Selected stock price target news of the day - November 8th, 2023

By: Matthew Otto

Datadog Q3 Performance Amid Cybersecurity Demands

Datadog has reported third-quarter results, surpassing expectations. The Delaware, New-York-based software solutions provider experienced a revenue record of $548 million for the third quarter, exceeding the estimated $524.1 million. Notably, the company’s customer base expanded by 20% to reach 3,130, with an annual recurring revenue of $100,000 or more as of September 30th.

The company revised its annual adjusted profit forecast to a range of $1.52 to $1.54 per share, up from the previous outlook of $1.30 to $1.34. Likewise, Datadog raised its full-year revenue forecast to $2.10 billion to $2.11 billion, an increase from the initial projection of $2.05 billion to $2.06 billion.

Analysts Bullish on Datadog Following Performance

JP Morgan analyst Sterling Auty upgraded from Neutral to Overweight and the price target from $90 to $115.
Raymond James analyst Adam Tindle maintained an Outperform rating and raised the price target from $95 to $115.
Needham analyst Mike Cikos reiterated a Buy recommendation for Datadog and increased the price target from $110 to $125.

Which Analyst has the best track record to show on DDOG?

Analyst Andrew Nowinski (WELLS FARGO) currently has the highest performing score on DDOG with 5/6 (83.33%) price target fulfillment ratio. His price targets carry an average of $12.36 (18.74%) potential upside. Datadog stock price reaches these price targets on average within 50 days.

Akamai Technologies Q3 Results, Driven by Security and Cloud Success

Akamai Technologies has reported third-quarter financial results, exceeding expectations and elevating its full-year outlook. The company showcased diversified revenue streams, with 61% of its latest quarter’s revenue stemming from its burgeoning security and cloud computing divisions. In Q3, Akamai posted a revenue of $965 million, surpassing both its guidance range of $937 million to $952 million and the Wall Street consensus of $944 million. Adjusted earnings per share stood at $1.63, outperforming the Wall Street estimate of $1.50.

Akamai’s security business demonstrated a 20% year-over-year revenue increase, reaching $456 million—$14 million above Wall Street estimates. Meanwhile, delivery revenue totaled $379 million, slightly below expectations, and the compute segment contributed $130 million, slightly exceeding forecasts. The company’s strategic shift to its own cloud infrastructure resulted in cost savings, amounting to tens of millions of dollars annually. Looking ahead, Akamai projects Q4 revenue between $985 million and $1.005 billion, with a full-year revenue outlook ranging from $3.802 billion to $3.822 billion.

Multiple Price Target Raises from Analysts, Reflecting Positive Outlook

JPMorgan analyst Mark Murphy raised the price target to $78.
RBC Capital analyst Mark Mahaney increased the price target to $115.
DA Davidson analyst Rudy Kessinger raised the price target to $130.
Baird analyst William Power boosted the price target to $120.
Raymond James analyst Frank Louthan reiterated an Outperform rating and raised the price target from $115 to $122.
Keybanc analyst Brandon Nispel maintained an Overweight rating and increased the price target to $134.

Which Analyst has the best track record to show on AKAM?

Analyst Keith Weiss (MORGAN STANLEY) currently has the highest performing score on AKAM with 15/19 (78.95%) price target fulfillment ratio. His price targets carry an average of $6.77 (8.32%) potential upside. Akamai Technologies stock price reaches these price targets on average within 153 days.