Elastic (NYSE:ESTC) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan raised Elastic’s price target from $80 to $93 and maintained an “overweight” rating, implying 8.24% upside from the previous close.
• Analyst sentiment remains generally positive: Elastic has a consensus “Moderate Buy” rating and an average price target of $83.41, based on 17 Buy and 13 Hold ratings.
• Elastic’s latest quarterly results exceeded expectations, with EPS of $0.61 versus $0.56 expected and revenue of $450.68 million, up 16% year over year.

Elastic (NYSE:ESTC - Get Free Report) had its price objective increased by equities researchers at JPMorgan Chase & Co. from $80.00 to $93.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 8.24% from the stock's previous close.

Several other equities research analysts have also recently commented on ESTC. Citigroup boosted their price target on Elastic from $95.00 to $104.00 and gave the company a "buy" rating in a research note on Friday, May 29th. Canaccord Genuity Group reduced their price objective on shares of Elastic from $90.00 to $80.00 and set a "buy" rating for the company in a research note on Friday, May 29th. Morgan Stanley cut shares of Elastic from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $73.00 to $66.00 in a report on Tuesday, July 21st. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $59.00 price target on shares of Elastic in a research report on Thursday, June 25th. Finally, UBS Group reiterated a "buy" rating and set a $85.00 price target on shares of Elastic in a research note on Friday, May 29th. Seventeen equities research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company's stock. According to MarketBeat, Elastic currently has a consensus rating of "Moderate Buy" and an average target price of $83.41.

Elastic Stock Up 0.0%

Shares of NYSE:ESTC traded up $0.02 during trading on Friday, reaching $85.92. 286,805 shares of the company traded hands, compared to its average volume of 2,061,315. The firm has a fifty day simple moving average of $65.19 and a 200 day simple moving average of $57.98. 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 has a 1-year low of $42.05 and a 1-year high of $96.07. The firm has a market cap of $8.93 billion, a P/E ratio of 24.55, a price-to-earnings-growth ratio of 21.89 and a beta of 0.98.

Elastic (NYSE:ESTC - Get Free Report) last announced its quarterly earnings data on Thursday, May 28th. The company reported $0.61 earnings per share (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 business had revenue of $450.68 million during the quarter, compared to analyst estimates of $446.66 million. During the same period last year, the company earned $0.47 earnings per share. Elastic'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. Analysts anticipate that Elastic will post 0.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CRO Mark Eugene Dodds sold 18,439 shares of the company's stock in a transaction on 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 transaction, the executive directly owned 298,211 shares in the company, valued at $18,074,568.71. This represents a 5.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 firm'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 in the company, valued at $21,821,842.57. This represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 110,099 shares of company stock valued at $6,673,100 in the last ninety days. Company insiders own 12.70% of the company's stock.

Hedge Funds Weigh In On Elastic

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. acquired a new position in shares of Elastic in the second quarter valued at $31,000. Bessemer Group Inc. bought a new stake in Elastic in the 1st quarter valued at $25,000. Activest Wealth Management raised its stake in shares of Elastic by 3,181.2% in the 4th quarter. Activest Wealth Management now owns 525 shares of the company's stock valued at $40,000 after buying an additional 509 shares in the last quarter. Aster Capital Management DIFC Ltd lifted its holdings in shares of Elastic by 206.1% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 551 shares of the company's stock worth $42,000 after acquiring an additional 371 shares during the period. Finally, Basecamp Wealth Advisors LLC acquired a new stake in shares of Elastic during the 1st quarter valued at about $28,000. 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.

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