Truist Financial Issues Pessimistic Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price objective reduced by stock analysts at Truist Financial from $140.00 to $120.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 35.34% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Canaccord Genuity Group raised their price target on Elastic from $110.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 29th. Guggenheim upped their price objective on shares of Elastic from $107.00 to $122.00 and gave the stock a “buy” rating in a research report on Friday, August 29th. Scotiabank set a $90.00 target price on shares of Elastic and gave the company a “sector perform” rating in a research note on Monday, October 6th. Citigroup reiterated a “buy” rating on shares of Elastic in a research report on Friday, October 10th. Finally, Jefferies Financial Group increased 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. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $118.00.

Elastic Stock Up 1.4%

Shares of NYSE:ESTC opened at $88.67 on Wednesday. The firm has a fifty day moving average price of $86.99 and a two-hundred day moving average price of $85.56. The company has a market cap of $9.42 billion, a price-to-earnings ratio of -110.83 and a beta of 1.04. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.09 and a quick ratio of 2.09. Elastic has a one year low of $70.14 and a one year high of $118.84.

Elastic (NYSE:ESTC) last released 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 firm had revenue of $415.29 million during the quarter, compared to the consensus estimate of $397.13 million. Elastic had a negative return on equity of 1.68% and a negative net margin of 5.38%.The company’s revenue for the quarter was up 19.5% compared to the same quarter last year. During the same period in the previous year, the company 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 anticipate that Elastic will post -0.77 EPS 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. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, CTO Shay Banon sold 104,326 shares of the business’s stock in a transaction that occurred 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 sale, the chief technology officer directly owned 4,363,780 shares in the company, valued at approximately $394,223,885.20. The trade was a 2.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Ken Exner sold 6,290 shares of the stock in a transaction 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 transaction, the insider directly owned 233,582 shares in the company, valued at approximately $21,050,409.84. This represents a 2.62% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 352,042 shares of company stock valued at $31,087,394. Insiders own 12.70% of the company’s stock.

Institutional Investors Weigh In On Elastic

Several institutional investors have recently bought and sold shares of the stock. Signaturefd LLC grew its position in Elastic by 53.7% during the 1st quarter. Signaturefd LLC now owns 335 shares of the company’s stock worth $30,000 after acquiring an additional 117 shares during the last quarter. Geneos Wealth Management Inc. bought a new stake in Elastic in the second quarter valued at approximately $31,000. Huntington National Bank boosted its stake in shares of Elastic by 97.5% during the second quarter. Huntington National Bank now owns 468 shares of the company’s stock valued at $39,000 after purchasing an additional 231 shares during the period. Smartleaf Asset Management LLC grew its holdings in shares of Elastic by 53.7% in the first quarter. Smartleaf Asset Management LLC now owns 435 shares of the company’s stock worth $40,000 after purchasing an additional 152 shares during the last quarter. Finally, Plato Investment Management Ltd bought a new position in shares of Elastic in the second quarter worth approximately $40,000. 97.03% of the stock is currently owned by hedge funds and other institutional investors.

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.