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Datadog stands to gain as revenue growth accelerates, margins expand.
Datadog Inc. ( NASDAQ:DDOG ) is an observability and security platform that provides end-to-end monitoring and analytics for cloud applications. The company has seen tremendous compounded annual revenue growth of 66% over the last six years. While it had started to see slower usage growth on its platform for some existing customers up until the previous quarter, as companies became more cost-conscious in a tough macro environment, there are emerging signs that usage trends are stabilizing as of the latest quarter. The company saw its remaining performance obligation outpace revenue growth in the third quarter, a sign that revenue growth is on the cusp of reacceleration. At the same time, management is focused on improving overall profitability.
Warning! GuruFocus has detected 4 Warning Sign with DDOG.
While competition is fierce, I believe the company is well-positioned, given its innovative product pipeline, which has enabled it to drive new customer acquisition as well as deepen product adoption. While there could be short-term volatility in the stock price, as Datadog is richly valued with a significant amount of optimism baked into it, I believe over a five-year investment horizon, there is still room for upside from current levels if the company continues to drive revenue growth in the mid-to-high 20s range.
A primer on Datadog's business model
Datadog is a cloud solutions platform that enables developers and developeroperations teams to monitor their applications and other virtual instances in real-time. By breaking down silos between DevOps and security, Datadog's platform provides real-time insights into software applications and IT infrastructure performance to enable better user experiences, faster problem detection and resolution and more impactful business decisions.
Its product modules include infrastructure monitoring, application performance monitoring, log management, digital experience monitoring, database monitoring, network performance monitoring, incident management, cloud cost management, observability pipelines and cloud security management, among others.
Datadog was also named a leader in the 2023 Gartner Magic Quadrant for application performance monitoring and observability.
The company generates revenue from a subscription-based pricing model. The company is focused on expanding its customer base with a land-and-expand business model, which allows it to sell subscriptions for additional product modules that contain more functionality to existing customers as they expand their footprint and increase usage of Datadog's products.
I believe its go-to-market approach provides immense leverage as it allows the company to create multiple avenues for revenue growth due to the high switching costs of the platform, leading to stronger margins.
Building the bull case
Datadog's land and expand model is driving deeper customer adoption. As per its latest Investor Presentation , the company's total addressable market is expected to grow to $62 billion by 2026. This would represent a compounded annual growth rate of 11% from 2023 to 2026. Meanwhile, the company has been growing its revenue at a CAGR of 66% between 2017 and 2023, based on management's expectations for a revenue target . Moving forward, I believe the company could maintain a revenue growth rate in the mid-to-high 20s range over a five-year period. Should that be the case, Datadog's market share would expand from 4.60% in 2023 to 6.60% in 2026.
Datadog should be able to achieve a deeper market share as it acquires new customers and deepens its relationship with existing ones to drive higher product adoption. As of the third quarter, Datadog was able to grow its customer base by 20% to 26,800 customers. The trend should remain robust as overall macroeconomic conditions improve in 2024 with easing inflation and interest rates, allowing companies to boost their IT spending once again. As per Gartner , the software and IT services segments are expected to see double-digit growth in 2024, driven by cloud spending at 13.80% and 10.40%, respectively.
What is also encouraging to see is there is a steady growth in the number of customers contributing more than $100,000 in annual recurring revenue. As of the third quarter, 86% of total ARR was driven by customers with more than $100,000 in spend on the platform. This is reflective of the success of the land and expand model as the company continues to see customers ramp up usage of Datadog's platform, allowing them to drive revenue growth while increasing their operating leverage. As you can see in the chart below, there has been a growing trend in the percentage of customers using a higher number of products over the last three years.
Further, as cloud usage optimization stabilizes, it will further boost revenue growth. After a few quarters of mixed results, Datadog delivered a strong third quarter, where revenue beat consensus estimates by 4.30%. During the earnings call , management indicated they observed early signs of certain enterprise customers beginning to moderate their cloud usage optimization. To provide context, numerous enterprises overspent on their cloud consumption during the post-pandemic period. Starting in 2022, these customers initiated efforts to optimize their cloud usage on major platforms such as Azure and AWS, posing some growth headwinds for Datadog.
