Elastic Stock (NYSE:ESTC), Trade Ideas

Elastic

Elastic is a software company based in Mountain View, California, focusing on search-adjacent products. Its search engine allows it to process both structured and unstructured data while gleaning insights from that data. The firm's primary focus is on enterprise search, observability, and security.

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Wedbush&#39;s Dan Ives predicts massive increase in AI spending by 2024, driving growth for tech giants like Microsoft, Salesforce, Palantir, and more.

&#39;Initial Wave Of AI Software Growth&#39; To Spur Microsoft, Salesforce, Palantir, MongoDB, Oracle, Snowflake, And Elastic, Says Analyst

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Elastic shares fell more than 10% following the print, and Truist analyst Joel P. Fishbein attributed the dip to investors&#39; disappointment in SaaS growth. He noted that shareholders were looking for SaaS growth of more than 30% year-over-year, versus the 29.5% growth reported. Truist maintained its Buy rating and $140 price target on the stock. 

Elastic Reports Q3 Results: Analysts Weigh In

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March began on a high note on Wall Street, with tech stocks driving indices to record levels. Despite weak data and mixed Fed remarks, investors remain optimistic. Semiconductor industry continues to surge, while NYCB plummets due to internal control weakness. Gold also reaches all-time high. Major indices and tech sector perform well, while utilities lag behind. NetApp and Dominion Energy see significant stock movement.

S&amp;P 500, Nasdaq 100 Hit Record Highs As Dollar, Treasury Yields Weaken, Chipmakers Shine, NYCB Sinks: What&#39;s Driving Markets Friday?

Elastic NV

<p>Citigroup  analyst Fatima Boolani   maintains Akamai Techs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKAM#NASDAQ">AKAM</a>) with a Neutral and lowers the price target from $140 to $117.</p>


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Citigroup Maintains Neutral on Akamai Techs, Lowers Price Target to $117

<p>Citigroup  analyst Joanne Wuensch   maintains Boston Scientific (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>) with a Buy and raises the price target from $79 to $85.</p>


Citigroup Maintains Buy on Boston Scientific, Raises Price Target to $85

<p>Citigroup  analyst Patrick Cunningham   maintains Sherwin-Williams (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHW#NYSE">SHW</a>) with a Buy and lowers the price target from $390 to $370.</p>


Citigroup Maintains Buy on Sherwin-Williams, Lowers Price Target to $370

<p>Citigroup  analyst Jon Tower   maintains Chipotle Mexican Grill (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) with a Buy and raises the price target from $3358 to $3369.</p>


Citigroup Maintains Buy on Chipotle Mexican Grill, Raises Price Target to $3369

<p>Citigroup  analyst Jason Gursky   maintains Boeing (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) with a Buy and lowers the price target from $252 to $224.</p>


Citigroup Maintains Buy on Boeing, Lowers Price Target to $224

<p>Citigroup  analyst Andrew Kaplowitz   maintains GE Aero (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) with a Buy and raises the price target from $120.43 to $186.</p>


Citigroup Maintains Buy on GE Aero, Raises Price Target to $186

<p>Citigroup  analyst Jason Gursky   maintains General Dynamics (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>) with a Buy and raises the price target from $300 to $320.</p>


Citigroup Maintains Buy on General Dynamics, Raises Price Target to $320

<p>Citigroup  analyst Andrew Kaplowitz   maintains Vertiv Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VRT#NYSE">VRT</a>) with a Buy and raises the price target from $102 to $110.</p>


Citigroup Maintains Buy on Vertiv Hldgs, Raises Price Target to $110

<p>Citigroup  analyst Atif Malik   maintains Lam Research (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>) with a Buy and raises the price target from $975 to $1025.</p>


LRCX

Citigroup Maintains Buy on Lam Research, Raises Price Target to $1025

<p>Citigroup  analyst Ronald Josey   maintains Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) with a Buy and lowers the price target from $590 to $550.</p>


Citigroup Maintains Buy on Meta Platforms, Lowers Price Target to $550

<p>Financial Institutions (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FISI#NASDAQ">FISI</a>) reported quarterly earnings of $0.11 per share which beat the analyst consensus estimate of $(0.02) by 650 percent. This is a 85.53 percent decrease over earnings of $0.76 per share from the same period last year.  The company reported quarterly sales of $40.082 million which beat the analyst consensus estimate of $39.518 million by 1.43 percent.  This is a 4.14 percent decrease over sales of $41.815 million the same period last year.</p>


