Shares of enterprise software stocks Atlassian (NASDAQ: TEAM), Snowflake (NYSE: SNOW), and HubSpot (NYSE: HUBS) all rallied this week, with Atlassian appreciating 20.8%, Snowflake up 14.6%, and HubSpot up 12.7% through Thursday trading, according to S&P Global Market Intelligence.

This week, software stocks had a nice bounce as market participants digested incoming economic and inflation data. In addition, all three stocks garnered positive mentions from Wall Street analysts, even though some lowered their target prices to account for the slowing environment. There was a particularly interesting note on Atlassian flexing its pricing power this week, perhaps explaining its outsized gains relative to the others.

Virtually all growth stocks did very well this week, as incoming economic data showed falling inflation combined with still-solid job growth. Last Friday, the Bureau of Labor Statistics released the December employment report, showing that 223,000 more jobs were added in December. Yet, while the Federal Reserve has been concerned about the tight labor market putting upward pressure on wages, wages only showed 0.3% month-over-month growth -- a good deceleration from the numbers over the prior year.

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Source Fool.com