Why SaaS Stars Datadog, Cloudflare, and Zscaler Roared Higher Today
Shares of cybersecurity and observability software stocks (NASDAQ: DDOG), Cloudflare (NYSE: NET), and Zscaler (NASDAQ: ZS) were rallying on Monday, up 4.3%, 6.3%, and 4.7%, respectively, as of 1:22 p.m. ET.
Both Datadog and Cloudflare received price-target hikes today from Wall Street analysts, and Zscaler likely rose in sympathy with the Cloudflare upgrade. In addition, these stocks may be bouncing back from last week's sell-off following Microsoft's (NASDAQ: MSFT) announcement of several new cloud-security products.
On Monday, Datadog received not one but two price-target hikes. Analysts at Mizuho raised their price targets from $82 to $112, and the analyst team at Oppenheimer raised its price target from $105 to $120 per share.
Source Fool.com
