Datadog Spikes 12% On Partnership With Microsoft Azure; Stock Up 171% YTD, , on October 1, 2020 at 6:14 am

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On October 1, 2020
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Shares in Datadog spiked 12% after the cloud security network announced a strategic partnership with Microsoft’s cloud computing service Azure.As part of the tie-up, Datadog (DDOG) will be available in the Azure console as a first-class service. This means that Azure customers will be able to implement Datadog as a monitoring solution for their cloud workloads through new streamlined workflows that cover everything from procurement to configuration. Datadog represents a first-of-its-kind integration of a third-party service into Azure.As a result, the partnership will offer more of Microsoft’s (MSFT) Azure customers the ability to deploy Datadog’s observability platform to upgrade their cloud applications and workload migration initiatives. Microsoft shares rose 1.5% on Wednesday.“Azure is the first cloud to enable a seamless configuration and management experience for customers to use partner solutions like Datadog,” said Microsoft Azure’s Corey Sanders. “Together with Datadog, we are enabling customers to use this experience to monitor their Azure workloads and enable an accelerated transition to the cloud.”Shares in Datadog have exploded about 202% since their public debut last year. Looking ahead, the $93.64 average analyst price target indicates 8.3% downside potential over the coming year.Robert W. Baird analyst Jonathan Ruykhaver last week initiated the stock with a Hold rating and a $92 price target, citing its premium valuation relative to high-growth peers.“While we see a premium as justified given Datadog’s strong growth and market positioning, we believe the company will have to post results meaningfully above current expectations to justify this premium,” Ruykhaver wrote in a note to investors. “We appreciate Datadog’s strong history of innovation and believe the company is well-positioned to benefit from a continued move toward the cloud.”“Additionally, the company has clearly demonstrated leverage in its land-and-expand sales motion, which we expect can help drive continued growth,” he said.The rest of the Street is cautiously optimistic on the stock. The Moderate Buy analyst consensus breaks down into 5 Buys and 7 Holds. (See DDOG stock analysis on TipRanks)Related News: Blackstone Divests 36% Stake In UK Insurer Rothesay Valued At $7.4B InflaRx Pops 6% On ‘Promising’ Data From Covid-19 Therapeutic Trial Coca-Cola, Molson Coors Team Up For US Topo Chico Alcoholic Drink More recent articles from Smarter Analyst: * Alaska Airlines To Offer Hawaii-Bound Travelers Covid-19 Tests * Ford To Recall 700,000 Cars On Faulty Backup Camera * Nikola Pops 15% In Battle To Win Back Confidence * Allstate To Lay Off 3,800 Employees,

Datadog Spikes 12% On Partnership With Microsoft Azure; Stock Up 171% YTDShares in Datadog spiked 12% after the cloud security network announced a strategic partnership with Microsoft’s cloud computing service Azure.As part of the tie-up, Datadog (DDOG) will be available in the Azure console as a first-class service. This means that Azure customers will be able to implement Datadog as a monitoring solution for their cloud workloads through new streamlined workflows that cover everything from procurement to configuration. Datadog represents a first-of-its-kind integration of a third-party service into Azure.As a result, the partnership will offer more of Microsoft’s (MSFT) Azure customers the ability to deploy Datadog’s observability platform to upgrade their cloud applications and workload migration initiatives. Microsoft shares rose 1.5% on Wednesday.“Azure is the first cloud to enable a seamless configuration and management experience for customers to use partner solutions like Datadog,” said Microsoft Azure’s Corey Sanders. “Together with Datadog, we are enabling customers to use this experience to monitor their Azure workloads and enable an accelerated transition to the cloud.”Shares in Datadog have exploded about 202% since their public debut last year. Looking ahead, the $93.64 average analyst price target indicates 8.3% downside potential over the coming year.Robert W. Baird analyst Jonathan Ruykhaver last week initiated the stock with a Hold rating and a $92 price target, citing its premium valuation relative to high-growth peers.“While we see a premium as justified given Datadog’s strong growth and market positioning, we believe the company will have to post results meaningfully above current expectations to justify this premium,” Ruykhaver wrote in a note to investors. “We appreciate Datadog’s strong history of innovation and believe the company is well-positioned to benefit from a continued move toward the cloud.”“Additionally, the company has clearly demonstrated leverage in its land-and-expand sales motion, which we expect can help drive continued growth,” he said.The rest of the Street is cautiously optimistic on the stock. The Moderate Buy analyst consensus breaks down into 5 Buys and 7 Holds. (See DDOG stock analysis on TipRanks)Related News: Blackstone Divests 36% Stake In UK Insurer Rothesay Valued At $7.4B InflaRx Pops 6% On ‘Promising’ Data From Covid-19 Therapeutic Trial Coca-Cola, Molson Coors Team Up For US Topo Chico Alcoholic Drink More recent articles from Smarter Analyst: * Alaska Airlines To Offer Hawaii-Bound Travelers Covid-19 Tests * Ford To Recall 700,000 Cars On Faulty Backup Camera * Nikola Pops 15% In Battle To Win Back Confidence * Allstate To Lay Off 3,800 Employees

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