Elastic Is a Diversified Vendor With Offerings Spanning Security, Observability, and Search

We are positive on Elastic's prospects in the full-stack monitoring, security, and search markets. The firm's solutions benefit from secular tailwinds driving an accelerating increase in data for enterprises to secure, search through, and monitor. In our opinion, the firm's sticky product portfolio, broad swath of products that enable clients to conduct a variety of mission-critical tasks, and increased penetration in the enterprise market have enabled Elastic to form a narrow economic moat around its business.