Elastic (NYSE:ESTC) Given New $127.00 Price Target at Scotiabank

Elastic (NYSE:ESTC) had its target price decreased by Scotiabank from $135.00 to $127.00 in a research report released on Tuesday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Wedbush downgraded shares of Elastic from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Robert W. Baird raised shares of Elastic from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $95.00 to $135.00 in a research report on Friday, November 22nd. The Goldman Sachs Group boosted their target price on Elastic from $99.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Citigroup raised their price objective on shares of Elastic from $136.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, Morgan Stanley began coverage on shares of Elastic in a research report on Tuesday, December 17th. They set an “overweight” rating and a $130.00 price target on the stock. Seven analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Elastic currently has an average rating of “Moderate Buy” and a consensus price target of $125.35.

Elastic Stock Up 2.9 %

Shares of NYSE ESTC opened at $104.15 on Tuesday. Elastic has a 1 year low of $69.00 and a 1 year high of $136.06. The firm has a market capitalization of $10.79 billion, a PE ratio of 189.35 and a beta of 1.06. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70. The firm’s 50-day moving average is $102.60 and its 200-day moving average is $95.49.

Insider Transactions at Elastic

In related news, CTO Shay Banon sold 150,000 shares of the business’s stock in a transaction on 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 transaction, the chief technology officer now owns 2,604,978 shares in the company, valued at $288,944,159.76. The trade was a 5.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ashutosh Kulkarni sold 7,017 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $108.12, for a total transaction of $758,678.04. Following the completion of the sale, the chief executive officer now owns 395,326 shares of the company’s stock, valued at $42,742,647.12. The trade was a 1.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 168,162 shares of company stock worth $18,637,562 over the last ninety days. 15.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Elastic

Institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC raised its stake in Elastic by 25.6% during the 3rd quarter. FMR LLC now owns 5,475,297 shares of the company’s stock worth $420,284,000 after buying an additional 1,115,750 shares during the period. Atreides Management LP raised its position in shares of Elastic by 57.2% during the third quarter. Atreides Management LP now owns 1,687,791 shares of the company’s stock worth $129,555,000 after purchasing an additional 614,309 shares during the period. State Street Corp lifted its holdings in shares of Elastic by 2.3% in the 3rd quarter. State Street Corp now owns 1,437,243 shares of the company’s stock worth $110,323,000 after purchasing an additional 31,663 shares in the last quarter. Geode Capital Management LLC grew its position in Elastic by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,394,336 shares of the company’s stock valued at $107,058,000 after purchasing an additional 50,355 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Elastic by 2.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 545,870 shares of the company’s stock valued at $41,901,000 after purchasing an additional 14,590 shares in the last quarter. Institutional investors own 97.03% of the company’s stock.

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.