Why Elastic Shares Gained 16% in October
Shares of Elastic (NYSE: ESTC) rose 16.5% in October, according to data from S&P Global Market Intelligence. The company behind Elasticsearch, a full-text search and analytics engine, announced a couple of needle-moving deals last month. Those events formed the linchpin around which most of October's shareholder returns were realized.
First, Elastic held its annual ElasticON conference, highlighting how customers use Elasticsearch to solve their data analytics challenges. The virtual event featured speakers from household names such as Microsoft, Twitter, General Motors, and NASA, a who's who of high-profile Elastic customers. Attendees left the conference with a deeper appreciation for Elastic's cloud-based search systems, artificial intelligence tools, and growing collection of data security services.
Next, the company expanded its integration with Alphabet's (NASDAQ: GOOG) (NASDAQ: GOOGL) Google Cloud platform. With the new Elasticsearch features, the Google Cloud Console now offers more data-collection options and a simpler workflow for installing and managing their data-grabbing agents. This partnership announcement inspired the largest single-day jump of the month as Elastic shares rose 3.8% the next day.
Source Fool.com
