UBS Maintains Buy on Elastic (ESTC) Following Strong Q1 Revenue Growth

Elastic N.V. (NYSE:ESTC) ranks among the best software stocks to buy right now. UBS maintained its Buy rating on Elastic N.V. (NYSE:ESTC) following the company’s impressive first-quarter results, raising its price target from $95 to $125 on August 29.

The company announced a 20% increase in its total revenue, greatly above investor estimates of 17% and beating the high end of guidance by 4.3%, the most significant beat in over three years.

According to UBS, Elastic’s revised revenue growth projection for fiscal year 2026 of 14% (up from 13% before) is “increasingly conservative.” Based on the firm’s estimations, Elastic N.V. (NYSE:ESTC) could grow by 18% in FY26, assuming quarterly revenue additions continue in the same manner as the previous year for the rest of the fiscal year.

Elastic N.V. (NYSE:ESTC) is a software company that offers solutions for search, logging, analytics, security, and observability needs.

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Disclosure: None. This article is originally published at Insider Monkey.