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SAN FRANCISCO—Banon Shay, Chief Technology Officer of Elastic N.V. (NYSE:ESTC), recently sold a significant portion of the company’s ordinary shares, according to a filing with the Securities and Exchange Commission. The transactions, which occurred between March 2 and March 4, 2025, involved the sale of shares worth approximately $21.66 million. The sale comes as Elastic’s stock has shown strong momentum, with a 51% gain over the past six months, according to InvestingPro data.
The sales were executed at prices ranging from $104.51 to $114.23 per share. Following these transactions, Shay retains ownership of 2,254,978 shares indirectly through a fund for joint account, which is controlled by Shay and owned by his minor children.
This sale is part of a series of transactions that saw Shay divest a considerable number of shares over several days. The shares were sold in multiple transactions, each at varying prices within the specified range. The transactions reflect Shay’s continued strategic management of his holdings in the company.
Elastic N.V., headquartered in Amsterdam, is known for its prepackaged software services, and Shay plays a pivotal role in the company’s technological advancements. The company maintains healthy financials with a gross profit margin of 74% and strong revenue growth of 18% over the last twelve months. Investors will closely monitor these developments as they assess the potential impact on the company’s stock performance. For deeper insights into Elastic’s financial health and growth prospects, investors can access comprehensive analysis through InvestingPro’s detailed research reports.
In other recent news, Elastic NV reported third-quarter fiscal year 2025 results that surpassed expectations, leading to adjustments in stock price targets by various analysts. UBS increased its price target to $148, citing a strong 26% growth in Cloud revenue and a significant year-over-year increase in remaining performance obligations. Truist Securities also raised its price target to $145, highlighting Elastic’s improved execution and demand for its search capabilities and GenAI use cases. Meanwhile, DA Davidson maintained a Neutral rating with a $115 price target, acknowledging the company’s operational efficiency and the appointment of a new Chief Financial Officer, Navam Welihinda.
Stifel revised its price target to $38, attributing the adjustment to Elastic’s revenue exceeding expectations and improved sales execution. The firm remains optimistic about Elastic’s potential in generative AI opportunities. TD Cowen raised its price target to $125, noting robust enterprise consumption and a modest 14% increase in fourth-quarter revenue guidance. Despite these positive developments, Cowen expressed caution, pointing to moderate new customer additions and consistent Net Revenue Retention.
Elastic’s management has revised its fiscal year outlook upwards, although they remain cautious about future trends. Analysts have noted the company’s recovery from earlier go-to-market strategy disruptions, with some firms like UBS expressing confidence in Elastic’s ability to capitalize on AI Search opportunities. Overall, these developments reflect Elastic’s strong quarterly performance and strategic adjustments, contributing to varying levels of optimism among analysts regarding the company’s future prospects.
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