DDOG - Should Datadog Stock Really Be a Top Buy Right Now?
2023-11-30 05:40:00 ET
Analytics and cloud observability stock Datadog (NASDAQ: DDOG) is off to the races again. After a dip through the late summer and autumn months, shares have rallied, boosted by yet another stellar quarterly earnings update despite slowing software industry growth. Shares are now up over 50% so far in 2023.
The stock's valuation remains quite high, though, even as Datadog makes rapid progress on its key profitability metrics. Is it really a top stock to buy right now?
The big headline from Datadog's third-quarter 2023 earnings report was that revenue increased 25% year over year to nearly $548 million, and the outlook for the fourth quarter is for as much as $568 million -- a nice sequential increase of 3.6%, and implying a year-over-year increase of as much as 17%.
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Should Datadog Stock Really Be a Top Buy Right Now?