DDOG - Is Datadog Stock Going to $160? 1 Wall Street Analyst Thinks So.
2024-02-15 07:10:00 ET
Share prices of observability and security software provider Datadog (NASDAQ: DDOG) have been on a tear over the past few months, gaining nearly 70% since Nov. 1. While the company's fourth-quarter report on Tuesday featured somewhat weak guidance, Wall Street continues to rally behind the stock.
Datadog received a slew of price target bumps on Wednesday, with the most optimistic view coming from analysts at Loop Capital. Loop Capital maintained its "buy" rating on the stock and boosted its price target from $120 to $160 to reflect an acceleration in revenue growth in the fourth quarter. Other analysts cited improving consumption trends among Datadog's customers as a reason for optimism.
Datadog grew revenue by 26% year over year in the fourth quarter, a modest improvement over the 25% year-over-year growth reported for the third quarter. The company scored some big customer wins during the quarter, with the number of customers paying at least $1 million annually jumping by 25%.
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Is Datadog Stock Going to $160? 1 Wall Street Analyst Thinks So.