RBC Capital analyst Matthew Hedberg lowered his price target on Elastic to $103 after its Q2 results, saying that while billings grew 45%, the company missed buy-side expectations amid a "handful of slipped U.S. Fed deals". Outside of billings however, the analyst claims that the quarter contained "plenty of positives" with revenue upside, momentum in SaaS sales, increased guidance, and "competitive" wins. Hedberg adds that his new price target reflect a peer-group multiple compression, but his long-term thesis remains unchanged as he keeps his Outperform rating on Elastic.