DDOG - Could Datadog Become the Next Microsoft?
2024-04-13 11:25:00 ET
Datadog (NASDAQ: DDOG) attracted a stampede of bulls when it went public. The cloud-based software provider priced its initial public offering (IPO) at $27 on Sept. 19, 2019, and its stock opened at $40.35 before rallying to a record high of $196.56 on Nov. 9, 2021.
At its peak, Datadog's market cap hit $61.3 billion -- or 36 times the revenue it would generate in 2022. But today, it trades at about $126 with a market cap of $41.8 billion -- which is just 16 times the revenue it's expected to generate in 2024.
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Could Datadog Become the Next Microsoft?