Wedbush Has Lowered Expectations for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its target price lowered by equities research analysts at Wedbush from $110.00 to $90.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s target price would indicate a potential upside of 9.22% from the stock’s previous close.

ESTC has been the topic of a number of other research reports. Piper Sandler raised their target price on shares of Elastic from $120.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, August 29th. Royal Bank Of Canada increased their price target on Elastic from $106.00 to $125.00 and gave the stock an “outperform” rating in a research note on Friday, August 29th. Citigroup restated a “buy” rating on shares of Elastic in a report on Friday, October 10th. Morgan Stanley reaffirmed an “overweight” rating and issued a $110.00 price objective (down previously from $120.00) on shares of Elastic in a research report on Friday. Finally, DA Davidson began coverage on Elastic in a research report on Friday, August 29th. They set a “neutral” rating and a $105.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $113.56.

Elastic Stock Performance

NYSE ESTC opened at $82.40 on Friday. The business has a 50 day moving average price of $86.82 and a 200 day moving average price of $85.56. The company has a market capitalization of $8.76 billion, a P/E ratio of -103.01 and a beta of 1.04. Elastic has a 1-year low of $70.14 and a 1-year high of $118.84. 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 announced its earnings results on Thursday, August 28th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.50). Elastic had a negative return on equity of 1.68% and a negative net margin of 5.38%.The business had revenue of $415.29 million for the quarter, compared to analyst estimates of $397.13 million. During the same quarter in the previous year, the firm posted $0.35 EPS. The business’s revenue was up 19.5% on a year-over-year basis. Elastic has set its FY 2026 guidance at 2.290-2.350 EPS. Q2 2026 guidance at 0.560-0.580 EPS. Sell-side analysts expect that Elastic will post -0.77 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other news, CEO Ashutosh Kulkarni sold 19,622 shares of the company’s stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $90.12, for a total value of $1,768,334.64. Following the sale, the chief executive officer owned 457,314 shares in the company, valued at approximately $41,213,137.68. This represents a 4.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Carolyn Herzog sold 5,143 shares of the company’s stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $90.12, for a total value of $463,487.16. Following the sale, the insider owned 94,677 shares in the company, valued at $8,532,291.24. The trade was a 5.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 352,042 shares of company stock valued at $31,087,394. Insiders own 12.70% of the company’s stock.

Hedge Funds Weigh In On Elastic

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its stake in Elastic by 3.6% during the 2nd quarter. Geode Capital Management LLC now owns 1,569,578 shares of the company’s stock valued at $132,384,000 after purchasing an additional 54,812 shares during the period. Y Intercept Hong Kong Ltd increased its stake in shares of Elastic by 147.0% during the second quarter. Y Intercept Hong Kong Ltd now owns 57,690 shares of the company’s stock valued at $4,865,000 after acquiring an additional 34,336 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Elastic by 3.0% in 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 last quarter. Acadian Asset Management LLC lifted its stake in Elastic by 534.4% during the second quarter. Acadian Asset Management LLC now owns 128,651 shares of the company’s stock valued at $10,840,000 after purchasing an additional 108,372 shares during the last quarter. Finally, Brighton Jones LLC bought a new stake in shares of Elastic during the 2nd quarter worth $638,000. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.