It seems to me the primary driving reason that justifies continuing investment in Elastic is that it is relatively cheaper than others like AYX, COUP, etc.
Then again it was relatively cheaper last year as well and yet you can nudge the relative stock growth. Cheaper did not mean better.
Elastic may surprise this quarter with Federal sales expected last Q to roll into this Q. But no one can name a single commercial market (ie they get paid extraordinary sums for) that Elastic dominates. Just that it is growing fast and is cheaper.
Tinker