Elastic NV. (ESTC) PT Raised to $130 at RBC Capital

RBC Capital analyst Matthew Hedberg raised the price target on Elastic NV. (NYSE: ESTC) to $130.00 (from $110.00) while maintaining a Outperform rating.

The analyst comments "Results were better vs. last quarter as we found management's overall tone to be positive. The quarter was highlighted by broad-based strength as the Q1/25 GTM changes appear to be taking hold, though forward expectations were kept in check. We thought there were positives around customer commitments, notably around GenAI, healthy enterprise consumption trends, consolidation onto the platform, and a gaining legacy displacement opportunity. Though FY/25 guidance moved higher, we view guidance as prudent with a potential for estimates to expand into FY/26. A CFO transition was also announced. Maintain OP, increase PT to $130."

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