On September 3, Elastic N.V. rose 5.49% in regular trading, trading at $94.01/share, with turnover of $16.05 million. The stock rebounded from a sector-wide pullback on September 1, supported by lingering momentum from strong fiscal Q1 results and a wave of analyst price target upgrades.

Elastic reported Q1 adjusted EPS of $0.70, significantly beating the $0.58 consensus estimate, while revenue of $478.1 million grew 15.2% year-over-year and topped the $469.7 million projection. The company raised its FY2027 guidance, forecasting revenue of $1.998 billion to $2.01 billion and adjusted EPS of $3.29 to $3.37, both above prior outlook and Street estimates. Customers with annual contract value at or above $100,000 surpassed 1,800.

Following the results, multiple investment banks raised their price targets, including Baird to $120, Guggenheim to $120, RBC to $120, Rosenblatt to $115, Bank of America to $108, and Truist to $100, all maintaining buy-equivalent ratings. The broader Application Software sector also provided a tailwind, with Palantir up 5.78%, Strategy up 6.84%, and Salesforce up 3.41%.

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