Datadog's stock is on the rise today, up 1.6% and 14% in the last month. Bullish sentiment could be set to continue with BTIG's upgrade to a $169 price target a significant increase from their previous $136.
BTIG's analyst highlighted “encouraging” feedback from field checks, specifically noting Datadog's success in displacing competitors and the promising potential of new product initiatives. This suggests Datadog is not only maintaining its market position but actively expanding its reach.
The recent price target adjustment by BTIG aligns with a broader trend of analyst revisions. Bank of America, for instance, raised its target to $175 in June following Datadog's inclusion in the S&P 500, anticipating increased investor awareness.
Technically, Datadog is trading above both its 50-day ($128.10) and 200-day ($126.36) moving averages, confirming a solid uptrend. The 14-day RSI of 38.97 suggests the stock is not overbought, leaving room for further gains.
“In short, we see DDOG as the best play in the observability market with a large opportunity to gain share,” BTIG stated in a previous note, underscoring the firm's bullish outlook on Datadog's market dominance.
“Datadog described the macroeconomic environment as ‘stable with a positive upward tilt',” noted BTIG analyst Gray Powell, reinforcing the company’s optimistic outlook.
With upcoming earnings on the horizon and continued analyst attention, Datadog remains a key stock to watch in the sector.
Searching for the Perfect Broker?
Discover our top-recommended brokers for trading or investing in financial markets. Dive in and test their capabilities with complimentary demo accounts today!
- eToro Wide range of instruments available to trade – Read our Review
- Vantage High levels of account and deposit protection – Read our Review
- BlackBull 26,000+ Shares, Options, ETFs, Bonds, and other underlying assets – Read our Review
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
