Elastic Stock Turns Lower After Earnings. Here’s What Analysts Are Saying.

The data analytics company beat earnings and revenue forecasts for its fiscal first quarter. (Michael Nagle/Bloomberg)

Shares of Elastic were falling Friday, reversing significant premarket gains, even after the data-analytics company reported better-than-expected quarterly earnings, prompting a series of positive outlooks from Wall Street.

The company posted adjusted earnings of 60 cents a share for its fiscal first quarter, beating analysts’ consensus forecast of 42 cents. Sales totaled $415.3 million, up 20% from the prior year and above Wall Street’s call for $397.2 million. Elastic also boosted its revenue and profit guidance for the fiscal year.

Elastic stock was falling 2.7% to $85.38 Friday after soaring more than 15% in premarket trading.

Analysts had a mostly positive reaction to the earnings print, with several firms raising price targets and estimates.

Guggenheim’s Howard Ma reiterated a Buy rating for the stock and raised his price target to $122 from $107, citing the broad-based outperformance and achievable guidance.

KeyBanc Capital Markets, meanwhile, remains concerned about Elastic’s differentiation in the market, but noted that the company’s sales to the U.S. public sector stabilized in the quarter. The firm maintained a Sector Weight rating with no price target, but raised its estimates following the beat and raise.

Write to Nate Wolf at nate.wolf@barrons.com