Elastic (NYSE:ESTC) Releases FY 2023 Earnings Guidance

Elastic (NYSE:ESTCGet Rating) issued an update on its FY 2023 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of -$0.31–$0.25 for the period, compared to the consensus estimate of -$0.31. 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 Q2 2023 guidance to -$0.11–$0.09 EPS.

Elastic Price Performance

NYSE:ESTC traded down $2.89 during trading hours on Friday, hitting $67.90. 23,065 shares of the stock traded hands, compared to its average volume of 1,600,473. The company has a market cap of $6.45 billion, a price-to-earnings ratio of -26.57 and a beta of 1.13. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 1.44. Elastic has a 1 year low of $50.74 and a 1 year high of $189.84. The stock has a 50 day moving average price of $81.66 and a 200 day moving average price of $77.44.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ESTC. Canaccord Genuity Group began coverage on shares of Elastic in a research report on Thursday, July 7th. They set a buy rating on the stock. Canaccord Genuity Group began coverage on shares of Elastic in a research report on Thursday, July 7th. They set a buy rating and a $100.00 price objective on the stock. Monness Crespi & Hardt cut shares of Elastic from a buy rating to a neutral rating in a research report on Thursday, August 11th. Citigroup boosted their price target on shares of Elastic from $125.00 to $150.00 and gave the stock a buy rating in a research report on Monday, August 22nd. Finally, Piper Sandler boosted their price target on shares of Elastic from $85.00 to $95.00 and gave the stock an overweight rating in a research report on Friday, August 26th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $126.15.

Insiders Place Their Bets

In other Elastic news, Director Jonathan Chadwick sold 6,250 shares of the business’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $72.88, for a total value of $455,500.00. Following the completion of the transaction, the director now directly owns 5,102 shares in the company, valued at $371,833.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Jonathan Chadwick sold 6,250 shares of the company’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $72.88, for a total transaction of $455,500.00. Following the transaction, the director now owns 5,102 shares in the company, valued at $371,833.76. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Ashutosh Kulkarni sold 7,512 shares of the company’s stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $88.55, for a total transaction of $665,187.60. Following the transaction, the chief executive officer now owns 126,110 shares in the company, valued at approximately $11,167,040.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,043 shares of company stock worth $1,411,220. 18.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Elastic

Several hedge funds have recently modified their holdings of ESTC. Advisors Asset Management Inc. increased its holdings in Elastic by 51.1% in the 1st quarter. Advisors Asset Management Inc. now owns 1,517 shares of the company’s stock worth $135,000 after buying an additional 513 shares during the period. Creative Planning increased its holdings in Elastic by 10.2% in the 2nd quarter. Creative Planning now owns 3,007 shares of the company’s stock worth $203,000 after buying an additional 279 shares during the period. Cetera Investment Advisers acquired a new position in Elastic in the 1st quarter worth approximately $217,000. Cresset Asset Management LLC acquired a new position in Elastic in the 1st quarter worth approximately $229,000. Finally, Virtu Financial LLC acquired a new position in Elastic in the 1st quarter worth approximately $295,000. Institutional investors and hedge funds own 74.31% of the company’s stock.

About Elastic

(Get Rating)

Elastic N.V., a search company, delivers technology solutions designed to run in public or private clouds in multi-cloud environments. 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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