Elastic (NYSE:ESTC) Price Target Raised to $80.00 at Wells Fargo & Company

Key Points

• Wells Fargo raised Elastic’s price target from $60 to $80 while maintaining an “equal weight” rating, implying roughly 3.9% downside from the previous close.
• Analyst sentiment remains broadly positive: Elastic has a consensus “Moderate Buy” rating and an average price target of $86.30, supported by 17 Buy and 13 Hold ratings.
• Elastic’s latest quarter exceeded expectations, with EPS of $0.61 versus $0.56 expected and revenue of $450.68 million, up 16% year over year. Insiders have sold shares primarily to cover tax obligations tied to equity awards.

Elastic (NYSE:ESTC - Get Free Report) had its price objective boosted by analysts at Wells Fargo & Company from $60.00 to $80.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Wells Fargo & Company's price target suggests a potential downside of 3.90% from the stock's previous close.

Other research analysts have also issued research reports about the stock. Guggenheim restated a "buy" rating and set a $106.00 price target on shares of Elastic in a report on Wednesday, August 19th. Truist Financial upped their price target on shares of Elastic from $80.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, August 20th. Stifel Nicolaus set a $90.00 price objective on Elastic in a research note on Tuesday, August 18th. Citigroup lifted their target price on Elastic from $95.00 to $104.00 and gave the stock a "buy" rating in a report on Friday, May 29th. Finally, Wall Street Zen lowered shares of Elastic from a "buy" rating to a "hold" rating in a research note on Saturday, June 13th. Seventeen equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $86.30.

Elastic Stock Performance

Shares of Elastic stock opened at $83.25 on Tuesday. The stock has a market cap of $8.65 billion, a price-to-earnings 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. The company's fifty day moving average is $66.12 and its 200 day moving average is $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.

Elastic (NYSE:ESTC - Get Free Report) last announced its earnings results on Thursday, May 28th. The company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.56 by $0.05. Elastic had a negative return on equity of 1.82% and a net margin of 21.14%.The firm had revenue of $450.68 million for the quarter, compared to the consensus estimate of $446.66 million. During the same period in the previous year, the business earned $0.47 EPS. The business's quarterly 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. Sell-side analysts forecast that Elastic will post 0.24 EPS for the current year.

Insider Buying and Selling

In related news, CEO Ashutosh Kulkarni sold 40,373 shares of the company's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $60.61, for a total transaction of $2,447,007.53. Following the completion of the sale, the chief executive officer owned 628,752 shares in the company, valued at approximately $38,108,658.72. This represents a 6.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ken Exner sold 18,449 shares of the company's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $60.61, for a total transaction of $1,118,193.89. Following the completion of the sale, the insider owned 360,037 shares of the company's stock, valued at approximately $21,821,842.57. The trade was a 4.87% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 110,099 shares of company stock valued at $6,673,100. 12.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ESTC. Geneos Wealth Management Inc. purchased a new stake in shares of Elastic during the 2nd quarter worth approximately $31,000. Bessemer Group Inc. purchased a new position in Elastic in the first quarter valued at approximately $25,000. Activest Wealth Management grew its holdings in Elastic by 3,181.2% during the fourth quarter. Activest Wealth Management now owns 525 shares of the company's stock valued at $40,000 after purchasing an additional 509 shares during the period. Aster Capital Management DIFC Ltd grew its holdings in Elastic by 206.1% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 551 shares of the company's stock valued at $42,000 after purchasing an additional 371 shares during the period. Finally, Basecamp Wealth Advisors LLC bought a new position in Elastic during the first quarter valued at $28,000. 97.03% of the stock is owned by institutional investors.

Elastic Company Profile

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.

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