Bank of America Cuts Elastic (NYSE:ESTC) Price Target to $90.00

Elastic (NYSE:ESTC) had its target price reduced by Bank of America from $111.00 to $90.00 in a research report report published on Friday morning,Benzinga reports. Bank of America currently has a neutral rating on the stock.

ESTC has been the topic of several other research reports. Mizuho lifted their price objective on shares of Elastic from $100.00 to $119.00 and gave the stock an “outperform” rating in a research report on Friday, August 29th. Scotiabank reduced their target price on shares of Elastic from $90.00 to $76.00 and set a “sector perform” rating for the company in a research report on Friday. Jefferies Financial Group lifted their price target on shares of Elastic from $110.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, August 29th. Stifel Nicolaus upped their price objective on Elastic from $112.00 to $134.00 and gave the company a “buy” rating in a research note on Friday, August 29th. Finally, Robert W. Baird increased their price objective on Elastic from $120.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, October 10th. Sixteen research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $108.71.

Elastic Stock Down 14.5%

ESTC stock opened at $70.16 on Friday. The stock’s fifty day simple moving average is $86.47 and its two-hundred day simple moving average is $85.49. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.59. Elastic has a 1-year low of $68.78 and a 1-year high of $118.84. The stock has a market cap of $7.46 billion, a P/E ratio of -68.12 and a beta of 1.04.

Elastic (NYSE:ESTC) last announced its earnings results on Thursday, August 28th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.50). The business had revenue of $415.29 million for the quarter, compared to analysts’ expectations of $397.13 million. Elastic had a negative net margin of 6.79% and a negative return on equity of 2.01%. The company’s revenue for the quarter was up 19.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.35 earnings per share. 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 EPS for the current year.

Elastic declared that its board has approved a stock buyback program on Thursday, October 9th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, CRO Mark Eugene Dodds sold 5,037 shares of the firm’s stock in a transaction on 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 transaction, the executive directly owned 167,284 shares of the company’s stock, valued at $15,075,634.08. This trade represents a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Shay Banon sold 104,326 shares of Elastic stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $90.34, for a total value of $9,424,810.84. Following the completion of the transaction, the chief technology officer owned 4,363,780 shares of the company’s stock, valued at approximately $394,223,885.20. This trade represents a 2.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 352,042 shares of company stock worth $31,087,394 in the last three months. Insiders own 12.70% of the company’s stock.

Institutional Trading of Elastic

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