Datadog (NASDAQ:DDOG)
Shares of Datadog (NASDAQ:DDOG) increased by more than 5% on Thursday after an analyst with Canaccord Genuity, Kingsley Crane, upgraded his recommendation on the Datadog stock, which is a networking security business for several reasons, including additional investments in the company’s technological platform.
Crane changed his recommendation on Datadog (DDOG) from hold to buy and said that the company’s platform, “flywheel,” is now operating at “full capacity” and is helping the overall expansion of the business. According to Crane, the fact that Datadog stock has dropped by roughly 30 percent since the beginning of July makes the firm an appealing alternative in the software industry, which he described as “beaten down.”
Datadog (DDOG) is a company that specializes in developing cloud-based software for the monitoring and analysis of data. This software is used by organizations to safeguard their networks and identify who should have the appropriate access. According to Crane, Datadog stock is reaping the benefits of supplying technology that assists businesses in lowering the expenses associated with using the cloud while maintaining the required levels of security.
Although Crane upgraded his rating on Datadog stock, he decreased his price objective on the company’s stock from $120 to $110 per share. This was done to reflect the fact that he also increased his rating.
Datadog stock is presently held by a consensus buy rating among Wall Street analysts. In contrast, Datadog stock is held by a hold rating among Seeking Alpha writers.
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After a Canaccord upgrade, investors buy into Datadog stock, increasing the stock price by 5%.
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Author Shariq Khan 
