Elastic (ESTC) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Elastic (NYSE:ESTC) posted its quarterly earnings data on Tuesday. The company reported ($0.38) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.47) by $0.09, Briefing.com reports. The firm had revenue of $63.60 million for the quarter, compared to analyst estimates of $56.54 million. The firm’s revenue for the quarter was up 71.9% compared to the same quarter last year.

Shares of Elastic stock opened at $72.52 on Wednesday. Elastic has a fifty-two week low of $58.55 and a fifty-two week high of $83.84.

Several research firms have recently weighed in on ESTC. Barclays began coverage on shares of Elastic in a report on Tuesday, October 30th. They set an “overweight” rating and a $79.00 price objective for the company. Royal Bank of Canada initiated coverage on shares of Elastic in a report on Tuesday, October 30th. They issued an “outperform” rating and a $71.00 price target for the company. Citigroup initiated coverage on shares of Elastic in a report on Tuesday, October 30th. They issued a “neutral” rating and a $74.00 price target for the company. JPMorgan Chase & Co. initiated coverage on shares of Elastic in a report on Tuesday, October 30th. They issued a “neutral” rating and a $60.00 price target for the company. Finally, Canaccord Genuity initiated coverage on shares of Elastic in a report on Tuesday, October 30th. They issued a “hold” rating and a $65.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $70.38.



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About Elastic

Elastic N.V. develops and delivers technology that enables users to search structured and unstructured data for a range of consumer and enterprise applications. It primarily provides Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as performs search, analysis, and visualization.

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