Datadog (DDOG) PT Raised to $150 at Needham & Company
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Needham & Company analyst Jack Andrews raised the price target on Datadog (NASDAQ: DDOG) to $150.00 (from $141.00) while maintaining a Buy rating.
The analyst commented, "DDOG reported strong 1Q21 results as revenue and EPS were well above consensus and FY21 revenue guidance was materially ahead. Strength in the quarter was driven by continued new logo momentum (DDOG's second-highest quarter of new logo ARR preceded only by 4Q20), stronger than anticipated usage trends that are now above historical levels, and a record number of new large accounts. Moreover, DDOG continues to benefit from an ongoing cross-sell opportunity as it invests in a largely greenfield application security opportunity and executes on selling new products (i.e. Continuous Profiler and Incident Management now both GA). We believe these new capabilities will create further leverage to the growing demand for Observability platforms and should drive continued cross-sell momentum. Reiterate our BUY rating and raise our PT to $150."
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