Datadog Inc: Still Positive Despite the Tougher Setup

研报英文原文证据摘录

Datadog Inc: Still Positive Despite the Tougher Setup

Global Research

15 July 2026ab

Datadog Inc Equities

United StatesStill Positive Despite the Tougher Setup

Software

12-month rating Buy

Summary

Ahead of Datadog’s 2Q26 print in early August, we offer our thoughts on the 12m price target US$315.00

fundamental trends and the stock after conversations with 7 customers and 3 partners. Prior : US$220.00

While valuation and the out-performance in the stock since the 1Q26 print create a

Price (15 Jul 2026) US$264.19

more challenging set-up, we maintain our Buy rating on a view that given strong

fundamentals (confirmed by these checks), further growth acceleration in 2Q26 and a RIC: DDOG.O BBG: DDOG US

scarcity of AI-exposed high-growth software stocks, investors will remain willing to pay

Trading data and key metrics

up for Datadog shares.

52-wk range US$277.49-102.62

Enterprise Demand Checks Market cap. US$93.3b

Shares o/s 353m (COM)

We heard: 1. This round of checks strengthened our view that infra/apps observability is

Free float 87%

firmly on the “priority” side of spending ledger, while SaaS/apps and IT services were

being de-prioritized. On the margin, these checks sounded BETTER than in 4Q25/1Q26, Avg. daily volume ('000) 5,769

with one check citing a demand up-tick beginning in February as enterprises leaned into Avg. daily value (m) US$1,204.4

AI deployments. 2. Datadog spending intentions were balanced, as we heard everything Common s/h equity (12/26E) US$4.94b

from “above 25%” to “flat”, with cost/price pushback again the main negative. 3. P/BV (12/26E) 19.6x

Multiple customers told us that Datadog is gaining share from observability Net debt to EBITDA (12/26E) NM

consolidation initiatives, and partner commentary reinforced a duopoly in the enterprise