Information Provided By:
Fly News Breaks for December 5, 2019
Dec 5, 2019 | 06:10 EDT
Piper Jaffray analyst Brent Bracelin views today's post-earnings selloff in shares of Elastic as a buying opportunity. The company's billings growth slipped to 41% year-over-year versus 51% last quarter, negatively impacted by federal deal delay, and license growth slowed to 20% versus 37% last quarter, Bracelin tells investors in a research note. While a software-as-a-service model transition may continue to moderate billings and license growth metrics in the short-run, the shift could better position Elastic in the intermediate to long-run where growth is more closely tied to consumption, contends the analyst. He lowered his price target for Elastic to $85 from $93 and keeps an Overweight rating on the shares.
News For ESTC From the Last 2 Days
There are no results for your query ESTC