Elastic (NYSE:ESTC) Updates FY 2023 Earnings Guidance

Elastic (NYSE:ESTCGet Rating) updated its FY 2023 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of -$0.36–$0.28 for the period, compared to the consensus estimate of -$0.28. The company issued revenue guidance of $1.08 billion-$1.09 billion, compared to the consensus revenue estimate of $1.08 billion. Elastic also updated its Q1 2023 guidance to -$0.20–$0.16 EPS.

A number of equities analysts recently weighed in on the company. Stifel Nicolaus dropped their price target on Elastic from $125.00 to $100.00 in a research note on Thursday, June 2nd. Citigroup boosted their target price on Elastic from $97.00 to $125.00 and gave the stock a buy rating in a report on Thursday, June 2nd. Jefferies Financial Group dropped their price target on Elastic from $90.00 to $60.00 in a research report on Monday, May 23rd. Royal Bank of Canada lowered their price objective on Elastic from $133.00 to $110.00 in a research report on Tuesday, May 31st. Finally, Oppenheimer lowered their price target on Elastic from $185.00 to $150.00 and set an outperform rating on the stock in a research report on Friday, March 4th. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $126.15.

Shares of ESTC stock traded up $2.05 during trading on Friday, hitting $69.72. The company’s stock had a trading volume of 29,631 shares, compared to its average volume of 1,540,217. The company has a market cap of $6.61 billion, a PE ratio of -30.76 and a beta of 1.30. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 1.36. The business has a fifty day moving average of $67.71 and a 200-day moving average of $84.91. Elastic has a 52 week low of $50.74 and a 52 week high of $189.84.

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

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

Several large investors have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. increased its position in shares of Elastic by 51.1% during the first quarter. Advisors Asset Management Inc. now owns 1,517 shares of the company’s stock valued at $135,000 after acquiring an additional 513 shares during the last quarter. Cetera Investment Advisers purchased a new stake in Elastic in the 1st quarter valued at $217,000. Cresset Asset Management LLC acquired a new position in Elastic in the 1st quarter valued at $229,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Elastic in the 1st quarter valued at $295,000. Finally, Virtu Financial LLC acquired a new position in shares of Elastic during the 1st quarter worth $295,000. Hedge funds and other institutional investors own 77.44% of the company’s stock.

About Elastic (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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Earnings History and Estimates for Elastic (NYSE:ESTC)

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