In a recent filing with the Securities and Exchange Commission, Banon Shay, Chief Technology Officer of Elastic N.V. (NYSE:ESTC), disclosed the sale of a significant portion of his holdings. On November 27, Shay sold a total of 149,000 ordinary shares of the company, amounting to approximately $16.4 million. The shares were sold at prices ranging from $108.72 to $112.36 per share. The timing of the sale coincides with the stock trading near its 52-week high of $136.06, with InvestingPro data indicating the stock is currently in overbought territory.
Following these transactions, Shay retains ownership of 2,454,978 shares indirectly held by a fund for the joint account of his minor children, over which he maintains sole control. Elastic N.V., a company known for its prepackaged software services, continues to see active participation from its executive team in the stock market. The company, currently valued at $11.68 billion, has demonstrated strong performance with 18.71% revenue growth and maintains a GOOD financial health rating according to InvestingPro, which offers 13 additional investment tips and comprehensive analysis for this stock.
In other recent news, Autodesk Inc (NASDAQ:ADSK). has appointed Janesh Moorjani as its new Chief Financial Officer, a move expected to bolster the company's financial strategy. Moorjani, who previously held CFO and COO roles at Elastic NV, brings over two decades of experience in the tech industry. Meanwhile, Elastic NV reported a robust 18% year-over-year increase in total revenue, reaching $365 million, primarily driven by the generative AI segment and a 25% increase in cloud revenue. Analyst firms, including Citi, Wedbush, and Piper Sandler, have revised their price targets for Elastic NV, with Wedbush upgrading its stock rating from Neutral to Outperform. These are among the recent developments at both Autodesk and Elastic NV.
Elastic NV has also announced a change in its executive team, with CFO Janesh Moorjani set to depart and Group VP of Finance, Eric Prengel, stepping in as interim CFO. Additionally, the company has raised its fiscal year 2025 revenue guidance to between $1,451 million and $1,457 million. On the other hand, Autodesk's CEO, Andrew Anagnost, expressed confidence in Moorjani's abilities, highlighting his extensive finance and software experience as key to supporting the company's growth trajectory and profitability. These announcements reflect the ongoing strategic shifts and performance expectations within both companies.
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