These usage-based optimizations seemed to moderate and stabilize toward the end of the second quarter of 2023, and there are indications of improvement in the third quarter, as highlighted by CEO Olivier Pomel. He said:
In Q3, we saw usage growth in existing customers improved compared to Q2. Overall growth in Q3 was relatively consistent throughout the quarter and comparable to levels we've seen in Q1. We are seeing signs that the cloud optimization activity from some of our customers may be moderating. As a reminder, last quarter, we discussed a cohort of customers who began optimizing about a year ago, and we said that they appeared to stabilize their usage growth at the end of Q2. That trend has held for the past several months with that cohort's usage remaining stable throughout Q3. Overall, we continue to see the impact from optimization in our business, but we believe that the intensity and breadth of optimization we've experienced in recent quarters is moderating. Meanwhile, our new logo activity has remained robust. New logo bookings continue to scale and grow year over year.
With this, I believe we may have reached the bottom of revenue growth deceleration that we witnessed up until the second quarter. While cloud usage optimization is still going on, it is happening to a lesser extent than before, as confirmed by the remaining performance obligation that grew by 30% year over year in the fourth quarter, faster than the actual revenue growth rate. If the trend stabilizes, the usage of Datadog's platform will start to accelerate again. Plus, as businesses begin migrating their workloads to cloud platforms, Datadog can attract more new customers. This should help the company drive revenue growth in the mid-to-high 20s range over the next five years.
Expanding margins further validate Datadog's increasing operating leverage. As of the trailing 12 months, the company reported non-GAAP operating income of $401 million, which would translate to a non-GAAP operating margin of 20%. Taking full-year 2023 guidance into consideration, the company is expected to generate non-GAAP operating income in the range of $453 million to $457 million, which would represent a non-GAAP operating margin of approximately 21.50%, an improvement of 2.50% over the prior year.
The company is able to drive expanding profitability by improving its economies of scale through higher adoption of product modules, as we saw in the last section, and by maintaining sales and marketing spend at a steady rate of 25% of revenue.
Building the bear case
On the negative side, competition remains fierce, which may threaten Datadog's market position. DevOps and SecOps are hotly contested markets that may pose threats to the business. The company faces direct competition from another leading player, Dynatrace ( NYSE:DT ). Recently, Cisco ( NASDAQ:CSCO ) has also demonstrated its intentions to compete with Datadog by acquiring Splunk ( NASDAQ:SPLK ), another incumbent in this space that specializes in on-premise data observability solutions, but has faced challenges in pivoting to the cloud platform model.
Hyperscale cloud companies such as Amazon ( NASDAQ:AMZN ), Microsoft ( NASDAQ:MSFT ), and Alphabet's ( NASDAQ:GOOG ) Google have also launched their own observability tools for their individual clouds. But I do not see this as a threat here given that most cloud customers usually have hybrid cloud setups, which is where Datadog's solutions win since its solutions can work on any cloud platform.
Moreover, I believe Datadog is already much further ahead in its product innovation cycle versus the competition. The company has already launched products and solutions in large language model operations, a relatively nascent market that has exponential room to grow. At a recent Barclays Technology conference , Datadog's chief financial officer mentioned how its customers are already ramping up usage of its artificial intelligence products and tools, mainly in a couple of areas: automatic remediation, real-time resolution of system issues and bugs via Datadog's AI platform and system integrations that help clients monitor and scale AI applications . I believe Datadog has already positioned itself to capture a significant share of the nascent LLMOps market, and I see its competitors catching up to Datadog.
Tying it all together
Datadog is trading at a forward price-sales ratio of 16, taking consensus estimates for revenue growth in fiscal 2024 into consideration. While the company is profitable on a non-GAAP basis, I will base my valuation on my revenue growth estimate since the company management has not provided any guidance on their long-term operating model.
