Why Shares of Elastic Were Up 10.7% This Week
Shares of data search software firm Elastic (NYSE: ESTC) were up 10.7% this week, according to data provided by S&P Global Market Intelligence. No new financial figures were provided, but this most recent jump is likely in response to some new product integrations as well as an acquisition. The stock is up 18% so far in 2021, but has rallied nearly 70% from lows back in May after a widespread sell-off in growth stocks.
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Just in the last week, Elastic announced an expanded integration of its software with Alphabet's (NASDAQ: GOOGL)(NASDAQ: GOOG) Google Cloud. As more organizations migrate their data over to the cloud, Elastic's software can be a powerful tool that can give a company insight into all sorts of matters from employee workflow optimization to detection of cyberthreats. Building on its usefulness with one of the largest public cloud providers opens up new doors of opportunity for Elastic's product suite.
Source Fool.com
