Elastic (NYSE:ESTC) Receives Buy Rating from Rosenblatt Securities

Key Points

• Rosenblatt Securities reaffirmed its “buy” rating on Elastic and set an $83 price target, implying approximately 3.2% upside from the stock’s $80.43 opening price.
• Analyst sentiment remains positive overall, with 17 “buy” ratings and 13 “hold” ratings; Elastic has a consensus “Moderate Buy” rating and an average price target of $86.67.
• Elastic recently exceeded quarterly expectations, reporting $0.61 in adjusted earnings per share versus the $0.56 consensus and $450.68 million in revenue, up 16% year over year.

Elastic (NYSE:ESTC - Get Free Report)'s stock had its "buy" rating reaffirmed by stock analysts at Rosenblatt Securities in a report released on Wednesday,Benzinga reports. They currently have a $83.00 price target on the stock. Rosenblatt Securities' target price would suggest a potential upside of 3.20% from the stock's current price.

Several other equities analysts have also recently commented on ESTC. Piper Sandler restated an "overweight" rating on shares of Elastic in a research report on Friday, June 26th. Wolfe Research set a $55.00 target price on Elastic in a research note on Friday, May 29th. Weiss Ratings upgraded shares of Elastic from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, July 15th. William Blair started coverage on shares of Elastic in a research note on Friday, May 22nd. They set an "outperform" rating on the stock. Finally, Jefferies Financial Group upped their price objective on shares of Elastic from $75.00 to $100.00 and gave the company a "buy" rating in a research note on Sunday, August 16th. Seventeen equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $86.67.

Elastic Trading Down 3.4%

NYSE ESTC opened at $80.43 on Wednesday. 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 business has a 50 day moving average price of $66.52 and a 200-day moving average price of $58.43. Elastic has a 52 week low of $42.05 and a 52 week high of $96.07. The company has a market cap of $8.36 billion, a price-to-earnings ratio of 22.98, a P/E/G ratio of 20.87 and a beta of 0.98.

Elastic (NYSE:ESTC - Get Free Report) last posted its earnings results on Thursday, May 28th. The company reported $0.61 earnings per share for the quarter, beating analysts' consensus estimates of $0.56 by $0.05. The company had revenue of $450.68 million for the quarter, compared to analyst estimates of $446.66 million. Elastic had a negative return on equity of 1.82% and a net margin of 21.14%.The company's revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter last year, the company earned $0.47 earnings per share. Elastic has set its FY 2027 guidance at 3.210-3.290 EPS and its Q1 2027 guidance at 0.570-0.590 EPS. As a group, equities analysts expect that Elastic will post 0.24 earnings per share for the current fiscal year.

Insider Activity

In other Elastic news, CTO Shay Banon sold 9,288 shares of the firm's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $60.61, for a total transaction of $562,945.68. Following the completion of the sale, the chief technology officer directly owned 4,417,140 shares in the company, valued at approximately $267,722,855.40. This trade represents a 0.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 on Tuesday, June 9th. The stock was sold at an average price of $60.61, for a total value of $574,885.85. Following the completion of the transaction, the insider owned 128,439 shares of the company's stock, valued at $7,784,687.79. This represents a 6.88% 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. In the last quarter, insiders have sold 110,099 shares of company stock worth $6,673,100. 12.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Elastic

A number of hedge funds have recently modified their holdings of ESTC. Bessemer Group Inc. purchased a new position in Elastic during the first quarter valued at $25,000. Basecamp Wealth Advisors LLC purchased a new stake in Elastic in the 1st quarter worth $28,000. Geneos Wealth Management Inc. bought a new position in shares of Elastic during the 2nd quarter valued at about $31,000. Activest Wealth Management boosted its holdings in shares of Elastic by 3,181.2% during the 4th 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 last quarter. Finally, Harbor Investment Advisory LLC purchased a new position in shares of Elastic during the second quarter valued at about $42,000. Institutional investors own 97.03% of the company's stock.

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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