Therefore, if I assume that Datadog grows its revenue in the mid-to-high 20s range over the next 5 years, as the company continues to acquire new customers and deepen production adoption across its existing customer base, coupled with an innovative product pipeline, it should be able to produce approximately $6.98 billion by 2028.
This translates to a present value of $4.50 billion in revenue when discounted at 8.50%, or revenue per share of $13.60. If I take the S&P 500 as a proxy , where its companies have grown their revenues at an average rate of 4.80% with a price-sales ratio of 2.19 over a 10-year period, I would assume Datadog should be trading at 4 to 5 times the forward price-sales multiple of the S&P 500.
That would mean the stock should be trading at approximately $150, representing an upside of 22% from current levels.
Datadog is richly valued, no doubt. However, I think there is a valid reason for it. The company looks poised to gain market share in a large and growing TAM as the trend of cloud usage optimization stabilizes, allowing it to deepen product adoption amongst its existing customers while winning new ones as businesses begin migrating their workloads to cloud platforms. Coupled with a robust product pipeline that solidly positions the company in a competitive market, I believe it will be able to generate revenue growth in the mid-to-high 20s range over the next five years, which would translate to the stock having an upside of 22% to $150.
This article first appeared on GuruFocus .
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Datadog to Present at Upcoming Investor Conferences
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May 10, 2023, 16:05 ET
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NEW YORK , May 10, 2023 /PRNewswire/ -- Datadog, Inc. (NASDAQ: DDOG ), the monitoring and security platform for cloud applications, today announced that management will present at the following investor conferences.
- The MoffettNathanson Technology, Media and Telecom Conference. The presentation is scheduled for Wednesday, May 17, 2023 at 3:00 p.m., Eastern Time .
- The JP Morgan Global Technology, Media and Communications Conference. The presentation is scheduled for Monday, May 22, 2023 at 12:30 p.m., Eastern Time .
- The William Blair Annual Growth Stock Conference. The presentation is scheduled for Wednesday, June 7, 2023 at 2:20 p.m., Eastern Time .
The presentations will be webcast live, and replays will be available for a limited time under the "Events and Presentations" section of the Company's investor relations website at https://investors.datadoghq.com/ .
About Datadog
Datadog is the observability and security platform for cloud applications. Our SaaS platform integrates and automates infrastructure monitoring, application performance monitoring, log management, real-user monitoring, and many other capabilities to provide unified, real-time observability and security for our customers' entire technology stack. Datadog is used by organizations of all sizes and across a wide range of industries to enable digital transformation and cloud migration, drive collaboration among development, operations, security and business teams, accelerate time to market for applications, reduce time to problem resolution, secure applications and infrastructure, understand user behavior, and track key business metrics.
Contact Information
Yuka Broderick Datadog Investor Relations [email protected]
Dan Haggerty Datadog Corporate Communications [email protected]
SOURCE Datadog, Inc.
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Datadog Named a Leader in the 2024 Gartner® Magic Quadrant™ For Observability Platforms
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Wall Street Analysts Think Datadog (DDOG) Is a Good Investment: Is It?
When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?
Let's take a look at what these Wall Street heavyweights have to say about Datadog ( DDOG Quick Quote DDOG - Free Report ) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.
Datadog currently has an average brokerage recommendation (ABR) of 1.49, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 39 brokerage firms. An ABR of 1.49 approximates between Strong Buy and Buy.
Of the 39 recommendations that derive the current ABR, 28 are Strong Buy and three are Buy. Strong Buy and Buy respectively account for 71.8% and 7.7% of all recommendations.
Brokerage Recommendation Trends for DDOG
In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement.
With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near -term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision.
Zacks Rank Should Not Be Confused With ABR
In spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.
Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.
On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.
There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.
Is DDOG Worth Investing In?
Looking at the earnings estimate revisions for Datadog, the Zacks Consensus Estimate for the current year has increased 29.1% over the past month to $1.62.
Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason for the stock to soar in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #2 (Buy) for Datadog. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Therefore, the Buy-equivalent ABR for Datadog may serve as a useful guide for investors.
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 Sysco to Webcast Presentation at: Barclays 17th Annual Global Consumer Staples Conference and Wells Fargo 7th Annual Consumer ConferenceAug 19, 2024 HOUSTON , Aug. 19, 2024 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) today announced that the Company will webcast its presentation from the Barclays 17th Annual Global Consumer Staples Conference on Wednesday, Sept. 4 , at 1:30 p.m. ET . Additionally, the Company will also webcast its presentation at the Wells Fargo 7th Annual Consumer Conference on Wednesday, Sept. 18 , at 8:00 a.m. PST . The live webcast for each of these events can be accessed at investors.sysco.com . An archived replay of the webcasts will be available shortly after the live events are completed. For purposes of public disclosure, including these and future similar events, Sysco uses the investor relations portion of its website as the primary channel for publishing key information to its investors, some of which may contain material and previously non-public information. About Sysco Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. With more than 76,000 colleagues, the company operates 340 distribution facilities worldwide and serves approximately 730,000 customer locations. For fiscal year 2024 that ended June 29, 2024 , the company generated sales of more than $78 billion . Information about our Sustainability program, including Sysco’s 2023 Sustainability Report and 2023 Diversity, Equity & Inclusion Report, can be found at www.sysco.com . For more information, visit www.sysco.com or connect with Sysco on Facebook at www.facebook.com/SyscoFoods . For important news and information regarding Sysco, visit the Investor Relations section of the company’s Internet home page at investors.sysco.com , which Sysco plans to use as a primary channel for publishing key information to its investors, some of which may contain material and previously non-public information. In addition, investors should continue to review our news releases and filings with the SEC . It is possible that the information we disclose through any of these channels of distribution could be deemed to be material information. For more information contact:
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The Investor Relations website contains information about Datadog's business for stockholders, potential investors, and financial analysts. Skip to main navigation Investor Relations. News & Events ... August 2024 Investor Presentation. August 8, 2024. Latest News. 14 Aug 2024. Datadog Named a Leader in the 2024 Gartner® Magic Quadrant™ For ...
This presentation and the accompanying oral presentation have been prepared by Datadog, Inc. ("Datadog" or the "company") for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or Datadog or any ...
Events & Presentations Featured Events. Q2 2024 Datadog Earnings Conference Call. Aug 8, 2024 at 8:00 AM EDT Dash 2024 Keynote. Jun 26, 2024 at 10:00 AM EDT ... Datadog Virtual Investor Meeting. Oct 27, 2021 at 9:30 AM EDT Jefferies Software Conference. Sep 15, 2021 at 11:00 AM EDT
Q2. Datadog Announces Second Quarter 2021 Financial Results. Form 10-Q. Q1. Q1 2021 Earnings Release. Q.
The presentation is scheduled for Tuesday, August 13, 2024 at 2:05 p.m., Eastern Time. The Citi Global TMT Conference. ... Datadog Investor Relations [email protected]. Dan Haggerty
The presentation is scheduled for Wednesday, December 6, 2023 at 4:20 p.m., Eastern Time. The presentations will be webcast live, and replays will be available for a limited time under the "Events ...
--Datadog, Inc., the monitoring and security platform for cloud applications, today announced that management will present at the following investor conferences. Datadog is the observability and ...
The presentation is scheduled for Tuesday, November 14, 2023 at 1:20 p.m., Eastern Time. ... Datadog Investor Relations [email protected]. Dan Haggerty Datadog Corporate Communications
Datadog's land and expand model is driving deeper customer adoption. As per its latest Investor Presentation, the company's total addressable market is expected to grow to $62 billion by 2026 ...
Datadog November 2022 Investor Presentation. Aside from the fact that 80% of customers already use more than two Datadog products, the most impressive item above is the trend of customers using ...
