On Nov 23, major Wall Street analysts update their ratings for $Elastic (ESTC.US)$, with price targets ranging from $110 to $140.
TD Cowen analyst Andrew Sherman maintains with a hold rating, and maintains the target price at $110.
Guggenheim analyst Howard Ma maintains with a buy rating, and adjusts the target price from $100 to $120.
Oppenheimer analyst Ittai Kidron maintains with a buy rating, and adjusts the target price from $125 to $140.
Stifel analyst Brad Reback maintains with a buy rating, and adjusts the target price from $98 to $132.
Piper Sandler analyst Rob Owens maintains with a buy rating, and adjusts the target price from $131 to $130.
Furthermore, according to the comprehensive report, the opinions of $Elastic (ESTC.US)$'s main analysts recently are as follows:
Elastic's recent quarterly outcomes suggest that the changes in the sales organization might not have been as disruptive as initially anticipated, though risks still persist. Additionally, while the company's revised guidance for FY25 forecasts a revenue growth of 10%-13% year-over-year by the end of FY25, this projection is perceived with a degree of conservatism and appears somewhat unexciting given the dynamic end-markets such as gen-AI, security, and observability that Elastic operates within.
The company's results showed an improvement compared to its first quarter performance, and the management's overall tone remained positive. Early indicators suggest that the changes made to the go-to-market strategy in Q1 are beginning to positively impact key customer metrics, particularly in commitments towards GenAI technologies, despite the company's cautious forward outlook.
Following a less impressive fiscal first quarter, Elastic exhibited stronger than anticipated performance in the third quarter, driven by widespread demand and enhanced sales execution. The guidance presented seems conservative, potentially establishing targets that are achievable or exceedable.
Elastic's Q2 results slightly exceeded expectations, and the changes in management were seen as a positive influence following recent challenges in execution.
Elastic reported a robust rebound in its recent quarter, surpassing top-line expectations by over 3%. This improvement was facilitated by a revitalized go-to-market strategy, which paved the way for effective sales execution marked by multi-year commitments. Moreover, noteworthy consumption trends, particularly amongst Elastic's major clients, contributed to this performance. The expectations of sustained sales effectiveness, increasing client consumption, opportunities in the growing GenAI sector, and continued operational efficiency, are seen as catalysts for Elastic's expected outperformance in the upcoming quarters.
Here are the latest investment ratings and price targets for $Elastic (ESTC.US)$ from 7 analysts:
Note:
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