Could Elastic Be a Millionaire Maker Stock?
Richard Branson, the founder of London-based Virgin Group, once joked: "If you want to be a millionaire, start with a billion dollars and launch a new airline." Alternatively, you can achieve the same feat by investing in a high-growth company that addresses expanding markets over the long term.
Luckily, Elastic (NYSE: ESTC) seems to fit these alternate criteria. But you need one more condition besides its operational performance to consider Elastic as a millionaire-maker stock: Its stock price must provide significant upside potential.
Elastic's core business consists of selling software that searches for, analyzes, and visualizes any kind of data at scale. Management estimates the company's total addressable market to be $45 billion, which gives the company plenty of room to grow, since its trailing-12-month revenue of $342.25 million represents just a tiny portion of that overall market.
Source Fool.com
