Why DocuSign, Datadog, and HubSpot Were Soaring Today

Shares of enterprise software companies DocuSign (NASDAQ: DOCU), HubSpot (NYSE: HUBS), and Datadog (NASDAQ: DDOG) were soaring today, up 6.3%, 5.6%, and 5.6%, respectively, as of 3:39 p.m. ET.

There wasn't much company-specific news today. Datadog was maintained at overweight by analysts at Barclays, although they lowered their price target from $210 to $190. But given the rise in not just these three software-as-a-service (SaaS) stocks but across the tech world more broadly, it was likely macroeconomic or marketwide factors that played into each stock's ascent.

Ironically, it was likely the dour outlook for global growth issued by the International Monetary Fund that spurred buying in beaten-down growth stocks today. Here's why the bad news for the global economy may have been good news for software stocks.

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Source Fool.com