Atlassian shares surged 34%, Twilio rose 27%, and Cloudflare gained 9%, as software stocks rallied sharply on strong earnings and raised guidance.
Atlassian, Twilio, and Cloudflare saw their shares surge by 34%, 27%, and 9% respectively, after reporting strong quarterly results and raising their growth forecasts. Bank of America upgraded Atlassian to "Buy" and raised its price target to $175; Goldman Sachs increased Cloudflare's price target to $389; and Bank of America also raised Twilio's price target to $270. Additionally, a weaker-than-expected July jobs report lowered market expectations for a September rate hike, providing a favorable market environment for technology growth stocks.
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