Why Datadog Stock Was Playing Dead Today
Datadog (NASDAQ: DDOG) wasn't exactly a ball-chasing, tail-wagging stock on the market Wednesday. Amid general tech industry gloom, the cloud analytics company was hit with a price target cut from an analyst. At the end of the day, its shares had sunk by over 8%.
Spooked by disappointing earnings reported by tech titans Alphabet and Microsoft, investors shied away from stocks in the sector.
Unfortunately for Datadog investors, this coincided with said analyst price target cut. The chopper was Joel Fishbein of Truist Securities, who included the move in a broader analysis of infrastructure software stocks. In the note, Fishbein reduced his fair value estimation of Datadog stock to $120 per share; previously, he pegged it as being worth $155.
Source Fool.com
