Elastic (NYSE:ESTC) Updates FY 2020 Earnings Guidance

Elastic (NYSE:ESTC) issued an update on its FY 2020 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $-1.4–1.24 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $-1.39. The company issued revenue guidance of $406-412 million, compared to the consensus revenue estimate of $400.18 million.Elastic also updated its Q2 2020 guidance to $-0.32–0.3 EPS.

ESTC traded up $0.54 on Wednesday, hitting $80.13. 2,101,144 shares of the company were exchanged, compared to its average volume of 880,045. Elastic has a twelve month low of $58.55 and a twelve month high of $104.10. The company has a market cap of $6.04 billion and a price-to-earnings ratio of -44.52. The firm has a 50-day moving average price of $90.82 and a two-hundred day moving average price of $85.42.

Elastic (NYSE:ESTC) last released its earnings results on Wednesday, June 5th. The company reported ($0.28) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.45) by $0.17. The company had revenue of $80.60 million for the quarter, compared to analyst estimates of $75.79 million. Elastic’s revenue for the quarter was up 62.5% on a year-over-year basis. Research analysts forecast that Elastic will post -2.17 earnings per share for the current fiscal year.

Several research analysts recently commented on ESTC shares. Bank of America boosted their target price on Elastic from $115.00 to $135.00 and gave the stock a buy rating in a research note on Thursday, June 6th. Royal Bank of Canada raised Elastic from a sector perform rating to an outperform rating and boosted their target price for the stock from $94.00 to $112.00 in a research note on Wednesday, August 14th. Zacks Investment Research raised Elastic from a sell rating to a hold rating in a research note on Monday, August 5th. Monness Crespi & Hardt reissued a buy rating and set a $125.00 target price (up from $120.00) on shares of Elastic in a research note on Thursday, June 6th. Finally, Stifel Nicolaus assumed coverage on Elastic in a research report on Monday, May 13th. They set a hold rating and a $75.00 price objective for the company. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $97.33.

In other news, SVP Kevin Kluge sold 70,000 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $78.83, for a total transaction of $5,518,100.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Aaron Katz sold 15,000 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $80.38, for a total value of $1,205,700.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,958,440 shares of company stock valued at $166,065,906. Insiders own 51.80% of the company’s stock.

Elastic Company Profile

Elastic N.V. develops and delivers technology that enables users to search structured and unstructured data for a range of consumer and enterprise applications. It primarily provides Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as performs search, analysis, and visualization.

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Earnings History and Estimates for Elastic (NYSE:ESTC)

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