Citigroup Cuts Elastic (NYSE:ESTC) Price Target to $115.00

Elastic (NYSE:ESTC) had its price target cut by Citigroup from $130.00 to $115.00 in a research note issued to investors on Monday,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also recently weighed in on ESTC. DA Davidson decreased their target price on shares of Elastic from $100.00 to $80.00 and set a “neutral” rating on the stock in a research note on Friday, November 21st. Monness Crespi & Hardt lowered Elastic from a “buy” rating to a “neutral” rating in a research report on Friday, November 21st. Robert W. Baird upped their target price on Elastic from $120.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. Wedbush cut their price target on Elastic from $110.00 to $90.00 and set an “outperform” rating on the stock in a research note on Friday, November 21st. Finally, Wall Street Zen upgraded Elastic from a “hold” rating to a “buy” rating in a report on Saturday, October 11th. Seventeen equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Elastic has an average rating of “Moderate Buy” and a consensus price target of $107.25.

Elastic Stock Up 0.5%

NYSE ESTC opened at $69.85 on Monday. The company has a current ratio of 1.97, a quick ratio of 2.09 and a debt-to-equity ratio of 0.64. The company has a market cap of $7.36 billion, a price-to-earnings ratio of -67.82 and a beta of 1.04. The company has a 50 day moving average of $85.40 and a 200-day moving average of $85.15. Elastic has a 1-year low of $68.10 and a 1-year high of $118.84.

Elastic (NYSE:ESTC) last issued its earnings results on Thursday, November 20th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.58 by $0.06. Elastic had a negative net margin of 6.79% and a negative return on equity of 2.02%. The company had revenue of $423.48 million during the quarter, compared to analysts’ expectations of $418.27 million. During the same period in the previous year, the company earned $0.59 EPS. The business’s revenue for the quarter was up 15.9% compared to the same quarter last year. Elastic has set its Q3 2026 guidance at 0.630-0.65 EPS. On average, equities research analysts expect that Elastic will post -0.77 earnings per share for the current fiscal year.

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

Insider Activity

In other news, CEO Ashutosh Kulkarni sold 19,622 shares of Elastic 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 completion of the transaction, the chief executive officer owned 457,314 shares in the company, valued at $41,213,137.68. This trade represents a 4.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Shay Banon sold 104,326 shares of the company’s stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $90.34, for a total transaction of $9,424,810.84. Following the sale, the chief technology officer owned 4,363,780 shares in the company, valued at $394,223,885.20. The trade was a 2.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have 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

A number of large investors have recently made changes to their positions in ESTC. Geode Capital Management LLC grew its stake in shares of Elastic by 3.6% during 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 during the last quarter. Y Intercept Hong Kong Ltd boosted its holdings in 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 acquiring an additional 34,336 shares during the period. AXQ Capital LP bought a new position in Elastic during the 2nd quarter worth approximately $419,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake 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 worth $38,271,000 after purchasing an additional 12,510 shares during the period. Finally, Acadian Asset Management LLC increased its stake in Elastic by 534.4% in the 2nd quarter. Acadian Asset Management LLC now owns 128,651 shares of the company’s stock worth $10,840,000 after purchasing an additional 108,372 shares during the period. 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.