Piper Sandler Cuts Elastic (NYSE:ESTC) Price Target to $110.00

Elastic (NYSE:ESTC) had its target price reduced by Piper Sandler from $125.00 to $110.00 in a research note released on Friday, MarketBeat Ratings reports. They currently have an overweight rating on the stock.

Several other analysts also recently weighed in on ESTC. Weiss Ratings reiterated a “sell (d)” rating on shares of Elastic in a report on Wednesday, October 8th. Citigroup reaffirmed a “neutral” rating on shares of Elastic in a research report on Friday. Canaccord Genuity Group lowered their price objective on shares of Elastic from $120.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday. JPMorgan Chase & Co. reduced their target price on Elastic from $120.00 to $113.00 and set an “overweight” rating for the company in a report on Friday. Finally, Wall Street Zen upgraded Elastic from a “hold” rating to a “buy” rating in a report on Saturday, October 11th. Sixteen research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $108.71.

Elastic Stock Down 14.5%

ESTC stock opened at $70.16 on Friday. The firm has a 50-day simple moving average of $86.47 and a 200-day simple moving average of $85.49. Elastic has a 52 week low of $68.78 and a 52 week high of $118.84. The stock has a market capitalization of $7.46 billion, a P/E ratio of -68.12 and a beta of 1.04. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.59.

Elastic (NYSE:ESTC) last posted its quarterly earnings results on Thursday, August 28th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.50). The business 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 2.01% and a negative net margin of 6.79%.The business’s quarterly revenue was up 19.5% on a year-over-year basis. During the same period in the prior year, the business posted $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. Equities analysts forecast that Elastic will post -0.77 earnings per share for the current fiscal year.

Elastic declared that its Board of Directors has approved a share repurchase plan on Thursday, October 9th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, insider Ken Exner sold 6,290 shares of the firm’s stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $90.12, for a total transaction of $566,854.80. Following the completion of the sale, the insider directly owned 233,582 shares in the company, valued at approximately $21,050,409.84. This trade represents a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Carolyn Herzog sold 5,143 shares of Elastic stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $90.12, for a total transaction of $463,487.16. Following the sale, the insider directly owned 94,677 shares of the company’s stock, valued at $8,532,291.24. This trade represents a 5.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 352,042 shares of company stock worth $31,087,394. 12.70% of the stock is owned by company insiders.

Institutional Trading of Elastic

A number of institutional investors have recently bought and sold shares of the company. Geneos Wealth Management Inc. purchased a new position in Elastic in the second quarter valued at about $31,000. Huntington National Bank lifted its holdings in shares of Elastic by 97.5% during the 2nd 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. Smartleaf Asset Management LLC grew its stake in shares of Elastic by 53.7% in the 1st quarter. Smartleaf Asset Management LLC now owns 435 shares of the company’s stock valued at $40,000 after buying an additional 152 shares in the last quarter. Plato Investment Management Ltd bought a new stake in shares of Elastic in the 2nd quarter valued at approximately $40,000. Finally, Promus Capital LLC acquired a new position in Elastic in the second quarter worth approximately $45,000. Institutional investors and hedge funds 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.