PATH - Why Cloudflare UiPath and Asana Rocketed Double Digits Today
Shares of enterprise software companies Cloudflare (NYSE: NET) , UiPath (NYSE: PATH) and Asana (NYSE: ASAN) rocketed higher by double digits today, up 16.7%, 13.4%, and 24%, respectively, as of 1:33 p.m. ET.
Of course, they weren't alone. Just about every exciting high-growth stock that had been beaten down severely since November is rocketing much higher after a hugely volatile week. Today's move could be short-covering, investors chasing the bounce, or a combination of both. The question is, have we reached bottom?
Each of these software companies has been growing strongly amid a massive secular change in how enterprises work. Cloudflare is a cybersecurity company that allows enterprises to secure workloads across the cloud, private cloud, on-premise data centers, and others. UiPath makes software that allows companies to automate a number of back-end business processes. Asana makes productivity software that enables cross-functional teams to work better within a large organization.
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Why Cloudflare, UiPath, and Asana Rocketed Double Digits Today