Royal Bank Of Canada Cuts Elastic (NYSE:ESTC) Price Target to $70.00

Elastic (NYSE:ESTC) had its target price reduced by Royal Bank Of Canada from $80.00 to $70.00 in a research report report published on Thursday,Benzinga reports. They currently have an outperform rating on the stock.

Several other equities research analysts also recently commented on the company. Jefferies Financial Group reduced their target price on Elastic from $105.00 to $95.00 and set a “buy” rating for the company in a report on Monday, January 5th. DA Davidson reduced their target price on Elastic from $80.00 to $65.00 and set a “neutral” rating for the company in a report on Monday, March 2nd. Guggenheim reaffirmed a “buy” rating and set a $116.00 target price on shares of Elastic in a report on Wednesday, February 18th. Oppenheimer reduced their target price on Elastic from $100.00 to $85.00 and set an “outperform” rating for the company in a report on Friday, February 27th. Finally, Wells Fargo & Company reduced their target price on Elastic from $75.00 to $60.00 and set an “equal weight” rating for the company in a report on Friday, February 27th. Seventeen investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Elastic currently has an average rating of “Moderate Buy” and an average price target of $94.21.

Elastic Price Performance

NYSE:ESTC opened at $47.54 on Thursday. The business’s 50-day moving average price is $53.30 and its 200 day moving average price is $69.56. The firm has a market cap of $4.92 billion, a P/E ratio of -59.43, a PEG ratio of 61.23 and a beta of 1.03. Elastic has a 52-week low of $42.05 and a 52-week high of $96.07. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.72.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, February 26th. The company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.09. Elastic had a negative return on equity of 2.34% and a negative net margin of 5.04%.The firm had revenue of $449.88 million for the quarter, compared to analyst estimates of $438.37 million. During the same period in the previous year, the company earned $0.63 earnings per share. Elastic’s revenue was up 17.7% compared to the same quarter last year. 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, sell-side analysts predict that Elastic will post -0.77 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Ashutosh Kulkarni sold 17,756 shares of the firm’s stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $52.28, for a total transaction of $928,283.68. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Mark Eugene Dodds sold 3,723 shares of Elastic stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $52.28, for a total value of $194,638.44. Following the sale, the executive owned 152,563 shares of the company’s stock, valued at approximately $7,975,993.64. This represents a 2.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 38,188 shares of company stock valued at $1,996,469 in the last three months. Company insiders own 12.70% of the company’s stock.

Hedge Funds Weigh In On Elastic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sound Income Strategies LLC acquired a new stake in shares of Elastic in the 4th quarter valued at $25,000. Geneos Wealth Management Inc. bought a new position in Elastic during the second quarter valued at about $31,000. Activest Wealth Management raised its holdings in 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 in the last quarter. Aster Capital Management DIFC Ltd raised its holdings in Elastic by 206.1% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 551 shares of the company’s stock valued at $42,000 after buying an additional 371 shares in the last quarter. Finally, Quarry LP raised its holdings in Elastic by 16,200.0% during the fourth quarter. Quarry LP now owns 652 shares of the company’s stock valued at $49,000 after buying an additional 648 shares in the last quarter. Institutional investors own 97.03% of the company’s stock.

About Elastic

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.