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FISI

Financial Institutions Q1 2024 GAAP EPS $0.11 Beats $(0.02) Estimate, Sales $40.082M Beat $39.518M Estimate

<p>NOV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOV#NYSE">NOV</a>) reported quarterly earnings of $0.30 per share which beat the analyst consensus estimate of $0.27 by 11.11 percent. This is a 6.25 percent decrease over earnings of $0.32 per share from the same period last year.  The company reported quarterly sales of $2.15 billion which beat the analyst consensus estimate of $2.11 billion by 2.13 percent.  This is a 9.84 percent increase over sales of $1.96 billion the same period last year.</p>


NOV Q1 EPS $0.30 Beats $0.27 Estimate, Sales $2.15B Beat $2.11B Estimate

Guidance

Microsoft Sees FY2025 Total Revenue Expected To Grow Double-digits; FY25 Capital Expenditures To Be Higher Than FY24;
FY25 Operating Margins Expected To Be Down ~1 Point -Conf Call

<p>Grupo Televisa (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TV#NYSE">TV</a>) reported quarterly earnings of $0.10 per share which beat the analyst consensus estimate of $(0.04) by 350 percent. This is a 242.86 percent increase over losses of $(0.07) per share from the same period last year.  The company reported quarterly sales of $939.70 million which missed the analyst consensus estimate of $993.28 million by 5.39 percent.  This is a 5.27 percent decrease over sales of $992.02 million the same period last year.</p>


Grupo Televisa Q1 EPS $0.10 Beats $(0.04) Estimate, Sales $939.70M Miss $993.28M Estimate

