Elastic CEO Ashutosh Kulkarni sells $1.12 million in stock By Investing.com

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Elastic CEO Ashutosh Kulkarni sells $1.12 million in stock

Published Dec 04, 2024 17:02

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Elastic CEO Ashutosh Kulkarni sells $1.12 million in stock

ESTC

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Following these sales, Kulkarni retains ownership of 422,648 shares in the company. The transactions were disclosed in a filing with the Securities and Exchange Commission. Despite the insider sale, Elastic (NYSE:ESTC) maintains strong fundamentals with 18.7% revenue growth and a GOOD financial health rating. InvestingPro subscribers can access 13 additional investment tips and a comprehensive Pro Research Report for deeper insights into Elastic's valuation and growth prospects. Despite the insider sale, Elastic maintains strong fundamentals with 18.7% revenue growth and a GOOD financial health rating. InvestingPro subscribers can access 13 additional investment tips and a comprehensive Pro Research Report for deeper insights into Elastic's valuation and growth prospects.

Following these sales, Kulkarni retains ownership of 422,648 shares in the company. The transactions were disclosed in a filing with the Securities and Exchange Commission.

In other recent news, Autodesk (NASDAQ:ADSK), Inc. appointed Janesh Moorjani as its new Chief Financial Officer, succeeding interim CFO Elizabeth "Betsy" Rafael. Moorjani, formerly of Elastic NV, is expected to leverage his extensive experience in the tech industry to drive growth and efficiency for Autodesk. Meanwhile, Elastic NV reported strong second quarter results, with an 18% year-over-year increase in total revenue, reaching $365 million. The growth was largely driven by the generative AI segment and a 25% year-over-year increase in cloud revenue. The company's fiscal year 2025 revenue guidance has been raised to between $1,451 million and $1,457 million.

Several analyst firms, including Citi, Wedbush, Piper Sandler, RBC (TSX:RY) Capital Markets, Rosenblatt Securities, and DA Davidson have revised their price targets for Elastic NV. Notably, Wedbush upgraded its stock rating from Neutral to Outperform, citing Elastic's strategic positioning to benefit from the increasing demand for AI. Changes in the executive team were also announced with CFO Janesh Moorjani set to depart and Group VP of Finance, Eric Prengel, stepping in as interim CFO. These are among the recent developments at both Autodesk and Elastic NV.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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