Elastic (NYSE:ESTC) Issues Q1 2023 Earnings Guidance

Elastic (NYSE:ESTC – Get Rating) issued an update on its first quarter 2023 earnings guidance on Wednesday morning. The company provided EPS guidance of -$0.20–$0.16 for the period, compared to the consensus EPS estimate of -$0.20. The company issued revenue guidance of $244.00 million-$246.00 million, compared to the consensus revenue estimate of $247.35 million. Elastic also updated its FY 2023 guidance to -$0.36–$0.28 EPS.

Elastic stock traded up $3.54 during mid-day trading on Friday, reaching $71.21. 1,146,487 shares of the company’s stock traded hands, compared to its average volume of 1,537,067. The company has a market cap of $6.75 billion, a price-to-earnings ratio of -32.37 and a beta of 1.30. The stock has a 50 day moving average of $67.54 and a two-hundred day moving average of $84.62. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 1.36. Elastic has a 12-month low of $50.74 and a 12-month high of $189.84.

Elastic (NYSE:ESTC – Get Rating) last released its quarterly earnings results on Wednesday, June 1st. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.06. The company had revenue of $239.36 million for the quarter, compared to the consensus estimate of $232.38 million. Elastic had a negative net margin of 23.64% and a negative return on equity of 39.42%. During the same quarter in the prior year, the firm earned ($0.44) earnings per share. Elastic’s revenue was up 34.8% on a year-over-year basis. As a group, sell-side analysts forecast that Elastic will post -1.92 earnings per share for the current year.

Several brokerages have issued reports on ESTC. Jefferies Financial Group decreased their price objective on shares of Elastic from $90.00 to $60.00 in a research note on Monday, May 23rd. William Blair began coverage on Elastic in a research report on Monday, April 25th. They set an outperform rating for the company. Piper Sandler dropped their target price on Elastic from $155.00 to $85.00 and set an overweight rating for the company in a research report on Thursday, June 2nd. Royal Bank of Canada dropped their target price on Elastic from $133.00 to $110.00 in a research report on Tuesday, May 31st. Finally, Oppenheimer dropped their target price on Elastic from $185.00 to $150.00 and set an outperform rating for the company in a research report on Friday, March 4th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $126.15.

In other news, Director Jonathan Chadwick sold 6,250 shares of the company’s stock in a transaction on Monday, April 25th. The stock was sold at an average price of $82.29, for a total transaction of $514,312.50. Following the transaction, the director now directly owns 5,102 shares of the company’s stock, valued at $419,843.58. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Ashutosh Kulkarni sold 3,690 shares of the company’s stock in a transaction on Thursday, June 9th. The stock was sold at an average price of $75.82, for a total value of $279,775.80. Following the transaction, the chief executive officer now directly owns 133,622 shares in the company, valued at $10,131,220.04. The disclosure for this sale can be found here. Insiders sold 12,603 shares of company stock valued at $995,997 in the last three months. 18.90% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of ESTC. Vanguard Group Inc. increased its position in shares of Elastic by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 7,038,914 shares of the company’s stock valued at $626,112,000 after acquiring an additional 101,159 shares during the period. BlackRock Inc. boosted its holdings in Elastic by 4.8% in the first quarter. BlackRock Inc. now owns 5,616,149 shares of the company’s stock valued at $499,557,000 after purchasing an additional 259,742 shares during the last quarter. Clearbridge Investments LLC boosted its holdings in Elastic by 1.5% in the first quarter. Clearbridge Investments LLC now owns 1,557,579 shares of the company’s stock valued at $138,547,000 after purchasing an additional 22,421 shares during the last quarter. State Street Corp boosted its holdings in Elastic by 5.1% in the first quarter. State Street Corp now owns 1,101,169 shares of the company’s stock valued at $97,949,000 after purchasing an additional 53,430 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Elastic by 4.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 401,743 shares of the company’s stock valued at $35,735,000 after purchasing an additional 15,882 shares during the last quarter. 77.44% of the stock is currently owned by institutional investors and hedge funds.

Elastic Company Profile (Get Rating)

Elastic N.V., a search company, delivers technology that enables users to search through structured and unstructured data for a range of consumer and enterprise applications. It primarily offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as perform search, analysis, and visualization.

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