Datadog Leads Software Companies to Rise
Shares of Snowflake Inc., MongoDB Inc. and Elastic NV were all rallying sharply in Tuesday’s morning trading after Datadog Inc.’s upbeat earnings report eased fears about consumption-based software companies for the latest quarter.
Snowflake shares were up 11%, while MongoDB shares were up about 13% and Elastic shares were ahead about 6%.
Datadog’s stock was surging nearly 29% after the software company, which Mizuho desk-based analyst Jordan Klein called “clearly one of the most shorted and over-sold names” in all of software as well as among consumption-based players, topped expectations with its latest results and outlook.
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