Elastic (NYSE:ESTC) Announces Quarterly Earnings Results, Beats Estimates By $0.12 EPS

Elastic (NYSE:ESTC) posted its quarterly earnings data on Thursday. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.12, FiscalAI reports. The company had revenue of $478.11 million during the quarter, compared to analysts’ expectations of $469.75 million. Elastic had a net margin of 21.14% and a negative return on equity of 1.82%.

Elastic Stock Up 5.8%

Shares of Elastic stock traded up $4.63 during trading on Thursday, hitting $83.88. 4,363,585 shares of the stock traded hands, compared to its average volume of 2,072,987. The stock has a market cap of $8.72 billion, a P/E ratio of 23.96, a PEG ratio of 20.06 and a beta of 0.98. The company has a fifty day moving average price of $66.94 and a two-hundred day moving average price of $58.59. Elastic has a twelve month low of $42.05 and a twelve month high of $96.07. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.68 and a current ratio of 1.68.

Insider Activity at Elastic

In related news, CRO Mark Eugene Dodds sold 18,439 shares of Elastic stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $60.61, for a total value of $1,117,587.79. Following the completion of the sale, the executive owned 298,211 shares of the company’s stock, valued at approximately $18,074,568.71. The trade was a 5.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Navam Welihinda sold 12,961 shares of the stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $60.61, for a total transaction of $785,566.21. Following the transaction, the chief financial officer directly owned 209,254 shares in the company, valued at $12,682,884.94. The trade was a 5.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 110,099 shares of company stock worth $6,673,100 over the last quarter. 12.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Elastic

Hedge funds have recently modified their holdings of the company. Geneos Wealth Management Inc. bought a new position in Elastic during the second quarter worth about $31,000. Aster Capital Management DIFC Ltd increased its position in shares of Elastic by 206.1% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 551 shares of the company’s stock worth $42,000 after purchasing an additional 371 shares in the last quarter. Quarry LP boosted its position in Elastic by 16,200.0% in the fourth quarter. Quarry LP now owns 652 shares of the company’s stock valued at $49,000 after buying an additional 648 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in Elastic during the fourth quarter worth about $49,000. Finally, Larson Financial Group LLC increased its holdings in shares of Elastic by 1,347.1% during the third quarter. Larson Financial Group LLC now owns 738 shares of the company’s stock worth $62,000 after buying an additional 687 shares in the last quarter. Institutional investors own 97.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on ESTC. Royal Bank Of Canada raised their target price on shares of Elastic from $70.00 to $87.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Canaccord Genuity Group cut their target price on Elastic from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, May 29th. Jefferies Financial Group boosted their price objective on Elastic from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Sunday, August 16th. William Blair initiated coverage on shares of Elastic in a report on Friday, May 22nd. They issued an “outperform” rating for the company. Finally, Rosenblatt Securities restated a “buy” rating and set a $83.00 target price on shares of Elastic in a report on Wednesday. Seventeen equities research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $87.41.

About Elastic

Elastic N.V. operates as a search and analytics company, offering a suite of open source and subscription-based solutions for search, observability and security use cases. Its flagship product, Elasticsearch, enables fast and scalable full-text search and analytics across large volumes of structured and unstructured data. Complementary tools such as Kibana provide visualization capabilities, while Beats and Logstash serve as lightweight data shippers and data processing pipelines, respectively.

The company was founded in 2012 by Shay Banon, who serves as chief technology officer, and Steven Schuurman.