Elastic (ESTC) Updates Q3 2019 Earnings Guidance

Elastic (NYSE:ESTC) issued an update on its third quarter 2019 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $-0.32–0.3 for the period. The company issued revenue guidance of $64-66 million, compared to the consensus revenue estimate of $56.58 million.Elastic also updated its FY 2019 guidance to $-1.35–1.3 EPS.

A number of brokerages have issued reports on ESTC. Barclays upped their price objective on Elastic to $85.00 and gave the company an overweight rating in a research note on Wednesday. Canaccord Genuity began coverage on Elastic in a research note on Tuesday, October 30th. They issued a hold rating and a $65.00 price objective for the company. Citigroup began coverage on Elastic in a research note on Tuesday, October 30th. They issued a neutral rating and a $74.00 price objective for the company. Royal Bank of Canada began coverage on Elastic in a research note on Tuesday, October 30th. They issued an outperform rating and a $71.00 price objective for the company. Finally, Bank of America began coverage on Elastic in a research note on Tuesday, October 30th. They issued a buy rating and a $81.00 price objective for the company. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $71.13.

Shares of ESTC opened at $72.52 on Thursday. Elastic has a 52-week low of $58.55 and a 52-week high of $83.84.

Elastic (NYSE:ESTC) last issued its quarterly earnings data on Tuesday, December 4th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.47) by $0.09. The company had revenue of $63.60 million for the quarter, compared to analysts’ expectations of $56.54 million. Elastic’s revenue for the quarter was up 71.9% on a year-over-year basis.

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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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