The stock market is having an incredibly strong year in 2023 with the Nasdaq-100 technology index soaring 47% so far. Even so, the artificial intelligence (AI) sector is outperforming it with monster gains by some of its most popular names:

But one lesser-known stock caught investors' attention last week, when it surged 37% in a single day following the release of its financial results for the recent fiscal 2024 second quarter (ended Oct. 31). That stock is Elastic N.V. (NYSE: ESTC).

Wall Street is incredibly bullish on this enterprise software company, which is quickly building a presence in AI, but can its stock continue to march higher? Here's what you need to know.

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Source Fool.com