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TechStock Radar
E-mail: Rob@techstockprospector.com
Technorati
December 2019
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Thursday, December 5, 2019, 5:31 PM — by Rob DeFrancesco, TechStock Radar
Barclays Remains Bullish on Elastic

Barclays thinks shares of Elastic (ESTC, $64.22) look attractive on today’s post-earnings sell-off. 


The stock today dropped 17.8% on very heavy volume in part because of decelerated FQ2 (Oct.) billings growth, hurt by pushed-out (but not lost) U.S. federal deals. Total revenue rose 59%, an acceleration from growth of 58% in FQ1.


For FQ3, Elastic expects revenue of $106 million to $108 million versus the consensus of $105.9 million.


The firm believes Elastic’s long-term growth story remains compelling and views the pullback as a buying opportunity. Barclays trims its ESTC price target to $97 from $105.


Elastic share are now down YTD, having ended 2018 at $71.48. The all-time high of $104.10 was reached in late July.

   
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