Why Datadog, MongoDB, and HubSpot Rallied Today
Shares of enterprise software companies Datadog (NASDAQ: DDOG), MongoDB (NASDAQ: MDB), and HubSpot (NYSE: HUBS) all rallied today, up 6.5%, 9.3%, and 7.2%, respectively, as of 1:21 p.m. ET.
The synchronous move across these software names likely has to do with a decline in long-term bond yields today. Long-term yields hit levels not seen since 2008 last week, but backed off a lot today. A decline in interest rates is great news for unprofitable growth stocks, with the bulk of their profitability out into the future.
There wasn't much in the way of company-specific news today, other than analysts at Jefferies releasing a note maintaining their buy rating on HubSpot, even as they lowered their price target to $400 from $450.
Source Fool.com
