Elastic (NYSE:ESTC) Issues Q1 Earnings Guidance

Elastic (NYSE:ESTCGet Rating) updated its first quarter earnings guidance on Wednesday. The company provided EPS guidance of $(0.20)-(0.16) for the period, compared to the consensus EPS estimate of ($0.16). The company issued revenue guidance of $244-246 million, compared to the consensus revenue estimate of $243.43 million.Elastic also updated its FY 2023 guidance to -$0.36–$0.28 EPS.

Several research firms recently commented on ESTC. Royal Bank of Canada cut their price target on Elastic from $133.00 to $110.00 in a research note on Tuesday. Monness Crespi & Hardt cut their price target on Elastic from $230.00 to $124.00 and set a buy rating on the stock in a research note on Wednesday, March 2nd. Zacks Investment Research upgraded Elastic from a sell rating to a hold rating in a research note on Friday, May 20th. Stifel Nicolaus cut their price target on Elastic from $148.00 to $125.00 and set a buy rating on the stock in a research note on Monday, March 21st. Finally, William Blair assumed coverage on Elastic in a research note on Monday, April 25th. They issued an outperform rating on the stock. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Elastic presently has an average rating of Buy and a consensus price target of $138.53.

Shares of NYSE ESTC traded up $0.29 during mid-day trading on Wednesday, reaching $61.94. The company had a trading volume of 1,773,645 shares, compared to its average volume of 1,498,537. The company has a debt-to-equity ratio of 1.31, a quick ratio of 2.22 and a current ratio of 2.22. The stock has a market capitalization of $5.79 billion, a PE ratio of -31.28 and a beta of 1.28. Elastic has a twelve month low of $50.74 and a twelve month high of $189.84. The stock’s 50 day moving average is $76.01 and its 200-day moving average is $96.06.

Elastic (NYSE:ESTCGet Rating) last issued its quarterly earnings results on Wednesday, June 1st. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.40. The company 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 34.20% and a negative net margin of 22.67%. The firm’s revenue was up 34.8% compared to the same quarter last year. During the same period last year, the business posted ($0.44) earnings per share. On average, sell-side analysts anticipate that Elastic will post -1.79 EPS for the current year.

In related news, CEO Ashutosh Kulkarni sold 5,822 shares of the company’s stock in a transaction dated Friday, March 11th. The shares were sold at an average price of $75.30, for a total value of $438,396.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jonathan Chadwick sold 6,250 shares of the stock in a transaction that occurred 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 owns 5,102 shares in the company, valued at approximately $419,843.58. The disclosure for this sale can be found here. Insiders have sold a total of 12,415 shares of company stock valued at $978,537 in the last ninety days. Company insiders own 18.90% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. Privium Fund Management UK Ltd bought a new stake in Elastic during the fourth quarter valued at approximately $6,982,000. Invesco Ltd. grew its position in Elastic by 5.1% during the 4th quarter. Invesco Ltd. now owns 41,388 shares of the company’s stock valued at $5,095,000 after purchasing an additional 2,027 shares during the last quarter. LPL Financial LLC lifted its stake in Elastic by 12.9% during the 4th quarter. LPL Financial LLC now owns 25,507 shares of the company’s stock valued at $3,140,000 after acquiring an additional 2,921 shares during the period. Guggenheim Capital LLC bought a new position in shares of Elastic in the 4th quarter worth approximately $389,000. Finally, MML Investors Services LLC raised its stake in Elastic by 8.2% during the 4th quarter. MML Investors Services LLC now owns 5,625 shares of the company’s stock worth $692,000 after acquiring an additional 425 shares during the period. 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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Earnings History and Estimates for Elastic (NYSE:ESTC)

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