Piper Sandler analyst Rob D. Owens reiterated the Overweight rating on Elastic N.V. (NYSE: ESTC) and raised the price target from $84 to $105.
Elastic reported Q2 earnings of 37 cents per share, beating the analyst consensus estimate of 24 cents by 54.17%.
As hundreds of additional customers continue to adopt ESRE, the analyst is optimistic about future contributions from the GenAI-based solution.
According to Owens, the adoption of ESRE remains encouraging, with commentary noting hundreds of incremental customers utilizing the solution during Q2, including notable wins with DocuSign, Inc. (NASDAQ: DOCU) and a video search platform.
The analyst notes that a meaningful contribution to revenue will likely come in F'25 and beyond, but early consumption trends are encouraging.
NRR ticked lower to 110% from 113% ...