Canaccord Genuity Group Cuts Elastic (NYSE:ESTC) Price Target to $90.00

Elastic (NYSE:ESTC) had its target price trimmed by Canaccord Genuity Group from $115.00 to $90.00 in a report issued on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

ESTC has been the subject of a number of other reports. Wells Fargo & Company decreased their price target on Elastic from $75.00 to $60.00 and set an “equal weight” rating for the company in a report on Friday. UBS Group cut their target price on Elastic from $125.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, November 21st. Royal Bank Of Canada lowered their target price on Elastic from $115.00 to $95.00 and set an “outperform” rating for the company in a report on Monday, January 5th. Scotiabank dropped their price target on Elastic from $90.00 to $76.00 and set a “sector perform” rating on the stock in a research note on Friday, November 21st. Finally, Citigroup cut their price target on Elastic from $115.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, February 20th. Seventeen research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Elastic has a consensus rating of “Moderate Buy” and an average target price of $96.17.

Elastic Stock Down 15.5%

Elastic stock opened at $52.04 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.97 and a current ratio of 1.97. Elastic has a 52-week low of $49.90 and a 52-week high of $117.49. The firm has a 50 day moving average price of $68.42 and a two-hundred day moving average price of $77.86. The firm has a market cap of $5.48 billion, a price-to-earnings ratio of -65.05, a PEG ratio of 211.81 and a beta of 0.98.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09. Elastic had a negative net margin of 5.04% and a negative return on equity of 2.25%. The company had revenue of $449.88 million for the quarter, compared to analyst estimates of $438.37 million. During the same period in the prior year, the firm posted $0.63 EPS. The company’s quarterly revenue was up 17.7% on a year-over-year basis. Elastic has set its FY 2026 guidance at 2.500-2.540 EPS and its Q4 2026 guidance at 0.550-0.570 EPS. Equities analysts predict that Elastic will post -0.77 EPS for the current year.

Insider Transactions at Elastic

In other news, CEO Ashutosh Kulkarni sold 20,413 shares of Elastic stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $75.05, for a total transaction of $1,531,995.65. Following the completion of the transaction, the chief executive officer directly owned 431,901 shares in the company, valued at $32,414,170.05. This trade represents a 4.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Shay Banon sold 4,552 shares of the business’s stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $75.05, for a total transaction 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. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 61,828 shares of company stock valued at $4,641,010. Corporate insiders own 12.70% of the company’s stock.

Institutional Trading of Elastic

Several institutional investors and hedge funds have recently modified their holdings of ESTC. AQR Capital Management LLC boosted its position in shares of Elastic by 153.4% during the fourth quarter. AQR Capital Management LLC now owns 7,545,081 shares of the company’s stock valued at $569,201,000 after buying an additional 4,567,720 shares during the last quarter. FIL Ltd boosted its holdings in Elastic by 36.9% during the 4th quarter. FIL Ltd now owns 3,628,748 shares of the company’s stock worth $273,753,000 after acquiring an additional 977,578 shares during the last quarter. Alyeska Investment Group L.P. boosted its holdings in Elastic by 490.4% during the 3rd quarter. Alyeska Investment Group L.P. now owns 1,113,503 shares of the company’s stock worth $94,080,000 after acquiring an additional 924,911 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Elastic by 7.4% in the 3rd quarter. Vanguard Group Inc. now owns 10,206,204 shares of the company’s stock worth $862,322,000 after acquiring an additional 705,991 shares in the last quarter. Finally, Qube Research & Technologies Ltd raised its holdings in shares of Elastic by 302.1% in the second quarter. Qube Research & Technologies Ltd now owns 932,630 shares of the company’s stock valued at $78,649,000 after purchasing an additional 700,697 shares during the last quarter. 97.03% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting Elastic

Here are the key news stories impacting Elastic this week:

• Positive Sentiment: Company beat revenue expectations and reported 18% year‑over‑year revenue growth; management emphasized AI expansion and subscription growth, which supports longer‑term demand assumptions. Elastic Reports Third Quarter Fiscal 2026 Financial Results
• Positive Sentiment: Management raised forward guidance sharply: FY26 and Q4 EPS guidance well above Street consensus and revenue guidance roughly in line — a sign the company expects stronger profitability going forward (this is a bullish catalyst if execution continues). Elastic Reports Third Quarter Fiscal 2026 Financial Results
• Neutral Sentiment: Detailed materials and call transcripts were published (earnings deck and conference call transcripts) — useful for investors who want to dig into non‑GAAP vs GAAP items, margin drivers, and AI product commentary. Q3 2026 Earnings Call Transcript
• Negative Sentiment: Market reaction focused on an apparent earnings/methodology gap: some reports showed adjusted profits above estimates while GAAP/other EPS metrics missed — this disconnect likely triggered selling despite the revenue beat. Elastic Q3 Results and Transcript (MarketBeat)
• Negative Sentiment: Multiple sell‑side firms cut price targets this morning (Canaccord, Wells Fargo, Truist, Piper Sandler, Oppenheimer, Barclays), reducing near‑term analyst support and dragging sentiment lower. The coordinated downgrades are a primary driver of the intraday selloff. Analyst price target updates (Benzinga)
• Negative Sentiment: News coverage highlights that shares fell sharply despite beating revenue estimates — suggesting investors are focused on margins, EPS presentation, and the quick profit‑taking after recent gains. Elastic shares tumble despite beating third quarter estimates

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.