Wells Fargo & Company Issues Pessimistic Forecast for Elastic (NYSE:ESTC) Stock Price

Elastic (NYSE:ESTC) had its price objective lowered by analysts at Wells Fargo & Company from $90.00 to $75.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 6.90% from the stock’s current price.

Several other research firms have also weighed in on ESTC. Canaccord Genuity Group lowered their price objective on shares of Elastic from $120.00 to $115.00 and set a “buy” rating for the company in a research note on Friday. Oppenheimer reaffirmed an “outperform” rating on shares of Elastic in a research note on Friday, August 29th. Weiss Ratings reissued a “sell (d)” rating on shares of Elastic in a research report on Wednesday, October 8th. Zacks Research downgraded Elastic from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 26th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Elastic in a research note on Friday, October 10th. Sixteen analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Elastic presently has an average rating of “Moderate Buy” and a consensus price target of $108.71.

Elastic Stock Performance

ESTC stock opened at $70.16 on Friday. The firm has a market cap of $7.46 billion, a PE ratio of -68.12 and a beta of 1.04. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.59. The stock has a 50-day moving average price of $86.47 and a 200-day moving average price of $85.48. Elastic has a 1-year low of $68.78 and a 1-year high of $118.84.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, August 28th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.42 by ($0.50). Elastic had a negative return on equity of 2.01% and a negative net margin of 6.79%.The business had revenue of $415.29 million for the quarter, compared to analyst estimates of $397.13 million. During the same period in the prior year, the business earned $0.35 EPS. The company’s revenue for the quarter 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. As a group, equities research analysts expect that Elastic will post -0.77 earnings per share for the current year.

Elastic declared that its board has initiated a share repurchase plan on Thursday, October 9th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Elastic

In other news, insider Carolyn Herzog sold 5,143 shares of the firm’s stock in a transaction that occurred on Tuesday, September 9th. The stock was sold at an average price of $90.12, for a total value of $463,487.16. Following the transaction, the insider owned 94,677 shares in the company, valued at $8,532,291.24. This trade represents a 5.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jane E. Bone sold 1,250 shares of Elastic stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $87.22, for a total value of $109,025.00. Following the transaction, the chief accounting officer directly owned 37,633 shares in the company, valued at approximately $3,282,350.26. The trade was a 3.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 352,042 shares of company stock valued at $31,087,394. Corporate insiders own 12.70% of the company’s stock.

Institutional Trading of Elastic

Institutional investors and hedge funds have recently made changes to their positions in the company. Orion Porfolio Solutions LLC boosted its holdings in Elastic by 1.4% during the third quarter. Orion Porfolio Solutions LLC now owns 8,593 shares of the company’s stock worth $726,000 after purchasing an additional 118 shares during the last quarter. Y.D. More Investments Ltd lifted its position in shares of Elastic by 0.5% during the 1st quarter. Y.D. More Investments Ltd now owns 29,742 shares of the company’s stock worth $2,756,000 after buying an additional 145 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Elastic by 53.7% in the 1st quarter. Smartleaf Asset Management LLC now owns 435 shares of the company’s stock worth $40,000 after buying an additional 152 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Elastic by 17.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,159 shares of the company’s stock valued at $98,000 after acquiring an additional 171 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in shares of Elastic by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 28,323 shares of the company’s stock valued at $2,393,000 after acquiring an additional 175 shares during the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

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.