Elastic (NYSE:ESTC – Get Rating) issued an update on its second quarter 2023 earnings guidance on Tuesday morning. The company provided EPS guidance of -$0.11–$0.09 for the period, compared to the consensus EPS estimate of -$0.09. The company issued revenue guidance of $260.00 million-$262.00 million, compared to the consensus revenue estimate of $260.67 million. Elastic also updated its FY 2023 guidance to -$0.31–$0.25 EPS.
Elastic Trading Down 4.4 %
ESTC traded down $3.08 during midday trading on Friday, reaching $67.71. 23,464 shares of the company were exchanged, compared to its average volume of 1,600,473. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.96 and a current ratio of 1.96. The stock has a market capitalization of $6.43 billion, a P/E ratio of -26.57 and a beta of 1.13. Elastic has a one year low of $50.74 and a one year high of $189.84. The stock’s 50-day simple moving average is $81.66 and its 200 day simple moving average is $77.44.
Wall Street Analyst Weigh In
A number of equities analysts have commented on ESTC shares. Royal Bank of Canada reduced their target price on Elastic from $133.00 to $110.00 in a report on Tuesday, May 31st. Jefferies Financial Group raised their price target on shares of Elastic from $80.00 to $90.00 and gave the company a hold rating in a research note on Tuesday. Monness Crespi & Hardt downgraded shares of Elastic from a buy rating to a neutral rating in a research report on Thursday, August 11th. Stifel Nicolaus dropped their price target on shares of Elastic from $125.00 to $100.00 in a research note on Thursday, June 2nd. Finally, Citigroup increased their price target on Elastic from $125.00 to $150.00 and gave the company a buy rating in a report on Monday, August 22nd. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $126.15.
Insider Buying and Selling
Institutional Investors Weigh In On Elastic
Hedge funds have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd bought a new position in Elastic in the 1st quarter worth approximately $1,064,000. Advisory Services Network LLC lifted its stake in shares of Elastic by 2.3% during the first quarter. Advisory Services Network LLC now owns 9,316 shares of the company’s stock valued at $829,000 after acquiring an additional 213 shares during the period. HighTower Advisors LLC lifted its stake in shares of Elastic by 9.5% during the first quarter. HighTower Advisors LLC now owns 6,472 shares of the company’s stock valued at $576,000 after acquiring an additional 564 shares during the period. Cambridge Investment Research Advisors Inc. lifted its stake in Elastic by 17.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,780 shares of the company’s stock valued at $514,000 after buying an additional 848 shares during the period. Finally, Neuberger Berman Group LLC increased its holdings in shares of Elastic by 39.1% in the first quarter. Neuberger Berman Group LLC now owns 5,136 shares of the company’s stock worth $457,000 after acquiring an additional 1,443 shares in the last quarter. 74.31% of the stock is currently owned by institutional investors.
Elastic Company Profile
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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