Goldman Sachs Group Lowers Elastic (ESTC) to Neutral

Elastic (NYSE:ESTC) was downgraded by stock analysts at Goldman Sachs Group from a “buy” rating to a “neutral” rating in a research note issued on Thursday, The Fly reports.

Other research analysts have also issued research reports about the stock. Zacks Investment Research lowered shares of Elastic from a “buy” rating to a “hold” rating in a research note on Tuesday. Monness Crespi & Hardt initiated coverage on shares of Elastic in a research note on Monday, December 17th. They issued a “buy” rating and a $100.00 price objective for the company. Citigroup raised their price objective on shares of Elastic from $74.00 to $82.00 and gave the company a “neutral” rating in a research note on Thursday, December 6th. Barclays raised their price objective on shares of Elastic to $85.00 and gave the company an “overweight” rating in a research note on Wednesday, December 5th. Finally, Canaccord Genuity initiated coverage on shares of Elastic in a research note on Tuesday, October 30th. They issued a “hold” rating and a $65.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $75.22.

Shares of 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 quarterly earnings results on Tuesday, December 4th. The company reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.09. The company had revenue of $63.60 million for the quarter, compared to analyst estimates of $56.54 million. The company’s revenue was up 71.9% compared to the same quarter last year. As a group, equities analysts forecast that Elastic will post -1.71 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of ESTC. Focused Wealth Management Inc purchased a new position in shares of Elastic in the fourth quarter valued at approximately $32,000. Rhumbline Advisers purchased a new position in shares of Elastic in the fourth quarter valued at approximately $470,000. Victory Capital Management Inc. purchased a new position in shares of Elastic in the fourth quarter valued at approximately $42,000. Finally, Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of Elastic in the fourth quarter valued at approximately $5,426,000. 8.95% of the stock is owned by institutional investors and hedge funds.

About Elastic

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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