Elastic (NYSE:ESTC) Price Target Lowered to $113.00 at JPMorgan Chase & Co.

Elastic (NYSE:ESTC) had its price objective reduced by JPMorgan Chase & Co. from $120.00 to $113.00 in a research note issued to investors on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other analysts have also commented on ESTC. Wedbush cut their price objective on Elastic from $110.00 to $90.00 and set an “outperform” rating for the company in a report on Friday. Piper Sandler upped their price target on shares of Elastic from $120.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, August 29th. Cantor Fitzgerald lowered their price objective on shares of Elastic from $94.00 to $85.00 and set a “neutral” rating on the stock in a research note on Friday. Truist Financial cut their target price on shares of Elastic from $140.00 to $120.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Jefferies Financial Group increased their price target on shares of Elastic from $110.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, August 29th. Sixteen research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $108.71.

Elastic Stock Performance

Shares of NYSE:ESTC traded down $11.92 during midday trading on Friday, reaching $70.16. 8,915,733 shares of the company’s stock traded hands, compared to its average volume of 1,585,240. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.09 and a current ratio of 2.09. Elastic has a one year low of $68.78 and a one year high of $118.84. The company has a market cap of $7.46 billion, a price-to-earnings ratio of -68.12 and a beta of 1.04. The stock has a 50 day moving average of $86.47 and a 200 day moving average of $85.47.

Elastic (NYSE:ESTC) last announced its quarterly earnings results on Thursday, August 28th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.50). Elastic had a negative return on equity of 2.01% and a negative net margin of 6.79%.The company had revenue of $415.29 million during the quarter, compared to the consensus estimate of $397.13 million. During the same quarter in the prior year, the firm earned $0.35 earnings per share. The business’s revenue was up 19.5% compared to the same quarter last year. Elastic has set its FY 2026 guidance at 2.290-2.350 EPS. Q2 2026 guidance at 0.560-0.580 EPS. As a group, equities research analysts anticipate that Elastic will post -0.77 EPS for the current fiscal year.

Elastic announced that its Board of Directors has initiated a share buyback program on Thursday, October 9th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Elastic

In other news, CFO Navam Welihinda sold 1,256 shares of the business’s stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $84.58, for a total value of $106,232.48. Following the transaction, the chief financial officer directly owned 129,247 shares in the company, valued at $10,931,711.26. The trade was a 0.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ashutosh Kulkarni sold 5,000 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $88.12, for a total value of $440,600.00. Following the sale, the chief executive officer owned 452,314 shares of the company’s stock, valued at $39,857,909.68. This represents a 1.09% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 352,042 shares of company stock valued at $31,087,394. 12.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Elastic

Several hedge funds have recently modified their holdings of the stock. Geneos Wealth Management Inc. bought a new position in shares of Elastic during the second quarter worth $31,000. Huntington National Bank boosted its holdings in shares of Elastic by 97.5% during the 2nd quarter. Huntington National Bank now owns 468 shares of the company’s stock valued at $39,000 after purchasing an additional 231 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Elastic by 53.7% in the first quarter. Smartleaf Asset Management LLC now owns 435 shares of the company’s stock worth $40,000 after buying an additional 152 shares in the last quarter. Plato Investment Management Ltd bought a new position in Elastic during the second quarter valued at approximately $40,000. Finally, Promus Capital LLC purchased a new position in Elastic during the 2nd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 97.03% of the company’s stock.

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.