Benzinga | Nov 5, 2021 09:48AM EDT

Why Datadog Shares Are Making New All-Time Highs Today

Datadog Inc (NASDAQ:DDOG) is trading higher Friday after the company announced better-than-expected third-quarter financial results and issued guidance above estimates.

Datadog reported quarterly adjusted earnings of 13 cents per share, which beat the estimate of 6 cents per share. The company reported quarterly revenue of $270.49 million, which beat the estimate of $247.73 million.

Datadog expects fourth-quarter adjusted earnings to be in a range of 11 to 12 cents per share versus the estimate of 6 cents per share. The company expected fourth-quarter revenue to be in a range of $290 million to $292 million versus the estimate of $263.3 million.

Datadog also issued full-year 2021 earnings and revenue guidance above estimates.

"We are pleased with our third quarter performance, with revenue growth accelerating to 75% year-over-year. We saw broad-based strength across customer segments and products. Digital transformation and cloud migration continue to be transformational forces for companies of all sizes," said Olivier Pomel, co-founder and CEO of Datadog.

See Also: Datadog Shares Soar On Q3 Beat, Raised FY21 Outlook

* RBC Capital analyst Matthew Hedberg maintained Datadog with a Sector Perform rating and raised the price target from $176 to $191.

* Mizuho analyst Gregg Moskowitz maintained Datadog with a Buy rating and raised the price target from $170 to $225.

DDOG Price Action: Datadog is making new all-time highs during Friday's trading session.

The stock was up 8.87% at $181.76 at time of publication.

Photo: courtesy of Datadog.