<p>Australian multinational miner&nbsp;<strong><a href="https://www.benzinga.com/quote/BHP">BHP Group</a></strong>'s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) nearly $40 billion bid for rival <strong>Anglo American </strong>(OTC:&nbsp;NGLOY) may not be enough to acquire the company as other diversified miners will probably make rival bids amid the global scramble for copper assets.</p>
<p>After completing a $6.4 billion takeover of Australian copper producer&nbsp;<strong>OZ Minerals</strong>&nbsp;last year, BHP is doubling down on the red metal amid widespread expectations that demand will greatly increase in coming years as the global economy transitions from fossil fuels. </p>
<p>Solar and wind farms and electric vehicles require more copper than traditional utilities and internal combustion engine automobiles.</p>
<p>"This is the latest move to consolidate in industrial metals driven by a scramble for copper and other metals central to the world&#8217;s clean energy movement,"&nbsp;<strong>Sean Casterline</strong>, founder of the investment consulting firm&nbsp;<strong>Delta Capital Management</strong>, told Benzinga.</p>
<p>BHP, already the world's biggest mining company, is currently the third-largest copper producer behind Chile's state-run&nbsp;<strong>Codelco</strong>&nbsp;and U.S.-based heavyweight&nbsp;<strong>Freeport-McMoRan Inc.</strong>&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>). A combination with Anglo American would push BHP to the pole position.&nbsp;&nbsp;</p>
<p>"In our view, the copper assets are the primary driver of a proposed transaction,"&nbsp;<strong>RBC Capital Markets</strong> analysts said.&nbsp;</p>
<h1 class="wp-block-heading"><strong>Rival Bids Seem Likely</strong></h1>
<p>BHP said it offered 25.08 pounds ($32.27) a share for London-based Anglo American, which said it is reviewing the proposal. The all-share deal values Anglo American at GBP 31.1 billion ($38.9 billion) and is contingent on the U.K. company spinning off its shareholdings in<strong> Anglo American Platinum Ltd.</strong> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ANGPY#OTC">ANGPY</a>) and <strong>Kumba Iron Ore Ltd.</strong> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KIROY#OTC">KIROY</a>), which are both listed in South Africa.</p>
<p>The proposal represents a nearly 14% premium for Anglo American's London-listed shares and a 31% premium without the platinum and iron ore units.</p>
<p>Analysts said that probably isn't enough.</p>
<p><em>Also Read: <a href="https://www.benzinga.com/markets/asia/24/04/38090219/will-copper-reach-10-000-an-essential-metal-that-faces-an-uncertain-future">Will Copper Reach $10,000? &#8216;An Essential Metal That Faces An Uncertain Future&#8217;</a></em></p>
<p>Anglo American's shares have been so beaten down recently that its board and shareholders probably see BHP's bid as undervaluing the company, including copper assets in Chile and Peru, where BHP also has copper operations. Anglo American's shares have been suffering because of operational problems, a disappointing production outlook and a slump in diamond and platinum-group markets.</p>
<p>BHP's offer is "a timid and somewhat convoluted bid" that "won't be enough to draw either Anglo's board or its key shareholders," <strong>Liberum</strong> analyst <strong>Ben Davis </strong>said. After BHP's offer, he raised Anglo's price target to 27.50 pounds ($34.41), a near 25% bump from the stock&#8217;s closing price before the offer was officially made public.</p>
<p><strong>Jefferies</strong> analysts went higher, saying a price of at least 28 pounds ($35.04) per share would be required for serious discussions between the companies, and a takeout price north of 30 pounds ($37.54) per share would be the outcome of a bidding war.</p>
<p>"If BHP does indeed continue to pursue this deal, we would be surprised if other bidders do not emerge," the company said. "Let the games begin."</p>
<p>The<strong> RBC Capital Markets</strong> analysts pegged diversified miner <strong>Glencore</strong> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLNCY#OTC">GLNCY</a>) as one logical bidder because of the potential advantages in combining the companies' copper assets. The company also listed <strong>Vale</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>) as a possibility because of the attractiveness of combining iron ore assets in Brazil. </p>
<p>Davis pointed to diversified multinational miner&nbsp;<strong>Rio Tinto</strong>&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) as his top pick for an interloper, although he noted the company has a reputation for preferring to build mines rather than buy them.</p>
<h1 class="wp-block-heading"><strong>Gold Miners Expand Copper Holdings</strong></h1>
<p>One reason why copper acquisitions are attractive is that building new copper mines from scratch is expensive and time-consuming.</p>
<p>That's especially true in the U.S., where getting a permit is difficult, or in other jurisdictions such as Panama, where a court ruling recently forced the closure of a huge copper mine after local protests, said&nbsp;<strong>Jason Crawshaw</strong>, portfolio manager at&nbsp;<strong>Polaris Capital</strong>, which invests in copper miners&nbsp;<strong>Lundin Mining Corp</strong>. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LUNMF#OTC">LUNMF</a>) and <strong>Antofagasta</strong> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ANFGF#OTC">ANFGF</a>).</p>
<p>"There is a scramble for assets," he told Benzinga. "Everybody is always looking to get more exposure to copper."</p>
<p>Even gold miners have been interested in bulking up on copper assets.&nbsp;</p>
<p>Last year, U.S.-based gold mining major&nbsp;<strong>Newmont Corp.</strong>&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) bought Australian gold miner Newcrest Mining Ltd. for nearly $17 billion, adding nearly 50 billion pounds of copper reserves and resources in one fell swoop.</p>
<p>Meanwhile, Canada-headquartered rival&nbsp;<strong>Barrick Gold Corp.</strong>&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) is spending nearly $2 billion to expand a copper mine in Zambia, targeting expanded plant production in 2028.&nbsp;</p>
<p>Investors looking for diverse exposure to copper producers can consider the&nbsp;<strong>Global X Copper Miners ETF</strong> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>),&nbsp;<strong>Sprott Copper Miners ETF</strong>&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COPP#NASDAQ">COPP</a>),&nbsp;<strong>Sprott Junior Copper Miners ETF&nbsp;</strong>(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COPJ#NASDAQ">COPJ</a>)&nbsp;and&nbsp;<strong>iShares Copper and Metals Mining ETF</strong>&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICOP#NASDAQ">ICOP</a>).</p>
<p><em>Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37924793/rising-copper-prices-portfolio-review-make-underperforming-anglo-american-stock-a-p">Rising Copper Prices, Portfolio Review Make Underperforming Anglo American Stock A Potential Bargain: Report (CORRECTED)</a></em></p>
<p><em>Photo: Anglo American copper mine in Chile courtesy of Anglo American Flickr </em></p>


