JPMorgan Chase & Co. Issues Positive Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price target raised by analysts at JPMorgan Chase & Co. from $80.00 to $93.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 8.24% from the stock’s current price.

Several other analysts have also weighed in on ESTC. Wolfe Research set a $55.00 price objective on shares of Elastic in a report on Friday, May 29th. Guggenheim reaffirmed a “buy” rating and issued a $106.00 price target on shares of Elastic in a report on Wednesday. Rothschild & Co Redburn started coverage on shares of Elastic in a research report on Thursday, April 23rd. They set a “neutral” rating and a $49.00 price target on the stock. Oppenheimer raised their price objective on shares of Elastic from $75.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, August 13th. Finally, Canaccord Genuity Group dropped their target price on shares of Elastic from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, May 29th. Seventeen investment analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the stock. Based on data from MarketBeat, Elastic has a consensus rating of “Moderate Buy” and a consensus price target of $83.41.

Elastic Price Performance

Elastic stock traded up $0.02 during mid-day trading on Friday, hitting $85.92. 286,805 shares of the company were exchanged, compared to its average volume of 2,061,315. The company has a market capitalization of $8.93 billion, a PE ratio of 24.55, a price-to-earnings-growth ratio of 21.89 and a beta of 0.98. The business has a fifty day moving average of $65.19 and a 200 day moving average of $57.98. Elastic has a 1-year low of $42.05 and a 1-year high of $96.07. The company has a quick ratio of 1.68, a current ratio of 1.68 and a debt-to-equity ratio of 0.45.

Elastic (NYSE:ESTC) last issued its earnings results on Thursday, May 28th. The company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.56 by $0.05. The company had revenue of $450.68 million for the quarter, compared to the consensus estimate of $446.66 million. Elastic had a net margin of 21.14% and a negative return on equity of 1.82%. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.47 EPS. Elastic has set its FY 2027 guidance at 3.210-3.290 EPS and its Q1 2027 guidance at 0.570-0.590 EPS. As a group, sell-side analysts expect that Elastic will post 0.24 earnings per share for the current year.

Insiders Place Their Bets

In other Elastic news, insider Carolyn Herzog sold 9,485 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $60.61, for a total value of $574,885.85. Following the transaction, the insider directly owned 128,439 shares of the company’s stock, valued at approximately $7,784,687.79. This trade represents a 6.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CRO Mark Eugene Dodds sold 18,439 shares of Elastic stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $60.61, for a total transaction of $1,117,587.79. Following the sale, the executive directly owned 298,211 shares of the company’s stock, valued at $18,074,568.71. This represents a 5.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 110,099 shares of company stock valued at $6,673,100 over the last three months. 12.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Elastic

Institutional investors have recently modified their holdings of the stock. Amundi increased its holdings in shares of Elastic by 37.2% in the first quarter. Amundi now owns 296,604 shares of the company’s stock valued at $14,827,000 after purchasing an additional 80,441 shares during the last quarter. Geode Capital Management LLC boosted its stake in Elastic by 2.9% in the 4th quarter. Geode Capital Management LLC now owns 1,724,508 shares of the company’s stock valued at $130,124,000 after purchasing an additional 49,198 shares during the period. California State Teachers Retirement System lifted its holdings in shares of Elastic by 21.8% during the first quarter. California State Teachers Retirement System now owns 104,579 shares of the company’s stock worth $5,228,000 after buying an additional 18,716 shares in the last quarter. Temasek Holdings Private Ltd boosted its position in shares of Elastic by 9.3% in the fourth quarter. Temasek Holdings Private Ltd now owns 1,294,465 shares of the company’s stock valued at $97,654,000 after acquiring an additional 109,608 shares during the period. Finally, Legal & General Group Plc increased its position in Elastic by 15.6% during the fourth quarter. Legal & General Group Plc now owns 396,595 shares of the company’s stock worth $29,919,000 after acquiring an additional 53,523 shares during the period. 97.03% of the stock is currently owned by institutional investors and hedge funds.

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.