- Elastic ( NYSE: ESTC ) is still the top software pick at Citi going into the end of the year and following the recent quarterly results, despite concerns for "choppy trading" for the remainder of 2022.
- Analyst Tyler Radke noted that the Ash Kulkarni-led Elastic ( ESTC ) is likely to keep generating revenue growth at current levels, due in part to its product cycle and mix shift to the cloud, helping it gain market share.
- Veeva Systems ( NYSE: VEEV ) moved up in Citi's rankings, going to 2 from 8, as Radke said it's likely that near-term numbers are "less at risk," due to "high quality/durable growth runway + best-in-class profitability."
- Teradata ( TDC ) also moved up in Citi's rankings, as it remains a top "consensus/value idea" due to its greater than 10% free cash flow yield and strong year-end seasonality and new product catalysts that could improve sentiment and numbers.
- In August, Elastic ( ESTC ) reported its first quarter results that showed slower cloud revenue growth .
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Elastic stays top software pick at Citi going into year-end, Veeva Systems moves up