Wells Fargo & Company Cuts Elastic (NYSE:ESTC) Price Target to $60.00

Elastic (NYSE:ESTC) had its price target lowered by Wells Fargo & Company from $75.00 to $60.00 in a research note published on Friday,Benzinga reports. The firm currently has an equal weight rating on the stock.

ESTC has been the subject of a number of other reports. Guggenheim reiterated a “buy” rating and set a $116.00 price target on shares of Elastic in a research report on Wednesday, February 18th. Bank of America dropped their target price on shares of Elastic from $111.00 to $90.00 and set a “neutral” rating for the company in a report on Friday, November 21st. Piper Sandler lowered their price target on Elastic from $110.00 to $85.00 and set an “overweight” rating for the company in a research report on Friday. Barclays dropped their price objective on Elastic from $78.00 to $76.00 and set an “overweight” rating for the company in a research note on Friday. Finally, JPMorgan Chase & Co. decreased their target price on Elastic from $113.00 to $98.00 and set an “overweight” rating on the stock in a research note on Friday, February 20th. Seventeen equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Elastic presently has an average rating of “Moderate Buy” and a consensus target price of $96.17.

Elastic Price Performance

NYSE:ESTC opened at $52.04 on Friday. Elastic has a 52 week low of $49.90 and a 52 week high of $117.49. The stock’s fifty day moving average is $68.42 and its two-hundred day moving average is $77.86. The company has a market capitalization of $5.48 billion, a P/E ratio of -65.05, a P/E/G ratio of 211.81 and a beta of 0.98. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.64.

Elastic (NYSE:ESTC) last issued its quarterly earnings data 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. The firm had revenue of $449.88 million during the quarter, compared to the consensus estimate of $438.37 million. Elastic had a negative return on equity of 2.25% and a negative net margin of 5.04%.The company’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period last year, the company earned $0.63 EPS. Elastic has set its FY 2026 guidance at 2.500-2.540 EPS and its Q4 2026 guidance at 0.550-0.570 EPS. Equities analysts expect that Elastic will post -0.77 EPS for the current year.

Insider Transactions at Elastic

In other news, CTO Shay Banon sold 4,552 shares of Elastic stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $75.05, for a total value of $341,627.60. Following the completion of the transaction, the chief technology officer owned 4,359,228 shares in the company, valued at approximately $327,160,061.40. This trade represents a 0.10% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Carolyn Herzog sold 5,353 shares of the business’s stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $75.05, for a total value of $401,742.65. Following the transaction, the insider directly owned 89,324 shares of the company’s stock, valued at approximately $6,703,766.20. This represents a 5.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 61,828 shares of company stock valued at $4,641,010 in the last 90 days. Insiders own 12.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Focus Partners Wealth purchased a new stake in shares of Elastic in the 1st quarter valued at approximately $494,000. Asset Management One Co. Ltd. purchased a new stake in shares of Elastic during the 2nd quarter worth $191,000. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Elastic by 115.9% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,030 shares of the company’s stock worth $424,000 after purchasing an additional 2,700 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in Elastic by 1.5% in the second quarter. Envestnet Asset Management Inc. now owns 32,215 shares of the company’s stock valued at $2,717,000 after buying an additional 472 shares during the last quarter. Finally, Teacher Retirement System of Texas increased its holdings in Elastic by 11.3% in the second quarter. Teacher Retirement System of Texas now owns 20,178 shares of the company’s stock valued at $1,702,000 after buying an additional 2,048 shares during the last quarter. Hedge funds and other institutional investors own 97.03% of the company’s stock.

More Elastic News

Here are the key news stories impacting Elastic this week:

• Positive Sentiment: Company beat revenue expectations and reported 18% year‑over‑year revenue growth; management emphasized AI expansion and subscription growth, which supports longer‑term demand assumptions. Elastic Reports Third Quarter Fiscal 2026 Financial Results
• Positive Sentiment: Management raised forward guidance sharply: FY26 and Q4 EPS guidance well above Street consensus and revenue guidance roughly in line — a sign the company expects stronger profitability going forward (this is a bullish catalyst if execution continues). Elastic Reports Third Quarter Fiscal 2026 Financial Results
• Neutral Sentiment: Detailed materials and call transcripts were published (earnings deck and conference call transcripts) — useful for investors who want to dig into non‑GAAP vs GAAP items, margin drivers, and AI product commentary. Q3 2026 Earnings Call Transcript
• Negative Sentiment: Market reaction focused on an apparent earnings/methodology gap: some reports showed adjusted profits above estimates while GAAP/other EPS metrics missed — this disconnect likely triggered selling despite the revenue beat. Elastic Q3 Results and Transcript (MarketBeat)
• Negative Sentiment: Multiple sell‑side firms cut price targets this morning (Canaccord, Wells Fargo, Truist, Piper Sandler, Oppenheimer, Barclays), reducing near‑term analyst support and dragging sentiment lower. The coordinated downgrades are a primary driver of the intraday selloff. Analyst price target updates (Benzinga)
• Negative Sentiment: News coverage highlights that shares fell sharply despite beating revenue estimates — suggesting investors are focused on margins, EPS presentation, and the quick profit‑taking after recent gains. Elastic shares tumble despite beating third quarter estimates

Elastic Company Profile

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.