Benzinga | Nov 9, 2021 10:47AM EST

Why Datadog Shares Are Rising Today

Datadog Inc (NASDAQ:DDOG) is trading higher after multiple analysts maintained bullish ratings on the stock and raised their price targets. The company last week reported better-than-expected third-quarter financial results.

* Needham analyst Jack Andrews maintained Datadog with a Buy rating and raised the price target from $173 to $236.

* Barclays analyst Raimo Lenschow maintained Datadog with an Overweight rating and raised the price target from $180 to $225.

* Morgan Stanley maintained Datadog with an Overweight rating and raised the price target from $164 to $200.

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.

See Also: Datadog: Q3 Earnings Insights

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

The stock was up 4.43% at $193.72 at time of publication.

Photo: courtesy of Datadog.