Citigroup Forecasts Strong Price Appreciation for Elastic (NYSE:ESTC) Stock

Elastic (NYSE:ESTC) had its target price raised by equities research analysts at Citigroup from $128.00 to $132.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup‘s price objective would suggest a potential upside of 50.18% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. TD Cowen lifted their price target on shares of Elastic from $55.00 to $70.00 and gave the company a “hold” rating in a report on Tuesday, August 25th. Wedbush reaffirmed an “outperform” rating and set a $125.00 target price on shares of Elastic in a research note on Friday, October 9th. Jefferies Financial Group upped their price target on shares of Elastic from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 28th. Truist Financial increased their price target on Elastic from $80.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, August 20th. Finally, Oppenheimer raised their price objective on Elastic from $100.00 to $118.00 and gave the company an “outperform” rating in a report on Friday, August 28th. Seventeen research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $98.70.

Elastic Price Performance

Shares of Elastic stock traded up $0.58 during trading on Thursday, reaching $87.89. 217,931 shares of the company’s stock were exchanged, compared to its average volume of 2,100,960. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.81 and a current ratio of 1.81. Elastic has a 1-year low of $42.05 and a 1-year high of $108.00. The company has a market cap of $9.23 billion, a P/E ratio of 24.45, a PEG ratio of 7.33 and a beta of 0.97. The firm’s 50-day moving average price is $92.35 and its 200 day moving average price is $68.13.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, August 27th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.12. The firm had revenue of $478.11 million for the quarter, compared to analysts’ expectations of $469.75 million. Elastic had a negative return on equity of 0.35% and a net margin of 20.84%. The business’s revenue for the quarter was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.60 earnings per share. Elastic has set its FY 2027 guidance at 3.290-3.370 EPS and its Q2 2027 guidance at 0.800-0.820 EPS. As a group, research analysts anticipate that Elastic will post 0.65 earnings per share for the current year.

Insider Activity

In other news, insider Carolyn Herzog sold 5,485 shares of Elastic stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $87.78, for a total transaction of $481,473.30. Following the transaction, the insider owned 112,954 shares in the company, valued at approximately $9,915,102.12. The trade was a 4.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Steven Schuurman sold 2,000,000 shares of Elastic stock in a transaction on Monday, October 12th. The stock was sold at an average price of $94.15, for a total transaction of $188,300,000.00. Following the transaction, the director owned 2,504,600 shares in the company, valued at approximately $235,808,090. This trade represents a 44.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 4,585,641 shares of company stock worth $422,851,366. Company insiders own 12.70% of the company’s stock.

Institutional Trading of Elastic

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. VIRGINIA RETIREMENT SYSTEMS ET Al raised its position in Elastic by 1.8% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 5,700 shares of the company’s stock worth $523,000 after purchasing an additional 100 shares during the last quarter. Signaturefd LLC increased its stake in shares of Elastic by 101.6% in the third quarter. Signaturefd LLC now owns 496 shares of the company’s stock valued at $45,000 after buying an additional 250 shares during the period. 180 Wealth Advisors LLC increased its stake in shares of Elastic by 4.6% in the second quarter. 180 Wealth Advisors LLC now owns 6,027 shares of the company’s stock valued at $344,000 after buying an additional 263 shares during the period. Eurizon Capital SGR S.p.A. raised its position in shares of Elastic by 29.4% during the third quarter. Eurizon Capital SGR S.p.A. now owns 1,326 shares of the company’s stock worth $118,000 after acquiring an additional 301 shares during the last quarter. Finally, Fortitude Family Office LLC raised its position in shares of Elastic by 303.7% during the third quarter. Fortitude Family Office LLC now owns 650 shares of the company’s stock worth $60,000 after acquiring an additional 489 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors and hedge funds.

Elastic Company Profile

Elastic N.V. develops software for search, observability and security. Its products help organizations search and analyze data, monitor applications and infrastructure, and detect and respond to cybersecurity threats. The company’s offerings include the Elastic Stack—built around Elasticsearch and including Kibana, Logstash and Beats—as well as cloud-based services through Elastic Cloud. These tools can be used to work with data from a range of sources and support applications such as enterprise search, log analytics and security monitoring.