Wall Street Analysts Trim Price Targets for These 5 Stocks

04. Datadog, Inc. (NASDAQ:DDOG)

Number of Hedge Fund Holders: 64

On August 8, RBC decided to revise its price target for Datadog, Inc. (NASDAQ:DDOG). The target price has been lowered from its previous level of $118 to a new value of $103. This adjustment comes in response to what RBC refers to as “disappointing” results for the second quarter and less favorable guidance for the year 2023. However, despite this price target cut, RBC maintains its positive “Outperform” rating for Datadog, Inc. (NASDAQ:DDOG). This change in the price target suggests that RBC’s analysts have reassessed Datadog, Inc. (NASDAQ:DDOG) potential value in light of recent developments, especially the disappointing Q2 results and the company’s guidance for the upcoming year. The decrease of $15 from the earlier target signifies RBC’s updated viewpoint on Datadog, Inc. (NASDAQ:DDOG) valuation within the market. Despite the adjusted price target, the decision to keep an “Outperform” rating underscores RBC’s belief that Datadog still holds promise and potential compared to the broader market. This indicates that RBC views the recent setbacks as potentially temporary or manageable issues that may not undermine the company’s overall prospects.