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Barchart
Barchart
Anushka Mukherjee

2 Standout Software Stocks to Buy on the Dip

MongoDB Citi MDB ESTC Elastic MongoDB Inc

As businesses race to digitize their operations, the demand for software solutions that elevate efficiency, bolster security, and enhance productivity is surging. The global enterprise software market is poised for significant growth, with revenues projected to reach $292 billion this year, and grow at a 6.6% compound annual growth rate (CAGR) through 2028. 

However, the first half of 2024 has been a rollercoaster for enterprise software, marked by several big names reporting weaker results and lowering guidance, partly due to evolving IT budgets and interest rate dynamics. But despite this rocky start, analysts at Citi have pinpointed two software companies, MongoDB, Inc. (MDB) and Elastic N.V. (ESTC), as its top picks to buy on the dip. 

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