Why Elastic N.V. (ESTC) stock went down on Wednesday?

Elastic N.V. (ESTC) shares declined 4.54% in after-hours on Wednesday, January 12, 2022, and closed the daily trading at $106.00. Even in the regular trading session of Wednesday, ESTC’s stock lost 2.68%. ESTC shares have fallen 26.04% over the last 12 months, and they have moved up 2.42% in the past week. Over the past three months, the stock has lost 34.16%, while over the past six months, it has declined 20.23%.

Let’s have a brief look at its recent news and developments.

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ESTC management shuffle

On January 12, 2022, Elastic (ESTC) Elastic (ESTC) named Ashutosh (Ash) Kulkarni to the Board of Directors and promoted him to CEO. Shay Banon, the company’s founder, and CEO, will return to the post of Chief Technology Officer while remaining on the Board of Directors.

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Also, Elastic announced the resignation of Banon as Chairman of the Board. Chetan Puttagunta, currently Lead Independent Director, has been appointed Chairman.

Separately, Paul Appleby has also stepped down from his role as president, worldwide field operations, and will be leaving Elastic.

New features of Elastic observability solution

On December 08, 2021, Elastic (ESTC) revealed new features and enhancements across the Elastic Observability solution in its 7.16 release, enabling customers to observe and protect their entire digital ecosystem.

Users may now see and overlay several dimensions of data using curated data exploration views, according to the business. Site reliability and DevOps teams can evaluate undiscovered issues thanks to curated data exploration perspectives.

Elastic also introduced an AWS FireLens integration, allowing customers to directly ship container logs and events to Elastic Cloud.

ESTC new Security solution release

On December 08, 2021, Elastic (ESTC) announced new integrations and enhancements across the Elastic Security solution in its 7.16 release. The latest update enables users to accelerate detection and response, increase real-time visibility into their data, protect endpoints against advanced attacks, and streamline workflows.

ESTC Elastic Search Platform

On December 07, 2021, Elastic (ESTC) announced enhancements across the Elastic Search Platform and its solutions.

The news enhancements such as the availability of dozens of prebuilt Elastic Agent data integrations, provide more visibility into complex and distributed cloud-native services and users can quickly solve their data challenges which will increase efficiency and will result in a better customer experience.

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The recent management shuffle could be the reason behind its poor performance on Wednesday. let’s see whether it can bounce back on Thursday or not?

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