Elastic (NYSE:ESTC) Releases Q1 2023 Earnings Guidance

Elastic (NYSE:ESTCGet Rating) updated its first quarter 2023 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of -$0.20–$0.16 for the period, compared to the consensus 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.

Shares of Elastic stock traded up $0.29 during trading on Wednesday, reaching $61.94. 1,773,645 shares of the company’s stock were exchanged, 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. Elastic has a 1-year low of $50.74 and a 1-year high of $189.84. The company has a market cap of $5.79 billion, a P/E ratio of -31.28 and a beta of 1.28. The firm’s 50-day moving average price is $76.01 and its 200 day moving average price is $96.06.

Elastic (NYSE:ESTCGet Rating) last issued its earnings results on Wednesday, June 1st. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.40. Elastic had a negative return on equity of 34.20% and a negative net margin of 22.67%. The business had revenue of $239.36 million during the quarter, compared to analysts’ expectations of $232.38 million. During the same quarter in the prior year, the firm earned ($0.44) EPS. The business’s revenue for the quarter was up 34.8% compared to the same quarter last year. As a group, equities research analysts predict that Elastic will post -1.79 EPS for the current year.

Several equities research analysts recently commented on ESTC shares. Barclays cut their target price on Elastic from $135.00 to $80.00 and set an overweight rating on the stock in a research report on Friday, May 20th. Jefferies Financial Group cut their target price on Elastic from $90.00 to $60.00 in a research report on Monday, May 23rd. Oppenheimer cut their price target on Elastic from $185.00 to $150.00 and set an outperform rating on the stock in a report on Friday, March 4th. Stifel Nicolaus cut their price target on Elastic from $148.00 to $125.00 and set a buy rating on the stock in a report on Monday, March 21st. Finally, Royal Bank of Canada cut their price target on Elastic from $133.00 to $110.00 in a report on Tuesday. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Elastic has an average rating of Buy and a consensus target price of $138.53.

In other news, Director Jonathan Chadwick sold 6,250 shares of the firm’s stock in a transaction on Monday, April 25th. The stock was sold at an average price of $82.29, for a total value of $514,312.50. Following the completion of the transaction, the director now directly owns 5,102 shares of the company’s stock, valued at $419,843.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ashutosh Kulkarni sold 5,822 shares of the firm’s stock in a transaction on Friday, March 11th. The stock was sold at an average price of $75.30, for a total value of $438,396.60. The disclosure for this sale can be found here. Insiders sold 12,415 shares of company stock valued at $978,537 over the last three months. Company insiders own 18.90% of the company’s stock.

A number of large investors have recently bought and sold shares of ESTC. EverSource Wealth Advisors LLC bought a new stake in Elastic during the fourth quarter worth about $31,000. Advisors Asset Management Inc. lifted its stake in Elastic by 229.2% during the fourth quarter. Advisors Asset Management Inc. now owns 1,004 shares of the company’s stock worth $124,000 after purchasing an additional 699 shares during the last quarter. Cetera Investment Advisers bought a new stake in Elastic during the first quarter worth about $217,000. Cresset Asset Management LLC bought a new stake in Elastic during the first quarter worth about $229,000. Finally, Virtu Financial LLC bought a new stake in Elastic during the first quarter worth about $295,000. 77.44% of the stock is owned by institutional investors.

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.

Read More

Earnings History and Estimates for Elastic (NYSE:ESTC)

Want More Great Investing Ideas?

Receive News & Ratings for Elastic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Elastic and related companies with MarketBeat.com's FREE daily email newsletter.