Elastic (NYSE:ESTC) Given New $80.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. lowered its price target on Elastic from $99 to $80 while keeping an overweight rating, implying about 47% upside from the current share price.
• Other analysts have also trimmed expectations recently, but the overall view remains constructive: Elastic now has a Moderate Buy consensus with an average target price of $86.96.
• Elastic’s latest quarter beat estimates, with EPS of $0.73 and revenue of $449.88 million, though the stock was trading around $54.35 and remains well below its 12-month high.

Elastic (NYSE:ESTC - Get Free Report) had its price objective dropped by investment analysts at JPMorgan Chase & Co. from $99.00 to $80.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price points to a potential upside of 47.19% from the company's current price.

A number of other equities research analysts also recently issued reports on the company. Piper Sandler cut their price target on shares of Elastic from $110.00 to $85.00 and set an "overweight" rating on the stock in a report on Friday, February 27th. William Blair started coverage on shares of Elastic in a research note on Friday, May 22nd. They issued an "outperform" rating on the stock. Morgan Stanley reduced their target price on shares of Elastic from $80.00 to $73.00 and set an "overweight" rating on the stock in a report on Monday, March 2nd. Wells Fargo & Company decreased their price target on shares of Elastic from $75.00 to $60.00 and set an "equal weight" rating for the company in a research report on Friday, February 27th. Finally, Citigroup lowered their price target on Elastic from $115.00 to $95.00 and set a "buy" rating for the company in a report on Friday, February 20th. Eighteen analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $86.96.

Elastic Trading Down 0.1%

NYSE ESTC traded down $0.06 during trading hours on Wednesday, hitting $54.35. 185,189 shares of the company's stock were exchanged, compared to its average volume of 1,975,077. The business's 50 day moving average is $50.15 and its 200-day moving average is $63.28. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.82 and a current ratio of 1.82. Elastic has a 12-month low of $42.05 and a 12-month high of $96.07. The firm has a market capitalization of $5.63 billion, a P/E ratio of -68.11, a price-to-earnings-growth ratio of 69.14 and a beta of 0.88.

Elastic (NYSE:ESTC - Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.64 by $0.09. Elastic had a negative net margin of 5.04% and a negative return on equity of 2.34%. The company had revenue of $449.88 million during the quarter, compared to the consensus estimate of $438.37 million. During the same quarter in the prior year, the company posted $0.63 EPS. The company's quarterly revenue was up 17.7% compared to the same quarter last year. Elastic has set its FY 2026 guidance at 2.500-2.540 EPS and its Q4 2026 guidance at 0.550-0.570 EPS. As a group, analysts anticipate that Elastic will post 0.04 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Shay Banon sold 4,283 shares of the stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $52.28, for a total transaction of $223,915.24. Following the sale, the chief technology officer owned 4,354,945 shares in the company, valued at $227,676,524.60. This represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Carolyn Herzog sold 3,989 shares of Elastic stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $52.28, for a total value of $208,544.92. Following the completion of the transaction, the insider owned 85,335 shares of the company's stock, valued at approximately $4,461,313.80. The trade was a 4.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 38,188 shares of company stock worth $1,996,469. Company insiders own 12.70% of the company's stock.

Hedge Funds Weigh In On Elastic

Institutional investors have recently modified their holdings of the company. Sound Income Strategies LLC bought a new position in Elastic in the 4th quarter worth approximately $25,000. Bessemer Group Inc. bought a new stake in Elastic during the 1st quarter valued at $25,000. Geneos Wealth Management Inc. acquired a new position in Elastic during the 2nd quarter worth $31,000. Activest Wealth Management boosted its position in Elastic by 3,181.3% during the 4th quarter. Activest Wealth Management now owns 525 shares of the company's stock worth $40,000 after acquiring an additional 509 shares during the period. Finally, Aster Capital Management DIFC Ltd grew its stake in shares of Elastic by 206.1% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 551 shares of the company's stock worth $42,000 after purchasing an additional 371 shares in the last quarter. Institutional investors own 97.03% of the company's stock.

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.

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