With ESTC's market price declining by 57% over the last year the company is now undergoing yet another major internal org restructuring.
Rumors have it that in spite of the fact that ESTC has undergone a FedRAMP High authorization that workforce reductions in the near term are likely.
A 7% across the board layoff happened at Elastic in the last couple of days. An employee(engineer) reached out to my wife who used to work there and told her this morning. Cuts are ongoing…
What is the major internal org restructuring? Has it been announced? Any thoughts on when this might happen? Year end is only 2 weeks away.
I can't comment about the layoff situation since I don't work at Elastic anymore, but I can say that during my time there I would sell all my RSUs the same day they vested because, well, quite frankly the stock is pure dog $h1t.
Look at the max graph for NYSE:ESTC, and take note of its IPO vs current market price and then consider this: it's never split once. Happy to sell it for the free cash, but I'd never for a second understand why any institutional investors or fund managers would ever consider owning this stock.