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San Francisco— Elastic N.V. (NYSE:ESTC) CEO Ashutosh Kulkarni recently sold a portion of his holdings in the company, according to a Form 4 filing with the Securities and Exchange Commission. On March 25, Kulkarni sold a total of 5,000 ordinary shares, generating proceeds of approximately $513,179. The shares were sold at a weighted average price ranging from $102.57 to $103.27 per share. The sale comes amid a strong performance period for Elastic, with the stock up 32% over the past six months, according to InvestingPro data.
These transactions were conducted under a pre-arranged 10b5-1 trading plan, which Kulkarni adopted on December 24, 2024. Following these sales, Kulkarni retains ownership of 371,591 shares in Elastic, maintaining confidence in the $10.37 billion market cap company that boasts a robust 74% gross profit margin.
The sales reflect a strategic move by Kulkarni, allowing him to capitalize on the current market conditions while maintaining a significant stake in the company. Elastic N.V. is known for its enterprise search and data analytics solutions, and its stock is traded on the New York Stock Exchange under the ticker ESTC. With 22 analysts recently revising earnings estimates upward and the company showing strong financial health according to InvestingPro’s comprehensive analysis, investors can access detailed insights and additional ProTips through the platform’s in-depth research reports.
In other recent news, Elastic reported third-quarter fiscal year 2025 results that exceeded expectations, leading to several analyst updates. UBS raised its price target on Elastic shares to $148, noting a 26% growth in Cloud revenue and a significant increase in remaining performance obligations. Truist Securities also lifted its price target to $145, highlighting improved execution and strategic changes aimed at strengthening customer relationships. Meanwhile, DA Davidson maintained a Neutral stance with a $115 target, acknowledging Elastic’s strong quarterly performance and operational efficiency.
Stifel revised its price target to $38, maintaining a Buy rating, despite foreign exchange headwinds and a shorter quarter affecting the outlook. Elastic’s management has adjusted its fiscal year outlook upwards and remains cautiously optimistic about future growth opportunities, particularly in generative AI. The company recently announced a partnership with Tines to enhance security and observability workflow automation, which has already shown benefits for clients like Texas A&M System Cyber Operations. These developments reflect Elastic’s ongoing efforts to leverage AI and improve its market position.
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