Why Datadog Stock Was Surging Today
Shares of Datadog (NASDAQ: DDOG) were up 8.7% as of 11:23 a.m. ET on Thursday after the company held an investor meeting late Wednesday to discuss new product launches and opportunities for growth.
Analysts who attended the event walked away with a positive read on Datadog's near- and long-term growth trajectory. Software-as-a-service stocks (SaaS) have fallen out of favor with the market decline, but more robust growth will be needed to turn the stock around, since it has dropped 51% year to date. Here's the buzz that was driving the stock higher today.
Datadog announced several new products across observability, cloud security, and DevOps to tackle a $53 billion addressable market opportunity. Bank of America analyst Koji Ikeda spoke to customers and partners of the company to get a feel for current demand trends. Based on the feedback, Ikeda believes the demand trends remain healthy and that Datadog is likely to report revenue above guidance for 2022.
Source Fool.com
