Elastic (NYSE:ESTC) Issues Q1 2023 Earnings Guidance

Elastic (NYSE:ESTCGet 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:ESTCGet 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.

See Also

Earnings History and Estimates for Elastic (NYSE:ESTC)

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