Elastic Reports Q3 Results: Analysts Weigh In
Portfolio Pulse from Erica Kollmann
Elastic NV (ESTC) reported Q3 earnings of 36 cents per share, beating estimates, and sales of $328 million, slightly above expectations. The company raised its FY2024 revenue outlook, but shares fell over 10% due to disappointment in SaaS growth and cloud revenue concerns. Analysts from Truist, Piper Sandler, Scotiabank, Stifel, Goldman Sachs, and Rosenblatt provided mixed reactions, adjusting their price targets accordingly.
March 01, 2024 | 9:12 pm
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Elastic NV reported higher-than-expected Q3 earnings and sales, and raised its FY2024 revenue outlook. However, shares fell due to concerns over SaaS growth and cloud revenue.
Despite Elastic NV's positive earnings and sales report, the stock price fell significantly due to investor disappointment in SaaS growth not meeting expectations and concerns over cloud revenue. Analysts' mixed reactions and adjustments in price targets reflect the market's uncertainty about the company's short-term growth prospects.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100