DDOG - Is Datadog Stock Going to $150? 1 Wall Street Analyst Thinks So.
2024-05-09 15:44:00 ET
While a sharp rise in share price is pleasing for investors, it can become a challenge when a company fails to perform sufficiently to justify the higher levels. That seemed to be the dynamic with software-as-a-service (SaaS) platform developer Datadog (NASDAQ: DDOG) . The company's latest quarterly earnings report was impressive in many ways, but apparently it wasn't good enough for many investors, as they traded the stock down.
Some believe this makes the company an irresistible bargain. One market pro likely in that camp is Cantor Fitzgerald analyst Yi Fu Lee, who stuck to his guns and reiterated his buy recommendation despite the gloomy investor sentiment.
There was much to like in Datadog's first-quarter figures . The specialty tech company managed to lift its revenue by 27% year over year to $611 million. Better, non-GAAP (adjusted) net income almost doubled, to over $157 million. Both headline numbers well exceeded the average analyst estimates.
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Is Datadog Stock Going to $150? 1 Wall Street Analyst Thinks So.