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In a recent transaction, Ashutosh Kulkarni, the Chief Executive Officer of Elastic N.V. (NYSE:ESTC), sold 18,735 ordinary shares of the company, generating approximately $1.7 million. The shares were sold at a price of $90.77 each. The sale comes as Elastic, currently valued at $10.3 billion, has seen its stock decline 10% in the past week despite gaining over 33% in the last six months. According to InvestingPro data, the company maintains a "GOOD" Financial Health score. This transaction, dated March 10, 2025, was carried out to fulfill tax obligations related to the vesting of restricted stock units (RSUs) and performance-based RSUs.
The sale was not a discretionary trade by Kulkarni but was mandated by Elastic’s equity incentive plan, which requires tax withholding obligations to be funded through a "sell to cover" transaction. After this sale, Kulkarni retains ownership of 376,591 shares in the company.
In other recent news, Elastic NV has reported third-quarter fiscal year 2025 results that have exceeded expectations, leading to several analyst firms adjusting their price targets for the company. UBS raised its price target from $140 to $148, highlighting a strong 26% constant currency growth in cloud revenue and a 15% year-over-year increase in remaining performance obligations. Truist Securities also increased its price target from $135 to $145, citing the company’s improved execution and demand for search capabilities and GenAI use cases. Meanwhile, TD Cowen adjusted its price target from $110 to $125, noting robust enterprise consumption and a modest 14% increase in fourth-quarter revenue guidance.
DA Davidson maintained a Neutral rating with a $115 price target, acknowledging Elastic’s strong quarterly performance and operational efficiency. Stifel revised its price target down to $38 from $42, despite maintaining a Buy rating, due to foreign exchange headwinds and a shorter quarter. The company’s management has revised its full-year 2025 revenue guidance upwards and offered a preliminary profitability outlook for fiscal year 2026, expecting modest margin expansion. Elastic’s recent performance has been bolstered by advancements in generative AI and improved go-to-market execution. The appointment of Navam Welihinda as the new Chief Financial Officer is also a significant development for the company.
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