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.

Shares of ESTC stock traded down $9.48 during trading on Tuesday, reaching $72.52. The company’s stock had a trading volume of 1,079,417 shares, compared to its average volume of 296,974. Elastic has a 1-year low of $58.55 and a 1-year high of $83.84.

ESTC has been the subject of a number of recent research reports. Canaccord Genuity initiated coverage on shares of Elastic in a research note on Tuesday, October 30th. They issued a hold rating and a $65.00 price target for the company. Bank of America initiated coverage on shares of Elastic in a research note on Tuesday, October 30th. They issued a buy rating and a $81.00 price target for the company. JPMorgan Chase & Co. initiated coverage on shares of Elastic in a research note on Tuesday, October 30th. They issued a neutral rating and a $60.00 price target for the company. Barclays initiated coverage on shares of Elastic in a research note on Tuesday, October 30th. They issued an overweight rating and a $79.00 price target for the company. Finally, Goldman Sachs Group initiated coverage on shares of Elastic in a research note on Tuesday, October 30th. They issued a buy rating and a $68.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $70.38.

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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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