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Cloud Stocks: Datadog’s Integrations and Upgrades Help it Soar

Posted on Friday, Jun 26th 2020

Last year, monitoring and analytics platform provider Datadog (Nasdaq: DDOG) listed on the stock exchange. While the recent market turmoil may have hurt most companies’ stock, Datadog is quite the opposite. Its stock continues to climb to record high levels, and analysts believe that more is still to come.

Datadog’s Financials

Datadog recently reported its first quarter results. Revenues for the quarter grew 87% to $131 million. On an adjusted basis, net income was $0.06 per share. The market was looking for revenues of $117.6 million with a net loss of $0.01 per share.

At the end of the quarter, Datadog had 960 customers with ARR of $100,000 or more, growing by 89% over the year.

For the second quarter, Datadog expects revenue between $134-$136 million and non GAAP net income of ($0.01)-$0.00 per share. It expects to end the current year with revenues of $555-$565 million and an adjusted net income of $0.02-$0.06 per share. The market was looking for Q3 revenues of $135 million with a loss of $0.02 per share and annual revenues of $535 million with a loss of $0.06 per share.

Datadog’s Product Growth

Datadog has been expanding its footprint in the market through several product releases. Earlier this quarter, it announced the general availability of Security Monitoring that will provide unified visibility across security, dev, and ops teams. The differentiated approach provides turn-key Detection Rules to help identify attacks or misconfigurations and to identify trends over time. By detecting threats in real-time across the full stream of data, the solution is able to deliver cost savings when compared with traditional solutions. Its Security Monitoring solution is available as part of its integrated SaaS offering.

It also extended Watchdog, its ML-based auto-detection engine, to infrastructure use-cases to identify anomalies and patterns of errors in application traces. It expanded its Network Performance Monitoring (NPM) solution so that organizations can get visibility into network flows beyond internal networks. Finally, it enhanced its serverless capabilities to provide visibility and debugging capabilities through metadata collected in real-time.

Datadog also achieved the AWS Lambda Ready designation by demonstrating its deep integration with AWS Lambda. It announced support for Amazon Elastic File System (Amazon EFS) for AWS Lambda on AWS. The integration with Amazon EFS for AWS Lambda will give organizations access to a single-click correlation between AWS Lambda and the underlying Elastic File System.

Besides product upgrades, the company is also focusing on adding more certifications under its belt. Recently it achieved certification for the International Organization for Standardization’s (ISO) information security standard 27001, and compliance with ISO standards 27017 and 27018. Certification for these standards adds confidence to its security, cloud services, and privacy policies. Last month, it also achieved FedRAMP authorization for low-impact SaaS. Datadog is now fully available in the FedRAMP marketplace and the availability will help it secure wins within the government sector.

Additionally, Datadog has more than 400 out-of-the-box supported integrations. Recently it released integrations with Amazon Managed Streaming for Apache Kafka, Apache Airflow, Apache Flink, AWS Step Functions, Cisco Meraki, Confluent Platform, ClickHouse, Hashicorp Vault, Tenable Nessus, and VMware Carbon Black. Its integrations will allow customers to gain visibility and insights into their IT stacks on a real time basis.

Its stock is currently trading at $89.69 with a market cap of $26.5 billion. It had climbed to record high levels of $93 earlier this week. The stock has seen a meteoric rise since it went public in September last year at a list price of $27 and a valuation of $7.8 billion. Prior to listing, it had raised $147.5 million from investors including RTP Ventures, Index Ventures, Ampilfy Partners, OpenView, Counter Venture Partners, Meritech Capital Partners, and ICONIQ Capital. Its last funding round was in January 2016 when it had raised $94.5 million at an undisclosed valuation.

Photo Credit: Trending Topics 2019/Flickr.com

This segment is a part in the series : Cloud Stocks


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