DA Davidson raised its price target on Elastic NV to $80 from $60, citing accelerating enterprise consumption and sustained customer usage trends ahead of the company’s first-quarter fiscal 2027 earnings release on Aug. 27.
The stock was trading at $79.92 at the time of the note, effectively matching the new target and reflecting a roughly 32% gain over the prior month. DA Davidson maintained a Neutral rating on the shares.
Rosenblatt maintained a Buy rating with a $83 target, while TD Cowen kept its Hold rating with a $70 target. Cantor Fitzgerald and Stifel both maintained Buy ratings with targets of $91 and $90, respectively. Morgan Stanley downgraded Elastic to Equal-weight from Overweight with a $66 target.
InvestingPro’s fair value estimate for Elastic stands at $93.48, supported by reported gross margins of 76%. Rosenblatt projects Elastic Cloud revenue growth of 19%, while TD Cowen expects subscription revenue growth of 16% led by sales momentum.
DA Davidson acknowledged execution risks tied to recent departures of product leaders and an ongoing restructuring, noting that its $80 target already embeds an acceleration in growth assumptions. The company also carries more cash than debt on its balance sheet, providing additional financial flexibility.