Q3 FY23 Investor Presentations, Datadog At a higher level, Datadog operates within the IT Operations Management market. The company generates revenue by selling subscriptions.
Company description. Datadog, Inc. provides monitoring and analytics platform for developers, information technology operations teams, and business users in the cloud in North America and internationally. The company's SaaS platform integrates and automates infrastructure monitoring, application performance monitoring, log management, and ...
Investor Presentation Datadog Takeaways: Datadog is well-positioned for long-term growth, leveraging its effective land and expand model, robust platform capabilities, and strong customer retention.
News & Events News Events & Presentations Financials Quarterly Results Annual Reports & Proxy Statements SEC Filings Corporate & ESG Executive Management Board of Directors Corporate Governance Committee Composition ESG Resources Stock Quote & Chart Analyst Coverage Contact Investor Relations Email Alerts FAQ
This presentation and accompanying oral presentation contain "forward-looking" statements, as that term is defined under the federal securities laws, including but not limited to statements regarding Datadog's strategy, product and platform capabilities, growth in and ability to capitalize on long-term market opportunities, gross margins ...
Search Thousands of Presentations by World Leading Companies. Datadog Investor Presentation Deck. Instantly search thousands of Decks by world-leading companies on Slidebook.
Additionally, Datadog's management believes that the non-GAAP financial measure free cash flow is meaningful to investors because it is a measure of liquidity that provides useful information in ...
Datadog's Financial Outlook and Investor Perspective. Datadog provided optimistic guidance for the remainder of 2024. The company expects third-quarter revenue to be between $660 million and $664 ...
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Datadog investor presentation In the third chart, we take a look at the Gartner IT Operations Market, focusing on Datadog's observability market. It is estimated to reach $80B by 2027, with a CAGR ...
Datadog - Investor Presentation Deck. Instantly search thousands of Decks by world-leading companies on Slidebook.io. Collections Presentations ... Investor Presentation August 2022 Investor Day October 2021 Related slides by other companies ...
The presentation is scheduled for Wednesday, May 17, 2023 at 3:00 p.m., Eastern Time. ... Datadog Investor Relations [email protected] Dan Haggerty Datadog Corporate Communications
The average brokerage recommendation (ABR) for Datadog (DDOG) is equivalent to a Buy. The overly optimistic recommendations of Wall Street analysts make the effectiveness of this highly sought ...
DDOG Investor Presentation May-24 To breakdown Datadog's positioning in the market, we can analyze Porter's Five Forces to establish their economic moat: Threat of New Entrants
Q2 2024 Investor Presentation. July 16, 2024. View this Presentation PDF Format Download (opens in new window) ... To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. After submitting your request, you will receive an activation email to the requested email address. ...
Its revenue for the quarter was up 26.7% compared to the same quarter last year. Datadog has generated $0.32 earnings per share over the last year ($0.32 diluted earnings per share) and currently has a price-to-earnings ratio of 364.3. Earnings for Datadog are expected to grow by 25.00% in the coming year, from $0.32 to $0.40 per share.
Investor Presentation. Datadog believes the observability total addressable market (TAM) will be roughly $62 billion by 2026. There are further opportunities for Datadog to innovate and add to its ...
HOUSTON, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) today announced that the Company will webcast its presentation from the Barclays 17th Annual Global Consumer Staples Conference on Wednesday, Sept. 4, at 1:30 p.m. ET.Additionally, the Company will also webcast its presentation at the Wells Fargo 7th Annual Consumer Conference on Wednesday, Sept. 18, at 8:00 a.m. PST.
Datadog investor presentation. Coupled with improving operating margins from 1% in FY17 to 19% in FY22, Datadog would have delivered a score of 85 (66% revenue growth from FY21 to FY22 and 19% ...
Datadog, which provides a security platform for cloud applications, anticipates full year 2024 revenue to be between $2.62B and $2.63B (midpoint at $2.625B) versus prior forecast range of $2.59B ...