Software Company Datadog Soars Nearly 12% on S&P 500 Nod; Wedbush Lifts PT to $170

Tiger Newspress

03 Jul

Datadog jumped nearly 12% on Thursday.

Wedbush raised its price target on Datadog to $170.00 from $140.00 on Thursday, while maintaining an Outperform rating on the stock. The company, currently trading at $135.01 with a market capitalization of $46.6 billion, has shown impressive financial metrics according to InvestingPro data.

The price target increase comes as S&P Global announced that Datadog will be added to the S&P 500 Index, replacing Juniper Networks following its acquisition by HP (NYSE:HPQ) Enterprise.

Datadog’s addition to the index surprised some market participants who had expected Robinhood or Applovin to be selected instead.

Wedbush noted that Datadog was chosen as "the company’s platform continues to gain momentum within the observability space especially with AI front and center."

The index change is scheduled to take effect prior to market open on Wednesday, July 9, which Wedbush views as "further validating the company’s growth story over the coming years."

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