Datadog stock has more than doubled this year, and one Wall Street firm says shares could rise even higher without the help of artificial intelligence.

The software company offers monitoring solutions for AI chips and coding agents, and counts AI labs and cloud providers like OpenAI and Amazon Web Services among its customers.

Shares of Datadog rose 1.2% to $280.04 on Friday. The stock is up 107% so far in 2026, on pace for its best year since surging 160% in 2020, according to Dow Jones Market Data. The Nasdaq Composite rose 1.1% Friday.

FBN Securities initiated coverage of Datadog on Friday with an Outperform rating. The firm's price target of $325 implies an 18% gain from the stock's closing price of $276.46 on Thursday.

Of the 32 analysts polled by FactSet, 31 rate it at the equivalent of Buy. The average price target is about $295.

FBN analyst Shebly Seyrafi said Datadog's growth is "accelerating at scale," citing the company's 36% year-over-year revenue growth in its fiscal second quarter. That acceleration is "broad rather than AI-dependent," the analyst added. Datadog's revenue still grew more than 20% when excluding its AI-linked customers.

"Datadog is compounding at a scale where few software companies still accelerate," Seyrafi said.

Datadog disclosed in August that its largest customer, which it described as a leading AI company, had reduced its usage. Seyrafi said that customer could be OpenAI.

But about 84% of its customers come from outside AI-native companies, and the risk from its largest customer is "now bounded," with guidance assuming only that customer's contractual commitment, the analyst added.