Why Datadog's Stock Is Making New All-Time Highs Today

Datadog Inc DDOG is trading higher Friday in possible sympathy with peer Atlassian Corporation PLC TEAM, which reported better-than-expected first-quarter financial results and issued guidance above estimates.

Additionally, Rosenblatt analyst Blair Abernethy maintained Datadog with a Neutral rating and raised their price target from $120 to $150.

Atlassian reported quarterly earnings of 46 cents per share, which beat the estimate of 40 cents per share. The company reported quarterly revenue of $614 million, which beat the estimate of $582.32 million.

Atlassian expects second-quarter fiscal 2022 adjusted earnings to be in a range of 35 cents to 38 cents per share versus the estimate of 44 cents per share. The company expects second-quarter revenue to be in a range of $630 million to $645 million versus the estimate of $618.56 million.

Datadog is a monitoring and analytics platform for developers, IT operations teams and business users.

Related Link: What 10 Analyst Ratings Have To Say About Datadog

Datadog is set to announce its third-quarter financial results after the market closes on Nov. 4.

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

The stock was up 3.53% at $166.69 at time of publication.

Photo: courtesy of Datadog.