Search company Elastic N.V. has expanded its strategic partnership with Confluent, Inc. to offer an improved experience to Apache Kafka and Elasticsearch users.
Elastic (ESTC) CEO, Shay Banon said, “Kafka has been, and continues to be, an important component of the Elastic ecosystem. We are committed to deepening our partnership and working together with confluent, which includes investing in R&D resources on both sides to deliver the best-integrated product experience for the community of Elasticsearch and Kafka users.”
The two companies plan to enhance current product integrations and together develop new capabilities that will enable users to combine the advantages of Elastic Stack and Kafka. (See Elastic N.V. stock analysis on TipRanks)
Enhancements to users’ product experience include strengthened integration between Elastic Cloud and Confluent Cloud, enriched Elasticsearch Service Sink connector in Confluent, joint solutions for specific cases, and the introduction of better methods to output data from Kafka in an Elastic common Schema.
On April 7, Oppenheimer analyst Ittai Kidron reiterated a Buy rating on the stock with a $170 price target (34.7% upside potential).
After hosting investor meetings with Elastic’s management, Kidron commented “We remain bullish on Elastic’s long-term growth prospects as the platform matures, Enterprise adoption increases, and sales/GTM investments are accelerated.”
Turning to rest of the Street, the stock has a Strong Buy consensus rating alongside an average analyst price target of $182.46 (44.6% upside potential) based on 11 Buys and 2 Holds. Shares have gained about 135.2% over the past year.
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