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

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

Shares of ESTC opened at $72.52 on Wednesday. Elastic has a 12 month low of $58.55 and a 12 month high of $83.84.

Several research firms recently weighed in on ESTC. Canaccord Genuity began coverage on shares of Elastic in a research note on Tuesday, October 30th. They issued a “hold” rating and a $65.00 target price for the company. Citigroup began coverage on shares of Elastic in a research note on Tuesday, October 30th. They issued a “neutral” rating and a $74.00 target price for the company. Royal Bank of Canada began coverage on shares of Elastic in a research note on Tuesday, October 30th. They issued an “outperform” rating and a $71.00 target price for the company. Bank of America began coverage on shares of Elastic in a research note on Tuesday, October 30th. They issued a “buy” rating and a $81.00 target price for the company. Finally, JPMorgan Chase & Co. began coverage on shares of Elastic in a research note on Tuesday, October 30th. They issued a “neutral” rating and a $60.00 target price for the company. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $70.38.

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Elastic Company Profile

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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