Elastic price target raised to $138 from $105 at Barclays

Barclays raised the firm’s price target on Elastic (ESTC) to $138 from $105 and keeps an Overweight rating on the shares. The company’s better than consensus results across the board in Q2 should set a positive tone for investors, as Elastic appears to be moving past its go-to-market changes from Q1, the analyst tells investors in a research note. The firm thinks the company’s outlook creates a favorable setup into the back half of the year.