RBC Capital analyst Matthew Hedberg lowered the firm’s price target on Elastic to $71 from $85 but keeps an Outperform rating on the shares. The company’s Q2 results were "mixed" with "particular strength in profitability", but its Elastic Cloud revenue was below expectations as macro headwinds were seen across the SMB segment, the analyst tells investors in a research note. Hedberg adds that Elastic management is trying to "control what they can" with a 13% workforce reduction and strategic realignment.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on ESTC:
- Elastic price target lowered to $70 from $95 at Piper Sandler
- Elastic price target lowered to $82 from $100 at Canaccord
- Elastic price target lowered to $77 from $80 at Barclays
- Elastic price target lowered to $90 from $110 at Oppenheimer
- Elastic raises FY23 EPS view to (3c)-3c from (31c)-(25c), consensus (28c)
