DA Davidson lowered the firm’s price target on Elastic to $75 from $100 and keeps a Neutral rating on the shares. The company reported a difficult start to the year with weaker than expected customer commitments being driven by segmentation changes at the beginning of the quarter to focus on strategic enterprises and high potential mid-market customers, the analyst tells investors in a research note. The firm is also cutting its FY25 revenue view to $1.44B from $1.47B and its FY26 view to $1.60B from $1.71B as Elastic growth profile has “significantly changed”.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ESTC:
- Options Volatility and Implied Earnings Moves Today, August 29, 2024
- Elastic price target raised to $160 from $155 at Citi
- ESTC Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- DA Davidson technology analysts hold an analyst/industry conference call
- Jefferies Internet and software analyst to hold analyst/industry conference call