Stifel Nicolaus initiated coverage on shares of Elastic (NYSE:ESTC) in a research note released on Monday morning, 24/7 WallStreet reports. The brokerage issued a hold rating and a $75.00 price objective on the stock.
ESTC has been the subject of a number of other research reports. Goldman Sachs Group cut shares of Elastic from a buy rating to a neutral rating and increased their price objective for the stock from $78.00 to $90.00 in a research report on Thursday, February 7th. Royal Bank of Canada cut shares of Elastic from an outperform rating to a sector perform rating in a research report on Thursday, February 7th. Monness Crespi & Hardt reaffirmed a buy rating and set a $120.00 price objective (up previously from $100.00) on shares of Elastic in a research report on Thursday, February 28th. Citigroup increased their price objective on shares of Elastic from $82.00 to $97.00 and gave the stock a neutral rating in a research report on Friday, March 1st. Finally, Barclays reaffirmed a buy rating and set a $107.00 price objective on shares of Elastic in a research report on Friday, March 1st. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Elastic currently has a consensus rating of Hold and a consensus price target of $89.00.
Elastic stock opened at $84.42 on Monday. Elastic has a 1-year low of $58.55 and a 1-year high of $100.43.
In other Elastic news, CRO Aaron Katz sold 15,000 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $84.74, for a total transaction of $1,271,100.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Kevin Kluge sold 70,000 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $83.62, for a total transaction of $5,853,400.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,986,322 shares of company stock worth $164,923,060. 51.80% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Morgan Stanley lifted its holdings in Elastic by 237.6% during the 1st quarter. Morgan Stanley now owns 3,864,575 shares of the company’s stock worth $308,663,000 after buying an additional 2,719,851 shares in the last quarter. FIL Ltd lifted its holdings in Elastic by 203.3% during the 1st quarter. FIL Ltd now owns 3,750,978 shares of the company’s stock worth $299,591,000 after buying an additional 2,514,334 shares in the last quarter. Greenspring Associates Inc. acquired a new stake in Elastic during the 4th quarter worth approximately $256,206,000. Lunia Capital LP acquired a new stake in Elastic during the 4th quarter worth approximately $2,072,000. Finally, FMR LLC lifted its holdings in Elastic by 110.7% during the 1st quarter. FMR LLC now owns 1,046,489 shares of the company’s stock worth $83,582,000 after buying an additional 549,862 shares in the last quarter. Institutional investors own 37.56% of the company’s stock.
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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