Elastic (ESTC) Stock Target Raised After Strong Q1 FY26 Results

Elastic N.V. (NYSE:ESTC) ranks among the best mid-cap stocks with huge upside potential. Oppenheimer retained its Outperform rating on Elastic N.V. (NYSE:ESTC) and lifted its price target from $100 to $119 on August 29. Elastic N.V. (NYSE:ESTC) was praised for its “excellent” first quarter fiscal year 2026 results, which exhibited widespread strength and consumption across all product categories and regions.

Elastic N.V. (NYSE:ESTC) now has 2,200+ paying AI clients, with 330+ spending $100,000+ a year, according to Oppenheimer. The company’s management expressed confidence in maintaining solid execution and outstanding near-term visibility, as evidenced by the increased FY26 projection.

Though the top-line impact is still very early and small, the firm believes AI and vector search will grow into levers to drive customer engagement via additional proof of concepts, RFPs, and competitive wins. This creates what Oppenheimer views as a multi-year growth opportunity that can affect all aspects of Elastic’s business.

Elastic N.V. (NYSE:ESTC) is a software company that offers solutions for search, logging, analytics, security, and observability needs.

While we acknowledge the potential of ESTC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.