Why Elastic Is Trading Higher Today - Elastic (NYSE:ESTC)

Elastic NV (NYSE:ESTC) is trading higher Thursday morning after the company announced better-than-expected financial results.

What Happened: Elastic reported a quarterly earnings loss of 8 cents, which beat the estimate for a loss of 16 cents. The company reported quarterly revenue of $177.6 million, which beat the estimate of $158.91 million.

“Data volumes keep increasing as companies become more digital and move to the cloud, and our customers are seeing that the ability to search, observe, and protect this ever-increasing amount of data is critical to their success. We believe this continued demand puts us on the path to becoming a $1 billion plus revenue company in fiscal year 2023," said Shay Banon, CEO of Elastic.

Analyst Assessment: Numerous analysts maintained ratings and adjusted price targets following the earnings report.

Barclays analyst Raimo Lenschow maintained Elastic with an Overweight rating and lowered the price target from $200 to $180.
Canaccord Genuity analyst David Hynes maintained Elastic with a Buy rating and lowered the price target from $175 to $155.
RBC Capital analyst Matthew Hedberg maintained Elastic with an Outperform rating and raised the price target from $183 to $194.
Rosenblatt analyst Blair Abernethy maintained Elastic with a Buy rating and raised the price target from $175 to $180.
Citigroup analyst Tyler Radke maintained Elastic with a Buy rating and raised the price target from $161 to $175.

Price Action: Elastic has traded as high as $176.49 and as low as $78 over a 52-week period.

At last check Thursday, the stock was up 10.20% in premarket trading at $130.

ESTCElastic NV

$46.47-1.96%

Overview

Market News and Data brought to you by Benzinga APIs

To add Benzinga News as your preferred source on Google, click here.