Elastic (NYSE:ESTC) Issues Q2 2023 Earnings Guidance

Elastic (NYSE:ESTCGet 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

In other news, insider Carolyn Herzog sold 1,322 shares of the company’s stock in a transaction on Friday, September 9th. The stock was sold at an average price of $88.55, for a total transaction of $117,063.10. Following the transaction, the insider now owns 59,161 shares of the company’s stock, valued at $5,238,706.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Janesh Moorjani sold 1,959 shares of the company’s stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $88.55, for a total value of $173,469.45. Following the completion of the sale, the chief financial officer now owns 76,965 shares of the company’s stock, valued at approximately $6,815,250.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Carolyn Herzog sold 1,322 shares of the firm’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $88.55, for a total transaction of $117,063.10. Following the completion of the transaction, the insider now directly owns 59,161 shares in the company, valued at $5,238,706.55. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,043 shares of company stock valued at $1,411,220. 18.80% of the stock is currently owned by corporate insiders.

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

(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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