Zacks Investment Research Downgrades Elastic (NYSE:ESTC) to Sell

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Zacks Investment Research lowered shares of Elastic (NYSE:ESTC) from a hold rating to a sell rating in a research note released on Wednesday morning, 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. “

A number of other analysts have also recently weighed in on ESTC. Stifel Nicolaus began coverage on shares of Elastic in a report on Monday, May 13th. They issued a hold rating and a $75.00 price objective on the stock. FBN Securities began coverage on shares of Elastic in a report on Tuesday, April 2nd. They issued an outperform rating on the stock. Monness Crespi & Hardt reaffirmed a buy rating and issued a $185.00 price objective (up previously from $150.00) on shares of Mongodb in a report on Thursday, June 6th. KeyCorp dropped their price objective on shares of PolyOne from $36.00 to $34.00 and set an overweight rating on the stock in a report on Thursday, April 18th. Finally, Bank of America set a $20.00 price objective on shares of Fiat Chrysler Automobiles and gave the stock a hold rating in a report on Thursday, June 6th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. Elastic currently has an average rating of Hold and an average target price of $93.92.

Elastic stock opened at $93.26 on Wednesday. Elastic has a 1 year low of $58.55 and a 1 year high of $100.43. The business has a 50-day simple moving average of $79.04.

Elastic (NYSE:ESTC) last released its quarterly earnings data on Wednesday, June 5th. The company reported ($0.28) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.45) by $0.17. The firm had revenue of $80.60 million during the quarter, compared to analyst estimates of $75.79 million. The firm’s revenue was up 62.5% on a year-over-year basis. On average, research analysts anticipate that Elastic will post -2.17 earnings per share for the current year.

In other Elastic news, Director Michelangelo Volpi sold 28,298 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $73.94, for a total transaction of $2,092,354.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CRO Aaron Katz sold 15,000 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $84.74, for a total transaction of $1,271,100.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,523,440 shares of company stock worth $121,369,434. 51.80% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Pearl River Capital LLC acquired a new position in Elastic during the 1st quarter valued at about $32,000. Barclays PLC bought a new position in shares of Elastic during the 4th quarter valued at about $40,000. Botty Investors LLC bought a new position in shares of Elastic during the 1st quarter valued at about $66,000. Rhumbline Advisers boosted its position in shares of Elastic by 20.2% during the 1st quarter. Rhumbline Advisers now owns 7,898 shares of the company’s stock valued at $631,000 after purchasing an additional 1,327 shares in the last quarter. Finally, PNC Financial Services Group Inc. bought a new position in shares of Elastic during the 4th quarter valued at about $100,000. 41.66% of the stock is currently owned by hedge funds and other institutional investors.

Elastic Company Profile

Elastic N.V. develops and delivers technology that enables users to search structured and unstructured data for a range of consumer and enterprise applications. It primarily provides 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.

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