JPMorgan Chase & Co. Cuts Elastic (NYSE:ESTC) Price Target to $80.00

Elastic (NYSE:ESTC) had its price objective lowered by equities researchers at JPMorgan Chase & Co. from $99.00 to $80.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 47.19% from the company’s previous close.

ESTC has been the topic of several other reports. Morgan Stanley dropped their price target on shares of Elastic from $80.00 to $73.00 and set an “overweight” rating on the stock in a research report on Monday, March 2nd. William Blair began coverage on shares of Elastic in a research note on Friday, May 22nd. They issued an “outperform” rating on the stock. DA Davidson cut their target price on shares of Elastic from $80.00 to $65.00 and set a “neutral” rating for the company in a research note on Monday, March 2nd. Rothschild & Co Redburn assumed coverage on shares of Elastic in a report on Thursday, April 23rd. They set a “neutral” rating and a $49.00 target price for the company. Finally, Guggenheim decreased their price target on shares of Elastic from $116.00 to $106.00 and set a “buy” rating on the stock in a research report on Tuesday, May 19th. Eighteen equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $86.96.

Elastic Price Performance

NYSE ESTC traded down $0.06 on Wednesday, reaching $54.35. 185,189 shares of the stock traded hands, compared to its average volume of 1,975,077. The firm’s fifty day simple moving average is $50.15 and its 200 day simple moving average is $63.28. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.72. The company has a market cap of $5.63 billion, a price-to-earnings ratio of -68.11, a P/E/G ratio of 69.14 and a beta of 0.88. Elastic has a 12 month low of $42.05 and a 12 month high of $96.07.

Elastic (NYSE:ESTC) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.09. The company had revenue of $449.88 million for the quarter, compared to the consensus estimate of $438.37 million. Elastic had a negative return on equity of 2.34% and a negative net margin of 5.04%.The company’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.63 EPS. Elastic has set its FY 2026 guidance at 2.500-2.540 EPS and its Q4 2026 guidance at 0.550-0.570 EPS. As a group, research analysts predict that Elastic will post 0.04 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Ashutosh Kulkarni sold 17,756 shares of Elastic stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $52.28, for a total value of $928,283.68. Following the transaction, the chief executive officer directly owned 409,145 shares of the company’s stock, valued at $21,390,100.60. This trade represents a 4.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Mark Eugene Dodds sold 3,723 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $52.28, for a total transaction of $194,638.44. Following the sale, the executive owned 152,563 shares in the company, valued at $7,975,993.64. This represents a 2.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 38,188 shares of company stock valued at $1,996,469. Company insiders own 12.70% of the company’s stock.

Institutional Trading of Elastic

Hedge funds have recently modified their holdings of the business. Focus Partners Wealth acquired a new stake in shares of Elastic in the first quarter worth $494,000. Northwestern Mutual Wealth Management Co. lifted its stake in Elastic by 17.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,159 shares of the company’s stock worth $98,000 after acquiring an additional 171 shares in the last quarter. Invesco Ltd. lifted its stake in Elastic by 11.7% in the 2nd quarter. Invesco Ltd. now owns 95,332 shares of the company’s stock worth $8,039,000 after acquiring an additional 9,990 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in Elastic by 400.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,110 shares of the company’s stock worth $178,000 after acquiring an additional 1,688 shares during the period. Finally, Cerity Partners LLC boosted its position in Elastic by 24.7% during the 2nd quarter. Cerity Partners LLC now owns 30,545 shares of the company’s stock worth $2,576,000 after acquiring an additional 6,056 shares during the period. Hedge funds and other institutional investors own 97.03% of the company’s stock.

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.