Elastic price target lowered to $80 from $105 at Truist

Truist lowered the firm’s price target on Elastic (ESTC) to $80 from $105 and keeps a Buy rating on the shares. The company delivered solid results in their Q3 results powered by upside from both SaaS and self-managed deployments, the analyst tells investors in a research note. Elastic’s sales-led subscription-driven methodology is showing up in the model as the company continues to drive larger deals in all deployments, the firm added.