Analyst Brian White of Monness maintained a Buy rating on Elastic, retaining the price target of $150.00.
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Brian White has given his Buy rating due to a combination of factors that highlight Elastic’s potential for growth despite current market challenges. Elastic is positioned to capitalize on key technological trends, including the expansion of generative AI and its applications in search, security, and observability. This strategic positioning is expected to drive healthy growth in the company’s platform.
Moreover, Elastic’s financial outlook remains robust, with expectations of meeting or exceeding revenue and earnings estimates for the upcoming quarters. The company has shown resilience with a projected 15% revenue growth for the fiscal year, alongside a strong performance in its Elastic Cloud segment. These factors, coupled with a conservative market outlook, suggest that Elastic is undervalued, providing an attractive opportunity for investors.
In another report released yesterday, Guggenheim also maintained a Buy rating on the stock with a $122.00 price target.
Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ESTC in relation to earlier this year.