12 Best Technology Stocks According to Wall Street Analysts

9. Elastic (NYSE:ESTC)

Number of Hedge Fund Holders: 52

Average Upside Potential as of June 19: 36.04%

Elastic (NYSE:ESTC) is one of the best technology stocks according to Wall Street analysts. Earlier on June 9, KeyBanc initiated coverage of Elastic with a Sector Weight rating, but no specific price target. KeyBanc recognized Elastic as a prominent data and analytics platform with high flexibility, capable of addressing various use cases such as search, observability, and security. However, the firm also noted that Elastic’s differentiation in observability and Security Information and Event Management/SIEM is not as strong.

In FQ4 2025, the company achieved a total revenue of $388 million, which marked a 16% year-over-year growth. Subscription revenue stood at $362 million, which also showed 16% growth. Elastic Cloud revenue experienced a 23% growth. The company also saw customer growth, with customers spending over $1 million in ACV, growing by ~27% and adding 45 net new customers. Customers with over $100,000 in ACV grew by ~14%, with 180 net new customers added.

For FQ1 2026, Elastic expects revenue to be between $396 and $398 million, which is 14% year-over-year growth at the midpoint. For the full FY2026, revenue is projected to be between $1.655 and $1.67 billion, which indicates 12% growth at the midpoint. However, Elastic anticipates slower sequential cloud growth in FQ1 due to seasonal patterns and consumption headwinds.

Elastic (NYSE:ESTC) is a search AI company that provides software platforms to run in hybrid, public, or private clouds and multi-cloud environments internationally.