MDB - Why MongoDB Okta and Fastly Rose More Than the Markets Today
Shares of enterprise software companies MongoDB (NASDAQ: MDB) , Okta (NASDAQ: OKTA) , and Fastly (NASDAQ: FAST) rose more than the market today, starting the day up in the high single digits before retreating to lower gains of 2.6%, 3.5%, and 4.1%, respectively, as of 1:25 p.m. ET.
There wasn't much in the way of new news today from any of these companies, but the overall enterprise software sector appears to be gaining favor after nearly a year of brutal declines. Some investors may also be anticipating a recession next year and therefore the end of interest rate increases in the months ahead. Some may believe a slower economy could actually benefit mission-critical enterprise software stocks, which have recurring revenue and long-term growth prospects.
In addition, MongoDB received an upgrade from an analyst today, perhaps adding to its bounce.
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Why MongoDB, Okta, and Fastly Rose More Than the Markets Today