Scotiabank Has Lowered Expectations for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price target reduced by Scotiabank from $135.00 to $127.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s target price would suggest a potential upside of 25.52% from the company’s current price.

A number of other analysts have also recently weighed in on the company. Truist Financial boosted their price target on Elastic from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Guggenheim increased their price target on Elastic from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Royal Bank of Canada lifted their price target on shares of Elastic from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. Rosenblatt Securities reiterated a “buy” rating and issued a $120.00 target price on shares of Elastic in a research note on Wednesday, November 20th. Finally, Cantor Fitzgerald assumed coverage on shares of Elastic in a report on Friday, January 17th. They issued a “neutral” rating and a $108.00 target price on the stock. Seven research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $125.35.

Elastic Stock Up 0.8 %

Elastic stock opened at $101.18 on Tuesday. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. Elastic has a 1-year low of $69.00 and a 1-year high of $136.06. The firm’s fifty day simple moving average is $102.30 and its 200-day simple moving average is $95.43. The company has a market capitalization of $10.48 billion, a P/E ratio of 183.96 and a beta of 1.06.

Insiders Place Their Bets

In other Elastic news, CTO Shay Banon sold 150,000 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $110.92, for a total transaction of $16,638,000.00. Following the sale, the chief technology officer now directly owns 2,604,978 shares of the company’s stock, valued at approximately $288,944,159.76. This represents a 5.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Carolyn Herzog sold 11,145 shares of Elastic stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $111.34, for a total transaction of $1,240,884.30. Following the completion of the transaction, the insider now owns 92,011 shares of the company’s stock, valued at $10,244,504.74. This trade represents a 10.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 168,162 shares of company stock worth $18,637,562 over the last quarter. Company insiders own 15.90% of the company’s stock.

Institutional Investors Weigh In On Elastic

Large investors have recently bought and sold shares of the business. American Century Companies Inc. increased its position in Elastic by 10.0% in the 2nd quarter. American Century Companies Inc. now owns 30,410 shares of the company’s stock valued at $3,464,000 after acquiring an additional 2,777 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Elastic by 16.6% during the second quarter. Dimensional Fund Advisors LP now owns 216,287 shares of the company’s stock valued at $24,640,000 after purchasing an additional 30,810 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Elastic by 20.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 6,710 shares of the company’s stock valued at $764,000 after purchasing an additional 1,123 shares in the last quarter. Hsbc Holdings PLC raised its position in Elastic by 23.3% in the 2nd quarter. Hsbc Holdings PLC now owns 15,486 shares of the company’s stock worth $1,772,000 after purchasing an additional 2,927 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in Elastic by 28.7% during the 2nd quarter. ProShare Advisors LLC now owns 2,873 shares of the company’s stock worth $327,000 after buying an additional 641 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors.

About Elastic

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.