Why MongoDB, Twilio, and DocuSign Rallied on Monday

Shares of MongoDB (NASDAQ: MDB), Twilio (NYSE: TWLO), and DocuSign (NASDAQ: DOCU) were up strongly on Monday. Each stock was up between 6% and 9% in early trading, before settling back into a 3.4%, 3.1%, and 4.7% gain, respectively, as of 1:18 p.m. ET.

Many software-as-a-service (SaaS) stocks rose this morning, likely due to two things: a new Federal Reserve survey indicated inflation expectations may be easing, and solid results from another SaaS peer seemed to light a fire under the sector in Monday trading. These two positives were enough to overcome news of a data breach in Twilio's operations.

On Monday morning, the aptly named software company Monday.com posted strong-second quarter results, with revenue up 75%, handily beating analyst expectations, while also raising its full-year guidance. Its stock was up roughly 20%, likely bolstering sentiment for the entire SaaS sector.

Source Fool.com