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Copper Is A Hot Commodity: Bidding War for Anglo American May Emerge After BHP's 'Low Ball' Offer — 'Let The Games Begin'

<p>This dividend, in the amount of&nbsp;$0.46&nbsp;per share, is payable on&nbsp;May 24, 2024&nbsp;to shareholders of record on&nbsp;May 10, 2024. This dividend rate equates to an annualized dividend of&nbsp;$1.84&nbsp;per share.&nbsp;</p>


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Community Healthcare Trust Increases Dividend From $0.4575 To $0.46 Per Share

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Intel CEO Said Foundry Business Will See Sequential Improvement In Every Quarter Till 2030- Conf Call

Aptar Currently Expects Q2 EPS, Ex Any Restructuring Expenses, Changes In Fair Value Of Equity Investments And Acquisition Costs, Of $1.30-$1.38, Est $1.36

<p><strong>Marathon Digital Holdings Inc</strong> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) shares are moving higher after the bell on Thursday after the <strong>Bitcoin</strong> (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) miner announced an <a href="https://www.benzinga.com/pressreleases/24/04/g38445157/marathon-digital-holdings-increases-2024-hash-rate-target-to-50-exahash">increase to its hash rate target</a>.</p>
<p><strong>What Happened: </strong>After the market close on Thursday, Marathon Digital said it&#8217;s increasing its hash rate target for fiscal-year 2024 from a previous range of 35 EH/s to 37 EH/s to a new target of 50 EH/s.</p>
<p>The bitcoin mining company began the year with approximately 24.7 EH/s&nbsp;and had been targeting growth of approximately 46% by year&#8217;s end. Marathon said it&#8217;s raising its new target based on current machine orders and available capacity following recent acquisitions.</p>
<p>&#8220;Given the amount of capacity we have available following our recent acquisitions and the amount of hash rate we have access to through current machine orders and options, we now believe it is possible for us to double the scale of Marathon&#8217;s mining operations in 2024 and achieve 50 exahash by the end of the year,&#8221; said <strong>Fred Thiel</strong>, chairman and CEO of Marathon Digital.</p>
<p>&#8220;With our current liquidity position, this growth target is also fully funded and there is no need for us to raise additional capital to achieve our objective.&#8221;</p>
<p>Marathon noted that it will provide further information on its new hash rate target when it reports earnings on May 9. Analysts expect the company to report earnings of 22 cents per share on revenue of $180.69 million, according to estimates from<a href="http://pro.benzinga.com"> Benzinga Pro</a>.</p>
<p><em>Check This Out: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38442912/bitcoins-consolidation-phase-best-met-with-zoom-out-perspective-patience-approach-says-tra">Bitcoin&#8217;s Consolidation Phase Best Met With &#8216;Zoom Out, Perspective, Patience&#8217; Approach, Says Trader</a></em></p>
<p><strong>MARA Price Action:</strong> <a href="https://www.benzinga.com/quote/MARA">Marathon Digital shares</a> were up 5.15% after hours at $19.98 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.</p>
<p><em>Photo: Shutterstock.</em></p>


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Why Bitcoin Mining Stock Marathon Digital Is Moving Higher After Hours

CORRECTION: L3Harris Technologies Sees FY24 Adj. EPS $12.70-$13.05 Vs $12.71 Estimate, $12.40-$12.80 Prior

<p><a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a></p>
<p>For nearly a year now, all eyes have been glued to the &lsquo;Magnificent 7&rsquo; stocks. These superstar companies have delivered tremendous returns, attracting copious amounts of investment dollars. Since the <strong>S&amp;P 500</strong> weighting is based on market capitalization, even more money has flowed into these high-flyers. While they&rsquo;ve taken a small breather over the past week, these stocks remain at lofty levels compared to history.</p>



<p>You may be wondering if you can hop aboard the next hype train before it leaves the station. Or find the next batch of seven high-quality companies poised to generate magnificent returns. I&rsquo;m right there with you &ndash; I&rsquo;ll share seven stocks that I believe are following in the footsteps of the Magnificent 7. Let&rsquo;s take a look!</p>



