INTU - Datadog stock leads enterprise software names lower on light volume

2023-03-24 13:31:27 ET

• Datadog ( NASDAQ: DDOG ) shares slumped nearly 6% at mid-day on Friday, leading the enterprise software sector lower.
• Shortly before 1:30 p.m. EST, more than 3.4M shares of Datadog ( DDOG ) changed hands, below the average daily volume of just over 5.2M. There was no apparent cause for the weakness in stock of the software-as-a-service company, as the broader indices rebounded off their morning lows.
• Other enterprise software stocks were mixed on Friday, with Salesforce ( CRM ) and IBM ( IBM ) seeing gains, while Intuit ( INTU ), ServiceNow ( NOW ) and Autodesk ( ADSK ) traded lower.
• Earlier this week, Wedbush Securities analyst Dan Ives highlighted Datadog ( DDOG ) as one of the firm's top cloud computing stocks, while also noting bigger technology stocks have become a "safety blanket" for investors amid turmoil in the banking sector.
• Late last month, Datadog ( DDOG ) issued its outlook for fiscal 2023 that fell short of Wall Street's estimates .

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