Elastic (ESTC) Announces Quarterly Earnings Results, Beats Estimates By $0.17 EPS

Elastic (NYSE:ESTC) posted its quarterly earnings results on Wednesday. The company reported ($0.28) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.45) by $0.17, Briefing.com reports. The business had revenue of $80.60 million during the quarter, compared to analysts’ expectations of $75.79 million. The business’s revenue for the quarter was up 62.5% compared to the same quarter last year.

Shares of NYSE:ESTC opened at $81.89 on Thursday. Elastic has a 52-week low of $58.55 and a 52-week high of $100.43.

Several research firms recently commented on ESTC. Goldman Sachs Group lowered shares of Elastic from a “buy” rating to a “neutral” rating and raised their price target for the company from $78.00 to $90.00 in a report on Thursday, February 7th. Royal Bank of Canada lowered shares of Elastic from an “outperform” rating to a “sector perform” rating in a report on Thursday, February 7th. Monness Crespi & Hardt restated a “buy” rating and issued a $120.00 price target (up previously from $100.00) on shares of Elastic in a report on Thursday, February 28th. Citigroup raised their price target on shares of Elastic from $82.00 to $97.00 and gave the company a “neutral” rating in a report on Friday, March 1st. Finally, Stifel Nicolaus started coverage on shares of Elastic in a report on Monday, May 13th. They issued a “hold” rating and a $75.00 price target on the stock. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Elastic has an average rating of “Hold” and an average price target of $89.00.

In other Elastic news, SVP W.H. Baird Garrett sold 6,000 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $82.47, for a total value of $494,820.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kevin Kluge sold 70,000 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $84.52, for a total transaction of $5,916,400.00. The disclosure for this sale can be found here. Insiders sold 707,322 shares of company stock valued at $59,438,580 in the last ninety days. 51.80% of the stock is owned by corporate insiders.

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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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