Elastic N.V. rises on upbeat quarterly results

Elastic

02/06/2022 14:15

** U.S.-listed shares of I.T. services firm Elastic N.V.
 ESTC.N  up 5.8% at $65.50 premarket
    ** Co reports 35% increase in Q4 revenue to $239.4 mln,
driven by demand for its cloud services; Analysts were expecting
a figure of ~$230.2 mln   urn:newsml:reuters.com:*:nBw7c0Ll9a 
    ** Co's adjusted loss per share of $0.16 was smaller than
estimates of a $0.22 per share loss, per Refinitiv data
    ** Co forecasts Q1 net loss per share between $0.16 and
$0.20 vs. analysts' estimates of a loss of $0.20 per share 
    ** Jefferies raises price target on stock to $65 from $60
after upbeat results; Stock has a median PT of $101
    ** Shares of peer Pure Storage Inc  PSTG.N  up 11% after its
Q1 results also beat estimates  urn:newsml:reuters.com:*:nL4N2XP24G
    ** Up to Wednesday's close, stock had nearly halved its
market value this year

 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; Twitter: https://twitter.com/sampath_uday
  ;))