Elastic (ESTC) Downgraded to “Sector Perform” at Royal Bank of Canada

Elastic (NYSE:ESTC) was downgraded by investment analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research report issued to clients and investors on Thursday, The Fly reports.

ESTC has been the topic of a number of other research reports. Canaccord Genuity initiated coverage on Elastic in a research note on Tuesday, October 30th. They set a “hold” rating and a $65.00 target price on the stock. Zacks Investment Research lowered Elastic from a “buy” rating to a “hold” rating in a research note on Tuesday. Goldman Sachs Group initiated coverage on Elastic in a research note on Tuesday, October 30th. They set a “buy” rating and a $68.00 target price on the stock. Bank of America initiated coverage on Elastic in a research note on Tuesday, October 30th. They set a “buy” rating and a $81.00 target price on the stock. Finally, Barclays increased their target price on Elastic to $85.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 5th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Elastic currently has a consensus rating of “Hold” and an average target price of $75.22.

Shares of NYSE ESTC opened at $88.34 on Thursday. Elastic has a 1-year low of $58.55 and a 1-year high of $92.10.

Elastic (NYSE:ESTC) last announced its earnings results on Tuesday, December 4th. The company reported ($0.38) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.47) by $0.09. The firm had revenue of $63.60 million for the quarter, compared to the consensus estimate of $56.54 million. The company’s quarterly revenue was up 71.9% compared to the same quarter last year. On average, research analysts anticipate that Elastic will post -1.71 earnings per share for the current year.

A number of institutional investors have recently bought and sold shares of ESTC. Focused Wealth Management Inc bought a new position in Elastic during the 4th quarter worth $32,000. Victory Capital Management Inc. bought a new position in Elastic during the 4th quarter worth $42,000. Rhumbline Advisers bought a new position in Elastic during the 4th quarter worth $470,000. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new position in Elastic during the 4th quarter worth $5,426,000. Hedge funds and other institutional investors own 8.95% of the company’s stock.

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.

See Also: Consumer Price Index (CPI)

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