Elastic (NYSE:ESTC) Updates FY23 Earnings Guidance

Posted by on Jun 2nd, 2022

Elastic (NYSE:ESTC – Get Rating) updated its FY23 earnings guidance on Wednesday. The company provided earnings per share guidance of $(0.36)-(0.28) for the period, compared to the consensus earnings per share estimate of ($0.30). The company issued revenue guidance of $1.080-1.086 billion, compared to the consensus revenue estimate of $1.08 billion.Elastic also updated its FY 2023 guidance to -$0.36–$0.28 EPS.

A number of brokerages have recently commented on ESTC. Royal Bank of Canada dropped their target price on Elastic from $133.00 to $110.00 in a report on Tuesday. Oppenheimer cut their price objective on Elastic from $185.00 to $150.00 and set an outperform rating on the stock in a report on Friday, March 4th. Zacks Investment Research upgraded Elastic from a sell rating to a hold rating in a research report on Friday, May 20th. Stifel Nicolaus lowered their price target on Elastic from $148.00 to $125.00 and set a buy rating on the stock in a research report on Monday, March 21st. Finally, Barclays lowered their price target on Elastic from $135.00 to $80.00 and set an overweight rating on the stock in a research report on Friday, May 20th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Buy and a consensus target price of $138.53.

NYSE:ESTC traded up $0.29 during midday 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 firm has a market capitalization of $5.79 billion, a price-to-earnings ratio of -31.28 and a beta of 1.28. The stock’s fifty day simple moving average is $76.01 and its 200-day simple moving average is $96.06. Elastic has a 12-month low of $50.74 and a 12-month high of $189.84. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 1.31.

Elastic (NYSE:ESTC – Get Rating) last announced its quarterly 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. The company had revenue of $239.36 million during 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%. Elastic’s revenue for the quarter was up 34.8% on a year-over-year basis. During the same period in the previous year, the business earned ($0.44) EPS. As a group, sell-side analysts expect that Elastic will post -1.79 EPS for the current year.

In related news, Director Jonathan Chadwick sold 6,250 shares of the company’s stock in a transaction that occurred 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 sale, the director now owns 5,102 shares of the company’s stock, valued at approximately $419,843.58. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ashutosh Kulkarni sold 5,822 shares of the company’s stock in a transaction that occurred on Friday, March 11th. The shares were 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 have sold 12,415 shares of company stock worth $978,537 in the last quarter. Insiders own 18.90% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in 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 last quarter. BlackRock Inc. increased its holdings in shares of Elastic by 4.8% during the 1st quarter. BlackRock Inc. now owns 5,616,149 shares of the company’s stock worth $499,557,000 after buying an additional 259,742 shares during the last quarter. Clearbridge Investments LLC increased its holdings in shares of Elastic by 1.5% during the 1st quarter. Clearbridge Investments LLC now owns 1,557,579 shares of the company’s stock worth $138,547,000 after buying an additional 22,421 shares during the last quarter. Deutsche Bank AG increased its holdings in shares of Elastic by 0.3% during the 4th quarter. Deutsche Bank AG now owns 1,256,615 shares of the company’s stock worth $154,676,000 after buying an additional 3,339 shares during the last quarter. Finally, State Street Corp increased its holdings in shares of Elastic by 5.1% during the 1st quarter. State Street Corp now owns 1,101,169 shares of the company’s stock worth $97,949,000 after buying an additional 53,430 shares during the last quarter. 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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