Elastic NV

Elastic NV managed to deliver an all-around beat in the last result as it continues making progress across innovation. The company has recently announced innovations over the Elastic Search platform, the prominent data analytics platform for search-powered solutions for transforming the way organizations observe, search, and protect their data. In terms of its financial performance, the company saw consumption slowing down and belt-tightening in the SMB segment. Increased scrutiny on deals was seen especially in countries where strengthening the U.S. dollar has created some adverse conditions. However, demand for the company’s in-person events has been quite strong. This quarter, Elastic expanded business with RDD, the leading supply chain, print, packaging, and marketing solutions provider. Also, it expanded the business with one seven-figure deal with the top global heavy equipment manufacturer in the U.S. The company announced one streamlined experience for the Elastic cloud on AWS Marketplace. Also, it announced an expanded collaboration with Google Cloud to make it easier for customers to secure and monitor workloads and drive insights from the data residing in Google Cloud’s data lakes. We provide the stock of Elastic with a ‘Buy’ rating and a revision in the target price.