In a recent transaction, Ashutosh Kulkarni, the CEO of Elastic N.V. (NYSE:ESTC), sold 7,017 shares of the company's ordinary stock. The shares were sold at an average price of $108.12 each, totaling approximately $758,689. The transaction comes as Elastic, currently valued at $10.7 billion, maintains strong financial health with a solid balance sheet showing more cash than debt. Following this transaction, Kulkarni holds 395,326 shares directly. This transaction was disclosed in a filing with the Securities and Exchange Commission, providing insight into the executive's trading activities. According to InvestingPro data, analysts maintain a bullish outlook on ESTC, with an average price target suggesting potential upside and 23 analysts recently revising their earnings estimates upward. For deeper insights into Elastic's valuation and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Elastic NV has been making significant strides in the market. The company has demonstrated robust growth with a year-over-year increase in total revenue of 18%, reaching $365 million, largely driven by the generative AI segment and a 25% increase in cloud revenue. Analyst firms Morgan Stanley (NYSE:MS), Citi, and Wedbush have expressed confidence in Elastic NV's potential, initiating an Overweight rating and setting price targets ranging from $130 to $150.
Additionally, Elastic NV has seen changes in its executive team, with CFO Janesh Moorjani departing and Group VP of Finance, Eric Prengel, stepping in as interim CFO. This transition comes amidst a series of recent developments, including the upward revision of the company's fiscal year 2025 revenue guidance to between $1,451 million and $1,457 million.
Elastic NV's non-GAAP operating margin is projected at approximately 13.5%, with non-GAAP diluted earnings per share expected to fall between $1.68 and $1.72. These developments have been well-received by analysts from firms such as Piper Sandler, RBC Capital Markets, Rosenblatt Securities, and DA Davidson, who have revised their price targets for Elastic NV, reflecting confidence in the company's performance and growth prospects.
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