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

Zacks Investment Research cut shares of Elastic (NYSE:ESTC) from a hold rating to a sell rating in a research note issued to investors 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. “

ESTC has been the subject of several other research reports. Bank of America set a $20.00 price target on shares of Fiat Chrysler Automobiles and gave the company a hold rating in a research report on Thursday, June 6th. Monness Crespi & Hardt restated a buy rating and issued a $185.00 price target (up previously from $150.00) on shares of Mongodb in a research report on Thursday, June 6th. Stifel Nicolaus assumed coverage on shares of Elastic in a research report on Monday, May 13th. They issued a hold rating and a $75.00 price target for the company. FBN Securities assumed coverage on shares of Elastic in a research report on Tuesday, April 2nd. They issued an outperform rating for the company. Finally, KeyCorp reduced their price target on shares of PolyOne from $36.00 to $34.00 and set an overweight rating for the company in a research report on Thursday, April 18th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $93.92.

ESTC stock opened at $93.26 on Wednesday. Elastic has a 12 month low of $58.55 and a 12 month high of $100.43. The firm has a market capitalization of $6.72 billion and a price-to-earnings ratio of -51.81. The company’s 50 day simple moving average is $79.04.

Elastic (NYSE:ESTC) last released its earnings results on Wednesday, June 5th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.17. The business had revenue of $80.60 million for the quarter, compared to analyst estimates of $75.79 million. Elastic’s revenue was up 62.5% compared to the same quarter last year. On average, sell-side analysts predict that Elastic will post -2.17 earnings per share for the current year.

In other Elastic news, SVP W.H. Baird Garrett sold 4,000 shares of the stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $79.00, for a total value of $316,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Aaron Katz sold 15,000 shares of the stock in a transaction 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 disclosure for this sale can be found here. Insiders sold a total of 1,523,440 shares of company stock worth $121,369,434 over the last quarter. 51.80% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the business. Rhumbline Advisers purchased a new stake in Elastic during the 4th quarter worth approximately $470,000. PNC Financial Services Group Inc. purchased a new stake in shares of Elastic in the fourth quarter valued at approximately $100,000. BlackRock Inc. purchased a new stake in shares of Elastic in the fourth quarter valued at approximately $30,062,000. Bank of New York Mellon Corp purchased a new stake in shares of Elastic in the fourth quarter valued at approximately $1,260,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Elastic in the fourth quarter valued at approximately $262,000. 41.66% of the stock is 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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