<h2>Berkshire Hathaway (BRK-A, BRK-B)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/12/brk-2-300x169.jpg" alt="The logo for Berkshire Hathaway displayed on a smartphone screen."><div>Source: IgorGolovniov / Shutterstock.com</div></div><p>I&rsquo;m in full agreement with Jim Cramer and Jim Worden that <strong>Berkshire Hathaway</strong> (NYSE:<span><a href="https://investorplace.com/stock-quotes/brk-a-stock-quote/"><strong>BRK-A</strong></a></span>, NYSE:<span><a href="https://investorplace.com/stock-quotes/brk-b-stock-quote/"><strong>BRK-B</strong></a></span>) warrants consideration as a new member of the elite &lsquo;Magnificent 7&rsquo; group of stocks. Unlike <strong>Tesla</strong> (NASDAQ:<a href="https://investorplace.com/stock-quotes/tsla-stock-quote/"><strong>TSLA</strong></a>), which has underperformed over the past year, Berkshire continues trending upward through its prudent diversification across sectors.</p>



<p>Rather than making concentrated bets on AI and data like many tech darlings, Berkshire maintains holdings in a vast array of industries. This provides stability while letting Berkshire to shift capital between sectors as conditions dictate. I believe such flexibility is invaluable in turbulent times. And Berkshire boasts an ace up its sleeve in Warren Buffett, whose celebrated investing acumen stems from decades of experience.</p>



<p>Berkshire seems like a relative safe haven compared to other tech titans. While we cannot expect past success to guarantee future gains, Berkshire appears well-positioned to keep beating the broader markets in the years ahead. I anticipate its eventual rise to a $1 trillion value is inevitable.</p>



<h2>MercadoLibre (MELI)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/08/meli1600-300x169.jpg" alt="MercadoLibre (MELI) homepage on a smartphone"><div>Source: rafapress / Shutterstock.com</div></div><p><strong>MercadoLibre</strong> (NASDAQ:<a href="https://investorplace.com/stock-quotes/meli-stock-quote/"><strong>MELI</strong></a>) mirrors <strong>Amazon</strong> (NASDAQ:<a href="https://investorplace.com/stock-quotes/amzn-stock-quote/"><strong>AMZN</strong></a>) in ways that merit its inclusion among the &ldquo;Magnificent 7.&rdquo; MercadoLibre is rapidly cementing itself as the e-commerce leader across Latin America. Its core marketplace and fintech operations have rebounded remarkably from the pandemic, demonstrating the resilience required for sustained success.</p>



<p>MercadoLibre&rsquo;s strong execution shows through its impressive 32% gain over the past year and 143% surge from its June trough. Looking ahead, analysts forecast MercadoLibre&rsquo;s EPS <a href="https://seekingalpha.com/symbol/MELI/earnings/estimates" target="_blank">rocketing from $33 to $226 over the next decade</a>, fueled by projected revenue growth from $17.7 billion to $72.3 billion during the same period.</p>



<p>Trading at 47x forward earnings and 4.4x forward sales, MercadoLibre still looks attractively priced given its standout growth outlook. I believe its shares could climb much further in the coming years. These gains could make MercadoLibre a member of the next &lsquo;Magnificent 7&rsquo; if they mirror the Magnificent 7&rsquo;s gains.</p>



<h2>Li Auto (LI)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/01/li1600-2-300x169.png" alt="The steering wheel and dashboard inside Li Auto electric car. Interior of Li Auto EV. Li Auto Also known as Li Xiang, is a Chinese electric vehicle company"><div>Source: Robert Way / Shutterstock.com</div></div><p><strong>Li Auto</strong> (NASDAQ:<a href="https://investorplace.com/cryptocurrency/li/"><strong>LI</strong></a>) exemplifies the rapid electrification happening across the Chinese auto market. The company has consistently bested expectations, delivering record EV sales month after month. Within China, Li Auto&rsquo;s growth trajectory is outpacing rivals <strong>BYD</strong> (OTCMKTS:<a href="https://investorplace.com/stock-quotes/byddf-stock-quote/"><strong>BYDDF</strong></a>) and Tesla.</p>



