Elastic N.V. is a technology company that specializes in search, observability, and security solutions
The company develops the Elastic Stack, an integrated suite of open-source tools that allows organizations to efficiently index, search, and analyze vast amounts of data in real-time. Their products empower businesses to gain valuable insights from structured and unstructured data, making it easier to monitor infrastructure performance, enhance security measures, and optimize application development. Elastic's offerings are leveraged by companies worldwide to improve decision-making and enhance operational efficiencies across various industries.
As the Q3 earnings season wraps, let’s dig into this quarter’s best and worst performers in the data infrastructure industry, including Elastic (NYSEESTC) and its peers.
Earnings results often indicate what direction a company will take in the months ahead. With Q3 behind us, let’s have a look at Confluent (NASDAQCFLT) and its peers.
Since June 2024, Elastic has been in a holding pattern, posting a small loss of 4.9% while floating around $103.68. The stock also fell short of the S&P 500’s 6.1% gain during that period.
Top performers last week: RIVN, RKLB, SRPT, EXAS, ESTC, ULTA, MRNA, RL, CPRT, SNAP. Any in your portfolio? Citigroup raises price target on ULTA and SNAP.
Shares of search software company Elastic (NYSEESTC)
jumped 6.6% in the morning session after Wedbush analyst Dan Ives upgraded Elastic and Snowflake, two of the SaaS stocks that reported strong financial results during the Q3 2024 earnings season.
Dan Ives, a Wedbush analyst, has reaffirmed his $75 price target for Palantir, citing strong growth potential driven by its AI advancements and software solutions, despite skepticism from some market analysts.
Wedbush Securities' Daniel Ives upgrades Snowflake and Elastic to Outperform, raises price targets for Palantir and Salesforce due to projected AI-driven growth and enterprise adoption.
Wedbush Securities has issued an endorsement of the artificial intelligence software sector, with Managing Director Dan Ives predicting that 2025 will be a pivotal year for AI implementation across the industry. This comes as Palantir Technologies Inc. continues its remarkable ascent, having surged 288% year-to-date.
Shares of search software company Elastic (NYSEESTC)
jumped 30.8% in the morning session after the company reported a "beat and raise" quarter. Elastic blew past analysts' billings and revenue estimates, primarily driven by strong growth in the cloud business, which rose 25% year on year. Despite some of the challenges recorded in recent quarters, the improved top-line performance suggests that the focus on key enterprise and high-potential mid-market customers is bearing fruit.
Search software company Elastic (NYSEESTC) reported Q3 CY2024 results beating Wall Street’s revenue expectations, with sales up 17.6% year on year to $365.4 million. The company expects next quarter’s revenue to be around $368 million, close to analysts’ estimates. Its non-GAAP profit of $0.59 per share was 54.7% above analysts’ consensus estimates.
