Rosenblatt analyst Blair Abernethy is bullish on Elastic (NYSE: ESTC), maintaining a Buy rating and increasing the price target to $136 as of March 1, 2024. Elastic, a leading software company, exceeded expectations in Q3 FY2024 with a 19.4% year-over-year revenue growth to $328 million.
Various analysts have provided price targets for Elastic, averaging at $125.76 with a high forecast of $185.00. Barron’s also reports an average price target of $125.95 based on 26 ratings. Elastic N.V., known for Elastic Search and Elastic Stack, offers open-source search and analytics engine services through products like Elasticsearch and Kibana.
The stock has displayed significant growth, boasting a return of +124.88% over the past year.
Elastic NV (ESTC) Stock Price Surges During Regular Trading Hours Despite Pre-Market Decline
On March 1, 2024, Elastic NV (ESTC) experienced a significant increase in its stock price, with shares rising by $5.45, or 4.30%, since the market last closed. This brought the closing price of ESTC shares to $133.81, trading near the top of its 52-week range and above its 200-day simple moving average.
Despite the positive momentum during regular trading hours, ESTC saw a sharp decline in pre-market trading, with the stock dropping by $19.21. This sudden decrease may have been influenced by various factors such as market volatility, economic indicators, or company-specific news.
Investors and analysts will be closely monitoring ESTC’s performance throughout the day to see if the stock can recover from the pre-market losses or if further declines are on the horizon. It is essential to consider the overall market conditions and company fundamentals when evaluating stock performance and making investment decisions.
ESTC Stock Shows Promising Revenue Growth and Reduced Losses in Recent Financial Results
On March 1, 2024, ESTC stock showed promising performances as the company reported strong financial results for the past year and the most recent quarter. According to data from CNN Money, ESTC’s total revenue for the past year was $1.07 billion, representing a significant increase of 23.96% compared to the previous year. In the most recent quarter, total revenue stood at $310.61 million, showing a 5.74% increase from the previous quarter.
Despite the positive revenue growth, ESTC reported a net income of -$236.16 million for the past year, marking a decrease of 15.85% compared to the previous year. However, in the most recent quarter, the company managed to reduce its net loss to -$24.80 million, representing an impressive increase of 48.88% from the previous quarter.
Earnings per share (EPS) for ESTC also showed a mixed performance. The company reported an EPS of -$2.47 for the past year, which was a decrease of 12.0% compared to the previous year. However, in the most recent quarter, the EPS improved to -$0.25, showing a significant increase of 49.46% from the previous quarter.
Overall, ESTC’s stock performances on March 1, 2024, reflected a company that is making progress in increasing its revenue and reducing its losses. Investors may view the positive revenue growth and improving net income and EPS as encouraging signs that ESTC is on the right track towards profitability.
