What happened Shares of Elastic N.V. (NYSE: ESTC) were up 15% on Thursday as of noon ET. Elastic's share price had been rocked along with many others in the SaaS sector this year, as inflation and rising interest rates have taken down valuations for virtually all growth stocks. This earnings season, the companies that have been most relevant to digital transformation, including cloud growth, cybersecurity, and other new technologies, have done exceedingly well, at least from an operating point of view.