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Anusuya Lahiri

Here's Why BTIG Is Bullish On Datadog

Datadog BTIG DDOG Datadog Inc Nasdaq

BTIG analyst Gray Powell initiated coverage of Datadog Inc (NASDAQ:DDOG) with a Buy rating and $175 price target (24.9% upside).
Powell saw the observability market benefiting over the next few years as companies increasingly invest in digital transformation initiatives.
Powell saw Datadog "winning across multiple product categories."
Powell's checks indicate Datadog as the most innovative company in this space with real expansion potential in new markets, most notably, security.
The cloud-native company reported fourth-quarter FY21 revenue of $326.2 million, up 84% year-on-year beating the consensus of $291.5 million.
Datadog saw Q1 FY22 revenue of $334 million - $339 million, above the consensus of $306.6 million. Datadog saw FY22 revenue of $1.51 billion - $1.53 billion above the consensus of $1.41 billion.
Price Action: DDOG shares traded higher by 0.61% at $140.99 on the last check Tuesday.

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