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Further Reading from MarketBeat
3 Most Upgraded Stocks Last Month According to MarketBeatSubmitted by Leo Miller. Publication Date: 6/3/2026. 
Key Points
- Datadog, Marvell Technology and Snowflake were among May’s most upgraded stocks as investors continued to favor artificial intelligence exposure.
- Datadog and Snowflake rallied sharply after earnings beats and higher guidance, while Marvell gained from AI infrastructure demand and stronger long-term revenue expectations.
- Analyst sentiment remains broadly positive, but consensus price targets for Datadog and Marvell now imply downside after their large share-price gains.
- Special Report: Elon’s “Hidden” Company
May was a big month for the technology sector. The Technology Select Sector SPDR Fund (NYSEARCA: XLK), a commonly used proxy for the industry’s performance, delivered a total return of 19.8%. That was only slightly below the fund’s 20% gain in April, as investors continued to bid up many stocks tied to the AI trade. Three stocks performed especially well and drew high praise from the analyst community, landing at the top of MarketBeat’s list of the most upgraded stocks in May. Unsurprisingly, all three are in the tech sector, including two prominent software companies. Datadog Blasts Off, Receiving Over 30 Upgrades in May
When the railroads launched in the 1860s, Andrew Carnegie didn't profit by riding the trains - he got rich owning the steel rails they ran on. The same dynamic may be playing out today around the anticipated $1.75 trillion SpaceX IPO.
Analyst Michael Robinson has identified a tiny, under-the-radar supplier - just 1/60th the size of SpaceX - that he believes sits at the center of Elon Musk's broader AI infrastructure buildout. Once SpaceX goes public this June, Robinson argues Wall Street will inevitably spotlight this overlooked vendor. Watch Robinson's presentation and see the details before the IPO window closes
Observability software provider Datadog (NASDAQ: DDOG) tied for first as MarketBeat’s most upgraded stock in May, receiving a whopping 32 upgrades from analysts. Datadog’s software is becoming increasingly important as agentic AI starts to move into the mainstream. It helps companies monitor their AI agents and address issues with performance. Datadog shares absolutely exploded after the company’s Q1 2026 earnings report, surging 31% in a single session. This came as the company handily beat expectations on sales and adjusted earnings per share (EPS) and significantly increased its full-year guidance. It now expects to generate full-year sales of $4.32 billion at the midpoint, which represents growth of around 25% year over year (YOY). Datadog also received FedRAMP High certification, which allows it to move forward with U.S. federal government customers that handle highly sensitive workloads. Overall, Datadog shares rose 87.1% in May, marking the stock’s best monthly return ever. Despite receiving a plethora of upgrades, the MarketBeat consensus price target of approximately $220 implies around 20% downside in shares. The average of targets updated after its report is only slightly higher at $225. However, the vast majority of analysts continue to rate the stock as a Buy. Datadog’s 41 Buy ratings stand in stark contrast to just two Sell ratings and one Hold rating. Marvell Continues Strong Performance From April, Ups GuidanceMarvell Technology (NASDAQ: MRVL) was also a huge winner in May and tied with Datadog for the top spot, receiving 32 analyst upgrades. Overall, shares gained 24% in May after coming off a 67% gain in April. There wasn’t a single catalyst in May that drove Marvell’s strong performance. Rather, the stock benefited from strength in the AI hardware trade as a supplier of custom chips and networking solutions. Marvell’s Q1 fiscal 2027 (FY2027) earnings report in late May showed a slight beat on sales and in-line adjusted earnings per share (EPS). Note that the company’s fiscal reporting period is several quarters ahead of the calendar period. However, Marvell raised its guidance substantially, by $500 million for FY2027 and by $1.5 billion in FY2028. It now expects sales of $11.5 billion and $16.5 billion in those years, respectively. Notably, shares rose by just 3% after the report. Investors seemed to have anticipated the strong guidance Marvell would deliver, bidding up shares earlier in the month. The MarketBeat consensus price target on Marvell sits near $212, implying notable downside from current levels. The average of targets updated after the company’s report is substantially higher at $236—better, but still implying downside, a reflection of the recent surge in shares following an announcement from NVIDIA (NASDAQ: NVDA) CEO Jensen Huang that thrust Marvell into the spotlight. In terms of ratings, Marvell has 31 Buys, six Holds, and zero Sells. Snowflake Ends May With a 36% Surge, Gains Over 80% in the MonthLast up is Snowflake (NYSE: SNOW), another key player in the AI software space. The stock received 28 upgrades in May, climbing 87% during the month for its largest monthly gain ever. The company’s AI Data Cloud provides a unified platform for analyzing data and building AI applications. Like Datadog, there was a clear catalyst for Snowflake’s standout performance: its Q1 FY2027 earnings report. (Snowflake’s fiscal reporting period is several quarters ahead of the calendar year period.) The stock gained almost 37% after the report as Snowflake posted beats on sales and adjusted EPS. The company also raised its full-year guidance, projecting sales of $5.84 billion, compared with its prior estimate of $5.66 billion. Furthermore, Snowflake allocated $6 billion to Amazon.com (NASDAQ: AMZN) to access more of its Graviton chips. This signals confidence in the company’s outlook as Snowflake supports its growth through this significant spending commitment. The MarketBeat consensus price target on Snowflake currently sits at $284, implying moderate upside from recent trading levels. The average of targets updated after the company’s report sits near $291, implying healthy upside. Still, most analysts maintain a positive rating on the stock, with Snowflake having 36 Buys compared to just five Holds and one Sell. AI Software Stocks Make Their Voice Heard in MayNotably, large gains in the AI trade were not limited to hardware stocks, which have traditionally dominated. Several software players also posted very strong performance, rebounding after many names in the industry were crushed earlier in the year. This suggests that AI-related success is broadening as AI application development becomes a larger focus in the market. |
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