DDOG - Why Investors Are Buying This Beaten-Down Cloud Stock Following Its Latest Drop
2024-02-19 10:00:00 ET
Shares of Datadog (NASDAQ: DDOG) fell after the company released fourth-quarter 2023 results on Feb. 13. Wall Street wasn't satisfied with its outlook, which points toward a further deceleration in growth following a challenging 2023.
However, it looks like savvy investors have capitalized on the drop in Datadog stock as it quickly recovered the next day. Let's see why that could have been the case, and if the stock is worth buying right now.
Datadog, which provides an observability and security platform that enables customers to track the performance of their cloud infrastructure and applications and manage their security, raised its 2023 outlook last year , citing robust demand for its offerings. Datadog's full-year revenue of $2.13 billion exceeded the higher end of its guidance range of $2.10 to $2.11 billion.
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Why Investors Are Buying This Beaten-Down Cloud Stock Following Its Latest Drop