Elastic (NYSE:ESTC) Price Target Cut to $120.00 by Analysts at Truist Financial

Elastic (NYSE:ESTC) had its target price lowered by investment analysts at Truist Financial from $140.00 to $120.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 35.34% from the stock’s previous close.

ESTC has been the topic of several other reports. Zacks Research lowered shares of Elastic from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 26th. Wells Fargo & Company initiated coverage on shares of Elastic in a research report on Tuesday, September 30th. They set an “equal weight” rating and a $90.00 price objective on the stock. Canaccord Genuity Group raised their target price on Elastic from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, August 29th. Mizuho upped their price target on Elastic from $100.00 to $119.00 and gave the stock an “outperform” rating in a research note on Friday, August 29th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $130.00 price objective on shares of Elastic in a research note on Friday, August 29th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Elastic has a consensus rating of “Moderate Buy” and an average target price of $118.00.

Elastic Stock Up 1.4%

Shares of Elastic stock opened at $88.67 on Wednesday. The stock’s 50-day moving average is $86.99 and its 200 day moving average is $85.56. Elastic has a one year low of $70.14 and a one year high of $118.84. The firm has a market cap of $9.42 billion, a price-to-earnings ratio of -110.83 and a beta of 1.04. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.09 and a quick ratio of 2.09.

Elastic (NYSE:ESTC) last issued its quarterly earnings results on Thursday, August 28th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.50). The business had revenue of $415.29 million during the quarter, compared to analyst estimates of $397.13 million. Elastic had a negative net margin of 5.38% and a negative return on equity of 1.68%. Elastic’s quarterly revenue was up 19.5% compared to the same quarter last year. During the same period last year, the firm posted $0.35 earnings per share. Elastic has set its FY 2026 guidance at 2.290-2.350 EPS. Q2 2026 guidance at 0.560-0.580 EPS. Equities research analysts anticipate that Elastic will post -0.77 EPS for the current year.

Elastic announced that its Board of Directors has approved a stock repurchase program on Thursday, October 9th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Elastic

In other Elastic news, CEO Ashutosh Kulkarni sold 19,622 shares of the firm’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total transaction of $1,768,334.64. Following the transaction, the chief executive officer directly owned 457,314 shares in the company, valued at approximately $41,213,137.68. This trade represents a 4.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Carolyn Herzog sold 5,143 shares of Elastic stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total transaction of $463,487.16. Following the transaction, the insider directly owned 94,677 shares in the company, valued at $8,532,291.24. This represents a 5.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 352,042 shares of company stock valued at $31,087,394 over the last 90 days. Corporate insiders own 12.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Y Intercept Hong Kong Ltd lifted its stake in shares of Elastic by 147.0% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 57,690 shares of the company’s stock valued at $4,865,000 after buying an additional 34,336 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Elastic by 3.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 429,526 shares of the company’s stock valued at $38,271,000 after acquiring an additional 12,510 shares during the period. Brighton Jones LLC purchased a new stake in shares of Elastic during the second quarter worth $638,000. Acadian Asset Management LLC boosted its holdings in shares of Elastic by 534.4% in the second quarter. Acadian Asset Management LLC now owns 128,651 shares of the company’s stock worth $10,840,000 after acquiring an additional 108,372 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its position in shares of Elastic by 7.6% in the second quarter. DekaBank Deutsche Girozentrale now owns 19,746 shares of the company’s stock valued at $1,637,000 after purchasing an additional 1,401 shares in the last quarter. 97.03% of the stock is owned by institutional investors.

Elastic Company Profile

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.