Datadog (NASDAQ:DDOG) shares are inching upward today after T.D. Cowen’s Andrew Sherman initiated coverage on the monitoring and security platform for cloud applications with a Buy rating. Sherman’s $120 price target on the stock points to 30.6% potential upside.
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Datadog shares have tumbled nearly 18% over the past month after its recent financial outlook disappointed investors. While the company delivered better-than-expected second-quarter numbers, its anticipated revenue for fiscal 2023 came in a tad below the Street’s expectations.
Sherman notes that Datadog is now a leader in its industry and could possibly remain one due to the size of its platform and spending on research and development.
Meanwhile, Canaccord Genuity’s Kingsley Crane has reiterated a Buy rating on Datadog while taking his price target a notch higher from $90 to $95.
Overall, the Street has a consensus price target of $108.61 on Datadog, alongside a Strong Buy consensus rating.
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