Bernstein analysts gave Datadog Inc. (NASDAQ: DDOG), which works in the cybersecurity and enterprise software industries, a good rating. The announcement boosted the company’s stock price, and the share of DDOG was valued at $101.23 during trading on July 21.
Bernstein analysts issued an over-the-counter recommendation for Datadog Inc. (DDOG) shares on Wednesday, July 20th, raising their target price to $172. According to analysts, the firm has growth potential, and its sales prediction for the next three quarters may be cautious.
Bernstein specifically mentions that DDOG is doing a good job of broadening its target market and that emerging digital risks can offer consistent demand for its products.
Furthermore, experts described Datadog’s current-year projection as cautious. The corporation anticipates a 55% increase in sales for the fiscal year 2022. Bernstein forecasts a sales increase of 70% year on year.
Datadog Inc. (DDOG) provides a number of solutions to help businesses enhance the effectiveness of their IT infrastructure, such as programs for monitoring network connections and identifying cyber threats. The benefits of the company’s advancements include the ability to detect and eradicate possible problems at an early stage, as well as simplify and assure the smooth running of complicated IT systems.
Datadog Inc. (DDOG) stock has dropped more than 40% since the beginning of the year, indicating that investors are wary of technology firms in the face of growing inflation and an impending recession. DDOG, on the other hand, offers a robust range of solutions that might be in high demand in any economic climate.
Furthermore, the firm is collaborating with Microsoft Azure, Amazon Web Services, and Google Cloud Platform, which will account for 64% of the cloud computing industry by the end of 2021.
The stock’s 5-day price movement was 0.20 percent, and it returned -23.01 percent over the last three months. DDOG shares are down -47.34 percent year to date (YTD), with a -14.89 percent 12-month market performance.