Can Elastic (ESTC) Run Higher on Rising Earnings Estimates?

Elastic has received a Zacks Rank #1 (Strong Buy) rating due to significant upward revisions in earnings estimates. The software developer is expected to earn $0.81 per share for the current quarter (+26.6% YoY) and $3.33 for the full year (+29.6% YoY). Analysts have raised consensus estimates substantially, with eight positive revisions in the past month and no negative revisions for the current year. The stock has gained 30% over the past four weeks.