Elastic Stock Looks Like a Value as Digital Transformation Demand Remains Strong
After a nearly year-long tumble culminating with the market meltdown in March 2020, shares of data analytics firm Elastic (NYSE: ESTC) are homing back in on all-time highs. Digital transformation got forced into high gear this year with the onset of the pandemic, as organizations slow to adapt to modern digital operating models scramble to keep the doors open. Shelter-in-place may not continue as it has the last few months, but it's becoming increasingly clear that remote work and digital systems supported by the cloud are fast becoming the norm.
The trend was already a good one for big data and analytics companies, but the thesis strengthened amid the coronavirus crisis. Elastic has now rallied nearly 30% this year -- including a 90% run since the lows in mid-March -- but this cloud stock is a relative value compared to its peers as it continues to post impressive growth.
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Source Fool.com
