Monitoring and security platform for cloud applications Datadog, Inc. (NASDAQ:DDOG) recently announced that it has entered into a global strategic partnership agreement with Amazon Web Services, Inc. (AWS) to provide observability and security solutions to its customers.
Following the news, shares of the company jumped 4.1% to close at $151.50 in Wednesday’s extended trading session.
Datadog is slated to report its upcoming earnings on February 17, 2022.
Strategic Impact
Through this partnership, users can benefit from Datadog’s full-stack security across all layers of their cloud environment and enhance security signals with Datadog-managed threat intelligence feeds.
Management Commentary
The Senior Vice-President of Product & Community at Datadog, Ilan Rabinovitch, said, “This extended partnership with AWS will help speed the pace of innovation for customers using AWS and Datadog, and we are excited to provide deeper product alignment and go-to-market initiatives to ultimately benefit our customers.”
Price Target
The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 12 Buys, 3 Holds and 1 Sell. The average Datadog stock prediction of $213.92 implies that the stock has upside potential of 47% from current levels. Shares have gained about 59.3% over the past year.
Positive Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on DDOG with 1.1% of investors on TipRanks increasing their exposure to DDOG stock over the past 30 days.
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