What happened

Shares of Elastic (NYSE:ESTC) jumped 34% in May, according to data from S&P Global Market Intelligence. The big gains for the stock last month followed a 14.9% increase for the company's share price across April's trading.

^SPX Chart

^SPX data by YCharts

Elastic shares hit a 52-week low amid the coronavirus-related sell-offs that rocked the market in March, but the company's share price has seen a dramatic recovery in subsequent trading. The stock gained ground amid momentum for the broader market last month, and it also seems to have benefited from the company's detailing new features for its cloud-based enterprise search and data analysis platform. 

A magnifying glass and a laptop.

Image source: Getty Images.

So what

Elastic stock rallied amid momentum for the broader market early in May, and announcements later in the month also corresponded with pronounced gains. The company published a series of press releases on May 13, outlining new features including new alerting services for Elastic Stack applications, the wide-scale launch of Elastic Workplace Search, and updates for search, data analysis, and security features across its ecosystem.

The company then published a press release on May 19 detailing new purchase options for its Elastic Stack and Elasticsearch search engine on Alphabet's Google Cloud Marketplace. The announcement also highlighted plans for increased integration on Google's cloud platform. 

Now what

Elastic stock has continued to climb in June's trading. Shares are up roughly 3% in the month so far. 

^SPX Chart

^SPX data by YCharts

Elastic is scheduled to report fourth-quarter results after market close on June 3. The company's chief financial officer, Janesh Moorjani, is also scheduled for a virtual presentation at the Bank of America 2020 Global Technology Conference on June 4.

When Elastic reported third-quarter earnings in February, it issued targets for sales between $119 million and $120 million and a non-GAAP (adjusted) loss per share between $0.30 and $0.32. These targets suggest full-year sales between $423 million and $424 million and an adjusted per-share loss between $1.12 and $1.13 for the period.

Elastic is valued at roughly 13 times the average analyst target for sales in fiscal 2021.