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Software Stocks: Why OKTA, WDAY and SNOW Are Seeing Red Today

Software stocks are taking a beating on Thursday after several major players in the space reported recent earnings results.

Coding software developer work with augmented reality dashboard computer icons of scrum agile development and code fork and versioning with responsive cybersecurity

Source: Shutterstock

It’s worth noting that when one company in a field takes a beating in its earnings report, that can drag down other companies. That’s likely got something to do with why a few software stocks are down today, but there’s more to it than just that.

Let’s dive into the most recent software stocks news below.

  • Okta (NASDAQ:OKTA) starts us off today with shares falling 10.6% today. That decrease comes after releasing its earnings report for the first quarter of 2021. While the company did beat estimates, other factors were keeping it down. That includes a mixed outlook and the unexpected departure of CFO Mike Kourey.
  • Workday (NASDAQ:WDAY) joins the list with shares of its stock down 2.2% as of this writing. Yet again, this is another case of the stock falling despite the company reporting a recent earnings beat. However, talk of increasing its headcount by 2,5000, or 20%, could be what has investors sending the stock lower today.
  • Snowflake (NYSE:SNOW) was initially taking a beating this morning but has since recovered and is now up 1.5% as of Thursday afternoon. This is another instance of shares moving after releasing earnings for the company’s first quarter. In this case, mixed results were behind today’s changes. The company did report increased revenue during the quarter but also saw its losses double from the same time last year.

Investors that are looking for more stock news outside of software companies can keep reading.

We’re seeing surprising movement from other stocks during trading on Thursday. That includes recent news concerning AMC Entertainment (NYSE:AMC), Nvidia (NASDAQ:NVDA), and Beyond Meat (NASDAQ:BYND) that has their shares moving. You can get more details about these stocks at the following links.

More Stock News for Thursday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2021/05/software-stocks-why-okta-wday-and-snow-are-seeing-red-today/.

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