Is Datadog Stock a Buy Now?
Cloud observability and security platform provider (NASDAQ: DDOG) has underperformed the broader stock market in 2024, with shares of the company down 7% as of this writing, and it looks like things are set to go from bad to worse following the release of its first-quarter 2024 results on May 7.
Datadog stock plunged more than 11% after its earnings report, and that would seem surprising at first, considering that it handsomely beat Wall Street's expectations. What's more, Datadog's outlook was also ahead of expectations. However, it looks like the news of the company's President, Amit Agarwal, stepping down from his role by the end of 2024 may have weighed negatively on shares.
Datadog says that Agarwal is expected to join the company's board of directors once he steps down from his position. But pressing the panic button thanks to this management transition seems overdone, especially considering the company's impressive results.
Source Fool.com
