Wells Fargo & Company Cuts Elastic (NYSE:ESTC) Price Target to $75.00

Elastic (NYSE:ESTC) had its target price cut by analysts at Wells Fargo & Company from $90.00 to $75.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 7.25% from the stock’s current price.

Other research analysts have also issued reports about the stock. Citigroup reaffirmed a “buy” rating on shares of Elastic in a research note on Friday, October 10th. JPMorgan Chase & Co. reduced their price target on shares of Elastic from $120.00 to $113.00 and set an “overweight” rating on the stock in a research note on Friday. Needham & Company LLC reaffirmed a “hold” rating on shares of Elastic in a research report on Friday, October 10th. Mizuho increased their price objective on Elastic from $100.00 to $119.00 and gave the stock an “outperform” rating in a research note on Friday, August 29th. Finally, Scotiabank reiterated a “sector perform” rating and issued a $76.00 target price on shares of Elastic in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $112.40.

Elastic Price Performance

Shares of Elastic stock traded down $12.15 during trading hours on Friday, hitting $69.93. The company’s stock had a trading volume of 3,103,227 shares, compared to its average volume of 1,734,622. The business has a 50 day moving average price of $86.82 and a two-hundred day moving average price of $85.56. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.09 and a current ratio of 2.09. Elastic has a 12-month low of $68.78 and a 12-month high of $118.84. The company has a market cap of $7.43 billion, a PE ratio of -87.42 and a beta of 1.04.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, August 28th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.42 by ($0.50). The company had revenue of $415.29 million during the quarter, compared to analysts’ expectations of $397.13 million. Elastic had a negative return on equity of 1.68% and a negative net margin of 5.38%.Elastic’s quarterly revenue was up 19.5% compared to the same quarter last year. During the same period last year, the firm posted $0.35 EPS. Elastic has set its FY 2026 guidance at 2.290-2.350 EPS. Q2 2026 guidance at 0.560-0.580 EPS. Analysts expect that Elastic will post -0.77 earnings per share for the current fiscal year.

Elastic announced that its board has authorized a share buyback program on Thursday, October 9th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other Elastic news, insider Carolyn Herzog sold 5,143 shares of the stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total value of $463,487.16. Following the completion of the sale, the insider directly owned 94,677 shares in the company, valued at approximately $8,532,291.24. This trade represents a 5.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CRO Mark Eugene Dodds sold 5,037 shares of the firm’s stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total value of $453,934.44. Following the completion of the sale, the executive directly owned 167,284 shares of the company’s stock, valued at approximately $15,075,634.08. This represents a 2.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 352,042 shares of company stock worth $31,087,394 over the last quarter. Company insiders own 12.70% of the company’s stock.

Hedge Funds Weigh In On Elastic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ESTC. Geode Capital Management LLC lifted its holdings in shares of Elastic by 3.6% in the 2nd quarter. Geode Capital Management LLC now owns 1,569,578 shares of the company’s stock valued at $132,384,000 after buying an additional 54,812 shares during the period. Y Intercept Hong Kong Ltd raised its position in Elastic by 147.0% during the second quarter. Y Intercept Hong Kong Ltd now owns 57,690 shares of the company’s stock valued at $4,865,000 after acquiring an additional 34,336 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Elastic by 3.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 429,526 shares of the company’s stock valued at $38,271,000 after acquiring an additional 12,510 shares during the period. Acadian Asset Management LLC lifted its holdings in Elastic by 534.4% in the second quarter. Acadian Asset Management LLC now owns 128,651 shares of the company’s stock valued at $10,840,000 after acquiring an additional 108,372 shares during the period. Finally, Brighton Jones LLC purchased a new stake in Elastic in the 2nd quarter worth approximately $638,000. Hedge funds and other institutional investors own 97.03% of the company’s stock.

About Elastic

Elastic N.V., a data analytics company, delivers solutions designed to run in public or private clouds in multi-cloud environments. It primarily offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as performs search, analysis, and visualization on that data.