<p>As of February 2024, <a href="https://ir.lixiang.com/news-releases/news-release-details/li-auto-inc-february-2024-delivery-update" target="_blank">Li Auto&rsquo;s total deliveries reached 684,780 vehicles</a>, up 22% year-over-year. The slower pace versus January resulted from certain models selling out and the Chinese New Year impact. Still, Li Auto projects first quarter 2024 deliveries to jump 90-96% over last year.</p>



<p>Despite blistering growth, Li Auto trades at just 18x forward earnings and 1.3x forward sales. This seems remarkably inexpensive compared to cash-burning EV startups with questionable outlooks. I believe Li Auto still offers multibagger return potential given its commanding position in a fast-growing Chinese EV market.</p>



<h2>FTAI Aviation (FTAI)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/01/growthstocks1600-1-300x169.png" alt="Explore the stock market trends for 2024 with analytical visuals of businessman planning long term investments and future business growth, Navigate towards success with smart strategies. growth stocks with millionaire potential"><div>Source: Thapana_Studio / Shutterstock.com</div></div><p><strong>FTAI Aviation</strong> (NASDAQ:<a href="https://investorplace.com/stock-quotes/ftai-stock-quote/"><strong>FTAI</strong></a>) has been one of the most remarkable success stories in its industry over the past five years, gaining 293% in that period. While the pandemic did temporarily throw sand in its gears, momentum has only accelerated since then. FTAI stock is up a whopping 139% over the past 12 months and shows no signs of a slowdown.</p>



<p>This outperformance stems from FTAI&rsquo;s fundamentally sound business model. Its stellar 38% net profit margin handily beats over 95% of aviation companies and business services peers. What makes FTAI special is its niche focus on owning and maintaining CFM56 commercial jet engines, specifically for private aviation. This segment has boomed as tax laws began permitting the deductibility of private aircraft used for business. With demand for engines, pilots and parts surging, FTAI finds itself in the right place at the right time.</p>



<p>Looking ahead, analysts <a href="https://seekingalpha.com/symbol/FTAI/earnings/estimates" target="_blank">forecast FTAI&rsquo;s EPS tripling from 2024 to 2027</a>. Meanwhile, revenues are projected to expand from $1.3 billion to $2.3 billion over the same period. This robust growth trajectory strengthens my conviction that FTAI could follow in the footsteps of the &lsquo;Magnificent 7&rsquo; stocks. Now FTAI may not be comparable in sheer size, but looking at potential percentage gains, it can certainly hold its own against the giants.</p>



<h2>Elastic (ESTC)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/data1600e-300x169.jpg" alt="a stock image of a person working on data charts using a futuristic computer."><div>Source: Shutterstock</div></div><p><strong>Elastic N.V.</strong> (NYSE:<a href="https://investorplace.com/stock-quotes/estc-stock-quote/"><strong>ESTC</strong></a>) operates in the hot field of data analytics, providing open-source search and analytics software. Elastic&rsquo;s solutions ingest and store data from diverse sources, enabling users to efficiently search, analyze and visualize that data. This helps organizations find information rapidly, optimize application performance, and protect against cyber threats.</p>



<p>With data, software and AI driving massive hype nowadays, Elastic appears well-positioned to capitalize even further. Its stock has already climbed 91% over the past year amid strong growth. Looking ahead, EPS is <a href="https://seekingalpha.com/symbol/ESTC/earnings/estimates" target="_blank">projected to leap from $1.2 in 2024 to $13.3 in 2033</a>, representing around 35% average annual earnings growth. Revenues are also slated to quadruple over this period.</p>



<p>If the SaaS stock rally continues raging, I believe ESTC can keep generating substantial gains from current levels. Admittedly, its valuation looks steep at around 90 times forward earnings. However, Wall Street seems willing to accord lofty multiples to high-growth software names. So I wouldn&rsquo;t rule out Elastic marching significantly higher if execution remains solid.</p>



<h2>Aaon (AAON)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/01/growthstocks1600-2-300x169.png" alt="Creative image of growing coin stacks and candlestick forex chart on blurry background. Trade, money and financial growth concept. Growth stocks. Double exposure"><div>Source: Golden Dayz / Shutterstock.com</div></div><p><strong>Aaon</strong> (NASDAQ:<a href="https://investorplace.com/stock-quotes/aaon-stock-quote/"><strong>AAON</strong></a>) is one of my highest-conviction picks right now. I strongly believe this stock will deliver standout performance in 2024 and beyond, given its tremendous growth trajectory. Aaon provides customizable HVAC solutions tailored to customer needs for commercial and industrial facilities.</p>



