Elastic (NYSE:ESTC) Given New $80.00 Price Target at Wells Fargo & Company

Elastic (NYSE:ESTC) had its price objective lifted by analysts at Wells Fargo & Company from $60.00 to $80.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential downside of 3.90% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the company. Wolfe Research set a $55.00 price target on Elastic in a research report on Friday, May 29th. DA Davidson reduced their price objective on Elastic from $65.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, May 29th. Morgan Stanley cut Elastic from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $73.00 to $66.00 in a report on Tuesday, July 21st. Guggenheim reaffirmed a “buy” rating and issued a $106.00 target price on shares of Elastic in a research note on Wednesday, August 19th. Finally, Wedbush decreased their price target on shares of Elastic from $74.00 to $65.00 and set an “outperform” rating on the stock in a research note on Friday, May 29th. Seventeen equities research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, Elastic has an average rating of “Moderate Buy” and an average target price of $86.30.

Elastic Price Performance

Shares of NYSE:ESTC opened at $83.25 on Tuesday. The company has a 50-day moving average price of $66.12 and a two-hundred day moving average price of $58.29. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $8.65 billion, a PE ratio of 23.78, a P/E/G ratio of 21.54 and a beta of 0.98. Elastic has a twelve month low of $42.05 and a twelve month high of $96.07.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Thursday, May 28th. The company reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. Elastic had a net margin of 21.14% and a negative return on equity of 1.82%. The company had revenue of $450.68 million during the quarter, compared to the consensus estimate of $446.66 million. During the same period in the previous year, the firm posted $0.47 EPS. The firm’s revenue was up 16.0% compared to the same quarter last year. Elastic has set its FY 2027 guidance at 3.210-3.290 EPS and its Q1 2027 guidance at 0.570-0.590 EPS. Equities analysts forecast that Elastic will post 0.24 EPS for the current year.

Insider Transactions at Elastic

In other news, CRO Mark Eugene Dodds sold 18,439 shares of the stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $60.61, for a total transaction of $1,117,587.79. Following the completion of the sale, the executive directly owned 298,211 shares in the company, valued at approximately $18,074,568.71. This represents a 5.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Carolyn Herzog sold 9,485 shares of the business’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $60.61, for a total value of $574,885.85. Following the transaction, the insider owned 128,439 shares in the company, valued at approximately $7,784,687.79. This represents a 6.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 110,099 shares of company stock valued at $6,673,100. Company insiders own 12.70% of the company’s stock.

Institutional Investors Weigh In On Elastic

Hedge funds have recently made changes to their positions in the company. Amundi lifted its position in Elastic by 37.2% during the 1st quarter. Amundi now owns 296,604 shares of the company’s stock valued at $14,827,000 after acquiring an additional 80,441 shares during the period. Geode Capital Management LLC boosted its holdings in Elastic by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 1,724,508 shares of the company’s stock worth $130,124,000 after acquiring an additional 49,198 shares in the last quarter. California State Teachers Retirement System increased its holdings in shares of Elastic by 21.8% during the first quarter. California State Teachers Retirement System now owns 104,579 shares of the company’s stock valued at $5,228,000 after acquiring an additional 18,716 shares in the last quarter. Temasek Holdings Private Ltd boosted its stake in Elastic by 9.3% in the 4th quarter. Temasek Holdings Private Ltd now owns 1,294,465 shares of the company’s stock worth $97,654,000 after purchasing an additional 109,608 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in Elastic by 15.6% during the 4th quarter. Legal & General Group Plc now owns 396,595 shares of the company’s stock valued at $29,919,000 after purchasing an additional 53,523 shares in the last quarter. 97.03% of the stock is currently owned by institutional investors.

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.