:ESTC) lowered to hold at Zacks Investment Research

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Elastic (NYSE:ESTC – Get Note) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday, Zacks.com reports.

According to Zacks, “Elastic NV is a research company. It primarily provides Elastic Stack, a set of software products that ingest and store data from a variety of sources and formats, as well as perform research, analysis, and visualization. Elastic NV is based in Mountain Vue, CA.”

A number of other analysts also weighed in on the ESTC. Robert W. Baird raised his price target on shares of Elastic from $150.00 to $170.00 and gave the stock a “neutral” rating in a Thursday, Dec. 2 research note. Truist Financial cut its price target on shares of Elastic from $175.00 to $145.00 and placed a “buy” rating on the stock in a Friday, March 4 report. Monness Crespi & Hardt cut their price target on Elastic shares from $230.00 to $124.00 and placed a “buy” rating on the stock in a Wednesday, March 2 report. Sumitomo Mitsui Financial Group downgraded Elastic shares from an “outperforming” rating to a “neutral” rating in a Friday, Nov. 19 research rating. Finally, Barclays lowered its price target on Elastic from $200.00 to $135.00 in a Wednesday, January 12 research report. Four research analysts gave the stock a hold rating and thirteen gave the company’s stock a buy rating. According to MarketBeat.com, Elastic currently has a consensus rating of “Buy” and an average target price of $150.35.

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ESTC lost $7.70 during Friday trading hours, hitting $72.02. The company’s stock had a trading volume of 1,838,908 shares, compared to an average trading volume of 1,625,425 shares. The company’s 50-day moving average price is $91.38 and its 200-day moving average price is $132.38. Elastic has a 12-month low of $71.80 and a 12-month high of $189.84. The stock has a market capitalization of $6.67 billion, a price-earnings ratio of -36.37 and a beta of 1.25. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt ratio of 1.26.

Elastic (NYSE:ESTC – Get Rating) last released its quarterly earnings data on Thursday, March 3. The company reported ($0.12) earnings per share for the quarter, beating the Zacks consensus estimate of ($0.20) by $0.08. The company posted revenue of $223.94 million for the quarter, versus $209.71 million expected by analysts. Elastic had a negative net margin of 22.67% and a negative return on equity of 33.83%. The company’s revenues increased by 42.5% compared to the same quarter last year. In the same quarter a year earlier, the company posted ($0.33) earnings per share. On average, analysts expect Elastic to post -1.8 earnings per share for the current year.

In related news, director Jonathan Chadwick sold 6,250 shares of the company in a trade that took place on Tuesday, January 25. The stock was sold at an average price of $83.54, for a total transaction of $522,125.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. Insiders of the company own 18.90% of the shares of the company.

Hedge funds have recently changed their positions in the stock. Trivest Advisors Ltd bought a new stake in shares of Elastic in the third quarter worth $1,043,000. Balyasny Asset Management LLC increased its stake in Elastic by 38.0% during the third quarter. Balyasny Asset Management LLC now owns 280,275 shares of the company worth $41,758,000 after acquiring an additional 77,184 shares in the last quarter. Sigma Planning Corp increased its stake in Elastic shares by 3.4% in the third quarter. Sigma Planning Corp now owns 3,883 shares of the company valued at $579,000 after buying 128 more shares last quarter. First Republic Investment Management Inc. increased its stake in Elastic shares by 6.3% in the third quarter. First Republic Investment Management Inc. now owns 36,742 shares of the company valued at $5,474,000 after buying 2,182 additional shares last quarter. Finally, Suvretta Capital Management LLC acquired a new stake in Elastic during Q3 valued at approximately $40,376,000. 75.90% of the shares are currently held by hedge funds and other institutional investors.

Elastic Company Profile (Get an assessment)

Elastic NV provides open source search engine and analytics services. It offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as search, analysis, and visualization. The Company’s Elastic Stack product includes Elasticsearch, a real-time distributed search and analytics engine, and data store for various types of data, including text, numeric, geospatial, structured and unstructured, Kibana, a user interface, management and configuration. interface for Elastic Stack, Beats, a one-time data sender to send data from edge machines to Elasticsearch or Logstash, and Logstash, a data processing pipeline to ingest data into Elasticsearch or other storage systems.

Further reading

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Analyst Recommendations for Elastic (NYSE: ESTC)

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