On August 4, Datadog rose 3.02% in regular trading, trading at $284.37/share, with turnover of $275 million. The rally was driven by a wave of bullish analyst actions ahead of the company's Q2 earnings release scheduled for August 6.

Multiple investment banks have recently raised their price targets on Datadog: Benchmark to $330, DA Davidson to $315, BMO Capital to $310, Bank of America to $305, and both Citigroup and Morgan Stanley to $300, all maintaining buy-equivalent ratings. Consensus estimates call for 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.

Supporting the bullish sentiment, the company recently acquired AI firm Adaptive ML to strengthen its large language model capabilities and was named a Leader in the Gartner Magic Quadrant for Observability Platforms for the sixth consecutive year, positioned highest for Ability to Execute among all vendors evaluated.

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