Needham & Company LLC Reaffirms “Hold” Rating for Elastic (NYSE:ESTC)

Elastic (NYSE:ESTC)‘s stock had its “hold” rating reiterated by analysts at Needham & Company LLC in a research note issued on Friday,Benzinga reports.

Several other analysts have also recently weighed in on the stock. Stifel Nicolaus increased their price target on shares of Elastic from $112.00 to $134.00 and gave the company a “buy” rating in a research note on Friday, August 29th. Wells Fargo & Company began coverage on shares of Elastic in a report on Tuesday, September 30th. They issued an “equal weight” rating and a $90.00 price objective on the stock. Zacks Research lowered shares of Elastic from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 26th. DA Davidson began coverage on shares of Elastic in a report on Friday, August 29th. They issued a “neutral” rating and a $105.00 price objective on the stock. Finally, Mizuho upped their price objective on shares of Elastic from $100.00 to $119.00 and gave the stock an “outperform” rating in a report on Friday, August 29th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $119.00.

Elastic Stock Performance

Elastic stock opened at $86.52 on Friday. The firm has a 50 day simple moving average of $83.40 and a 200-day simple moving average of $84.47. Elastic has a 1-year low of $70.14 and a 1-year high of $118.84. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.09 and a quick ratio of 2.09. The stock has a market cap of $9.19 billion, a price-to-earnings ratio of -108.15 and a beta of 1.05.

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). Elastic had a negative net margin of 5.38% and a negative return on equity of 1.68%. The firm had revenue of $415.29 million during the quarter, compared to analysts’ expectations of $397.13 million. During the same period last year, the company earned $0.35 EPS. The business’s quarterly revenue was up 19.5% on a year-over-year basis. Elastic has set its FY 2026 guidance at 2.290-2.350 EPS. Q2 2026 guidance at 0.560-0.580 EPS. On average, analysts expect that Elastic will post -0.77 EPS for the current year.

Elastic announced that its board has initiated a share buyback program 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 programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Elastic

In other Elastic news, CFO Navam Welihinda sold 1,256 shares of the stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $84.58, for a total transaction of $106,232.48. Following the sale, the chief financial officer directly owned 129,247 shares in the company, valued at $10,931,711.26. This represents a 0.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Ken Exner sold 6,290 shares of the stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total transaction of $566,854.80. Following the sale, the insider 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 disclosure for this sale can be found here. Insiders sold 350,792 shares of company stock worth $30,978,369 over the last 90 days. 12.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Elastic

A number of large investors have recently modified their holdings of the company. Voya Investment Management LLC increased its position in shares of Elastic by 4.7% in the 3rd quarter. Voya Investment Management LLC now owns 1,781,925 shares of the company’s stock valued at $150,555,000 after purchasing an additional 79,465 shares during the last quarter. Aaron Wealth Advisors LLC purchased a new stake in shares of Elastic in the 3rd quarter valued at approximately $264,000. Corient Private Wealth LLC increased its position in shares of Elastic by 35.5% in the 2nd quarter. Corient Private Wealth LLC now owns 4,669 shares of the company’s stock valued at $394,000 after purchasing an additional 1,223 shares during the last quarter. Daventry Group LP increased its position in shares of Elastic by 34.4% in the 2nd quarter. Daventry Group LP now owns 728,120 shares of the company’s stock valued at $61,402,000 after purchasing an additional 186,479 shares during the last quarter. Finally, American Trust purchased a new stake in shares of Elastic in the 2nd quarter valued at approximately $205,000. 97.03% of the stock is owned by hedge funds and other institutional investors.

Elastic Company Profile

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.