Elastic price target raised to $130 from $100 at Piper Sandler

Piper Sandler raised the firm’s price target on Elastic (ESTC) to $130 from $100 and keeps an Overweight rating on the shares post the fiscal Q2 report. The firm says record profitability and a solid cloud beat evidenced the improvement in execution relative to the company’s fiscal Q1 report. Elastic’s generative artificial intelligence traction was again a highlight, with strong commitments in the quarter and the search business accelerating to become the fastest growing portion of the platform, the analyst tells investors in a research note.