Robert W. Baird analyst Shrenik Kothari has maintained their bullish stance on ESTC stock, giving a Buy rating on August 21.
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Shrenik Kothari has given his Buy rating due to a combination of factors including Elastic’s strong financial performance and strategic positioning. The company reported a significant year-over-year increase in revenue, operating margin, and free cash flow, which has positively influenced investor sentiment and led to a notable rise in share price.
Additionally, Elastic’s focus on generative AI, platform consolidation, and security enhancements has driven its outperformance, with a substantial portion of security wins coming from displacing competitors. The company’s ability to absorb price hikes and maintain high demand for its solutions further supports the positive outlook. Management’s decision to raise the fiscal year 2026 guidance reflects confidence in continued growth, bolstered by strong customer commitments and successful competitive positioning in key areas.
According to TipRanks, Kothari is a 5-star analyst with an average return of 25.5% and a 71.07% success rate. Kothari covers the Technology sector, focusing on stocks such as Tenable Holdings, Check Point, and Okta.
In another report released on August 21, Barclays also maintained a Buy rating on the stock with a $105.00 price target.