Elastic (NYSE:ESTC) Given New $90.00 Price Target at Canaccord Genuity Group

Elastic (NYSE:ESTC) had its price target reduced by Canaccord Genuity Group from $115.00 to $90.00 in a research note released on Friday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

ESTC has been the subject of several other reports. JPMorgan Chase & Co. dropped their price objective on shares of Elastic from $113.00 to $98.00 and set an “overweight” rating on the stock in a report on Friday, February 20th. UBS Group decreased their price objective on Elastic from $125.00 to $110.00 and set a “buy” rating for the company in a report on Friday, November 21st. Rosenblatt Securities lowered their target price on Elastic from $130.00 to $110.00 and set a “buy” rating on the stock in a research report on Friday, January 30th. Bank of America dropped their price target on shares of Elastic from $111.00 to $90.00 and set a “neutral” rating on the stock in a research report on Friday, November 21st. Finally, Citigroup cut their price objective on shares of Elastic from $115.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, February 20th. Seventeen analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Elastic presently has an average rating of “Moderate Buy” and an average target price of $96.17.

Elastic Price Performance

Elastic stock traded down $9.54 during mid-day trading on Friday, reaching $52.04. The company had a trading volume of 7,383,348 shares, compared to its average volume of 2,317,698. The company has a current ratio of 1.97, a quick ratio of 1.97 and a debt-to-equity ratio of 0.64. Elastic has a fifty-two week low of $49.90 and a fifty-two week high of $117.49. The company has a market cap of $5.48 billion, a P/E ratio of -65.05, a P/E/G ratio of 250.50 and a beta of 0.93. The business has a fifty day simple moving average of $68.42 and a 200 day simple moving average of $77.82.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Thursday, February 26th. The company reported $0.73 earnings per share (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 2.25%. The business had revenue of $449.88 million during the quarter, compared to analyst estimates of $438.37 million. During the same quarter last year, the business earned $0.63 EPS. The firm’s quarterly revenue was up 17.7% on a year-over-year basis. Elastic has set its FY 2026 guidance at 2.500-2.540 EPS and its Q4 2026 guidance at 0.550-0.570 EPS. On average, equities research analysts predict that Elastic will post -0.77 earnings per share for the current year.

Insider Transactions at Elastic

In other news, CEO Ashutosh Kulkarni sold 5,000 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $74.60, for a total value of $373,000.00. Following the completion of the sale, the chief executive officer directly owned 426,901 shares of the company’s stock, valued at approximately $31,846,814.60. This trade represents a 1.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Shay Banon sold 4,552 shares of the company’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $75.05, for a total value of $341,627.60. Following the completion of the sale, the chief technology officer directly owned 4,359,228 shares in the company, valued at approximately $327,160,061.40. The trade was a 0.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 61,828 shares of company stock worth $4,641,010. Corporate insiders own 12.70% of the company’s stock.

Hedge Funds Weigh In On Elastic

Several institutional investors have recently made changes to their positions in the business. Sound Income Strategies LLC purchased a new stake in Elastic in the fourth quarter worth $25,000. Geneos Wealth Management Inc. acquired a new position in shares of Elastic during the second quarter worth $31,000. Huntington National Bank raised its stake in Elastic by 97.5% in the second quarter. Huntington National Bank now owns 468 shares of the company’s stock valued at $39,000 after buying an additional 231 shares during the last quarter. Plato Investment Management Ltd acquired a new stake in Elastic in the 2nd quarter worth approximately $40,000. Finally, Activest Wealth Management grew its holdings in shares of Elastic by 3,181.3% during the fourth quarter. Activest Wealth Management now owns 525 shares of the company’s stock valued at $40,000 after buying an additional 509 shares during the last quarter. Institutional investors own 97.03% of the company’s stock.

Key Stories Impacting Elastic

Here are the key news stories impacting Elastic this week:

• Positive Sentiment: Company beat revenue expectations and reported 18% year‑over‑year revenue growth; management emphasized AI expansion and subscription growth, which supports longer‑term demand assumptions. Elastic Reports Third Quarter Fiscal 2026 Financial Results
• Positive Sentiment: Management raised forward guidance sharply: FY26 and Q4 EPS guidance well above Street consensus and revenue guidance roughly in line — a sign the company expects stronger profitability going forward (this is a bullish catalyst if execution continues). Elastic Reports Third Quarter Fiscal 2026 Financial Results
• Neutral Sentiment: Detailed materials and call transcripts were published (earnings deck and conference call transcripts) — useful for investors who want to dig into non‑GAAP vs GAAP items, margin drivers, and AI product commentary. Q3 2026 Earnings Call Transcript
• Negative Sentiment: Market reaction focused on an apparent earnings/methodology gap: some reports showed adjusted profits above estimates while GAAP/other EPS metrics missed — this disconnect likely triggered selling despite the revenue beat. Elastic Q3 Results and Transcript (MarketBeat)
• Negative Sentiment: Multiple sell‑side firms cut price targets this morning (Canaccord, Wells Fargo, Truist, Piper Sandler, Oppenheimer, Barclays), reducing near‑term analyst support and dragging sentiment lower. The coordinated downgrades are a primary driver of the intraday selloff. Analyst price target updates (Benzinga)
• Negative Sentiment: News coverage highlights that shares fell sharply despite beating revenue estimates — suggesting investors are focused on margins, EPS presentation, and the quick profit‑taking after recent gains. Elastic shares tumble despite beating third quarter estimates

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.