Elastic (NYSE:ESTC) Reaches New 12-Month Low Following Analyst Downgrade

Elastic N.V. (NYSE:ESTC) hit a new 52-week low on Monday after Citigroup lowered their price target on the stock from $115.00 to $95.00. Citigroup currently has a buy rating on the stock. Elastic traded as low as $54.76 and last traded at $55.4650, with a volume of 353614 shares changing hands. The stock had previously closed at $58.12.

Other analysts have also recently issued research reports about the stock. DA Davidson dropped their target price on shares of Elastic from $100.00 to $80.00 and set a “neutral” rating for the company in a research report on Friday, November 21st. Royal Bank Of Canada dropped their price objective on Elastic from $115.00 to $95.00 and set an “outperform” rating for the company in a report on Monday, January 5th. Bank of America cut their target price on Elastic from $111.00 to $90.00 and set a “neutral” rating on the stock in a research note on Friday, November 21st. Stifel Nicolaus decreased their target price on Elastic from $134.00 to $108.00 and set a “buy” rating for the company in a research report on Friday, November 21st. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Elastic in a research note on Wednesday, January 21st. Seventeen analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $102.17.

Insider Activity at Elastic

In other news, insider Ken Exner sold 6,544 shares of Elastic stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $75.05, for a total transaction of $491,127.20. Following the transaction, the insider owned 227,038 shares in the company, valued at $17,039,201.90. The trade was a 2.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Shay Banon sold 4,552 shares of the stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $75.05, for a total value of $341,627.60. Following the sale, the chief technology officer directly owned 4,359,228 shares of the company’s stock, valued at approximately $327,160,061.40. The trade was a 0.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 61,828 shares of company stock valued at $4,641,010 over the last 90 days. Insiders own 12.70% of the company’s stock.

Institutional Investors Weigh In On Elastic

Several institutional investors have recently added to or reduced their stakes in ESTC. AXQ Capital LP acquired a new position in shares of Elastic during the 2nd quarter worth approximately $419,000. Geode Capital Management LLC raised its position in shares of Elastic by 3.6% in the second quarter. Geode Capital Management LLC now owns 1,569,578 shares of the company’s stock valued at $132,384,000 after buying an additional 54,812 shares in the last quarter. Mackenzie Financial Corp boosted its stake in shares of Elastic by 622.2% in the second quarter. Mackenzie Financial Corp now owns 77,005 shares of the company’s stock valued at $6,494,000 after buying an additional 66,342 shares during the period. Panagora Asset Management Inc. boosted its stake in shares of Elastic by 102.3% in the second quarter. Panagora Asset Management Inc. now owns 464,268 shares of the company’s stock valued at $39,152,000 after buying an additional 234,735 shares during the period. Finally, Y Intercept Hong Kong Ltd grew its position in Elastic by 147.0% during the second quarter. Y Intercept Hong Kong Ltd now owns 57,690 shares of the company’s stock worth $4,865,000 after buying an additional 34,336 shares in the last quarter. 97.03% of the stock is owned by institutional investors.

Elastic Stock Performance

The stock has a market cap of $5.94 billion, a P/E ratio of -54.72, a price-to-earnings-growth ratio of 216.98 and a beta of 0.93. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 0.64. The stock has a 50 day simple moving average of $69.53 and a 200 day simple moving average of $78.22.

About Elastic

Elastic N.V. operates as a search and analytics company, offering a suite of open source and subscription-based solutions for search, observability and security use cases. Its flagship product, Elasticsearch, enables fast and scalable full-text search and analytics across large volumes of structured and unstructured data. Complementary tools such as Kibana provide visualization capabilities, while Beats and Logstash serve as lightweight data shippers and data processing pipelines, respectively.

The company was founded in 2012 by Shay Banon, who serves as chief technology officer, and Steven Schuurman.