On August 5, Datadog rose 3.04% in pre-market trading, trading at $295.99/share, with turnover of $33.57 million. The move came as Rosenblatt raised its target price on the stock to $305, with the company set to report quarterly earnings on August 6.
Rosenblatt's upgrade is the latest in a wave of bullish analyst actions ahead of the earnings release. In recent weeks, Benchmark raised its target to $330, DA Davidson to $315, BMO Capital to $310, Bank of America to $305, and Citigroup and Morgan Stanley both to $300. Market consensus expects Q2 revenue of $1.214 billion, representing 26.33% year-over-year growth, with adjusted EPS of $0.66, up 29.98% year-over-year.
The bullish sentiment is further supported by Datadog's recent acquisition of AI firm Adaptive ML to strengthen large language model capabilities, and its sixth consecutive year being named a Leader in the Gartner Magic Quadrant for Observability Platforms. Oppenheimer and UBS have also highlighted AI-native customer growth, new product momentum including Bits AI and Flex Logs, and enterprise consolidation trends as key catalysts.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)