Datadog (DDOG) PT Raised to $160 at Stifel
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Stifel analyst Brad Reback raised the price target on Datadog (NASDAQ: DDOG) to $160.00 (from $100.00) while maintaining a Buy rating.
The analyst commented, "Datadog reported F2Q21 results that exceeded consensus expectations across all major financial metrics, as the company added >$100mn in net new ARR for the second consecutive quarter. Datadog's stronger-than-expected performance was a function of usage growth (both from existing products and adoption of new solutions) and sustained strength across its new customer acquisition motion (DDOG added at least ~1k net new customers for the 4th consecutive quarter). These results, coupled with recent customer conversations, clearly show that DDOG's growing suite of simple to use, but not simplistic, DevSecOps products are generating significant market/wallet-share gains.
Overall, we continue to believe Datadog is the single best derivative way for investors to gain "direct" exposure to the explosive growth within the hyperscale cloud market and the company should sustain 40%+ top-line growth in a post-Covid world as customers shift to the cloud. We are raising our TP on DDOG to $160."
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