<p>With last summer being extremely hot across much of the U.S. and world, this year looks on track for more of the same judging by the mild winter seen in many places, especially Europe. Aaon <a href="https://www.google.com/finance/quote/AAON:NASDAQ" target="_blank">grew Q4 revenues over 20% year-over-year</a>, handily exceeding analyst estimates by 4%. EPS similarly beat expectations by 7.7%, while posting 26% beats in the first two quarters of 2023.</p>



<p>If summers continue getting hotter going forward, I expect Aaon to keep beating estimates and charging higher. The stock has already risen 36% over the past 12 months. Its 0.4% dividend yield provides a bit of extra income along the way. In my view, Aaon remains attractively valued given its secular growth outlook.</p>



<h2>DoubleVerify (DV)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/software1600c-300x169.jpg" alt="APPS stock: A digital illustration of software icons surrounding a cellphone."><div>Source: Shutterstock</div></div><p>After weakness in 2022 and early 2023, online ad spending appears to be rebounding. As marketing budgets expand, I anticipate this growth to persist thanks to the digital ad recovery. <strong>DoubleVerify</strong> (NYSE:<a href="https://investorplace.com/stock-quotes/dv-stock-quote/"><strong>DV</strong></a>) operates in this sphere, providing software for digital media measurement and analytics. Its mission is to strengthen the integrity of the digital ad ecosystem.</p>



<p>While not the hottest performer recently, DoubleVerify can certainly heat up from here. It has gained 34% over the past year, but I still see it as undervalued. The stock sold off after mixed Q4 results, but I view this as a buying opportunity with shares down 23% from late February highs. Despite the Q4 deceleration, revenues <a href="https://finance.yahoo.com/news/why-doubleverify-dv-stock-trading-172832636.html" target="_blank">still grew 29% year-over-year</a> as gross margins improved.</p>



<p>With ad spending rebounding, DoubleVerify seems well-positioned to capitalize given its vital role in preventing fraud and ensuring ad quality. Analysts forecast over 20% revenue growth continuing, alongside 30%+ EPS expansion in 2024. As marketing budgets swell, I expect DoubleVerify to benefit and potentially emerge as a member of the next &lsquo;Magnificent 7.&rsquo;</p>



<p><em>On the date of publication, Omor Ibne Ehsan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines.</a></em></p>
<div><p>Omor Ibne Ehsan is a writer at InvestorPlace. He is a self-taught investor with a focus on growth and cyclical stocks that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as cryptocurrencies and penny stocks. You can follow him on <a href="https://www.linkedin.com/in/omor-ibne-ehsan-56068022b/">LinkedIn</a>.</p></div><h3>More From InvestorPlace</h3>
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<p>The post <a href="https://investorplace.com/2024/03/7-stocks-poised-to-be-the-next-magnificent-7/">7 Stocks Poised to Be the Next &#8216;Magnificent 7&#8217;</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.</p>

7 Stocks Poised to Be the Next 'Magnificent 7'

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Additions and deletions of Oppenheimer's OPCO Trifecta

AAON

ACHC

ADBE

ADSK

AMSF

AMZN

ATEN

BRZE

BYDDF

CARR

CELH

CFLT

CNXC

ENSG

EVER

FTAI

FTDR

HWKN

INFA

INSP

LULU

MELI

MSCI

NBIX

NCNO

OKTA

OLLI

OTTR

PARR

PECO

PETQ

POOL

REGN

SAIA

SCHL

SPMD

TBLA

TEAM

TSLA

ULTA

USNA

VMEO

Opinion

Press Releases

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Elastic Names Mark Dodds Chief Revenue Officer

Elastic to Announce Third Quarter Fiscal 2024 Earnings Results on Thursday, February 29, 2024

Elastic to Present in Upcoming Investor Conference

Elastic Reports Third Quarter Fiscal 2024 Financial Results

New Research from Elastic Finds Conversational Search Could Yield Staggering Productivity Returns