Datadog
Some investors may not be as familiar with this name, but it holds tremendous upside potential and is on the Goldman Sachs Conviction List of top stock ideas. Datadog Inc. (NASDAQ: DDOG) engages in the development of monitoring and analytics platforms for developers, information technology operations teams and business users. The company’s platform integrates and automates infrastructure monitoring, application performance monitoring and log management to provide real-time observability of its customers’ entire technology stack.
Datadog recently announced the extension of Network Performance Monitoring (NPM) to Windows. Datadog NPM now monitors the performance of network communications between applications running on Windows Server and Linux, providing seamless network visibility across cloud environments, on-premises data centers and operating systems.
The Goldman Sachs research report said this:
Optimization of cloud workloads at the Hyperscaler level resulted in Datadog’s larger customers lowering spend on the platform. Despite that, Datadog has been able to add net new enterprise customers at a healthy pace. The company ended fiscal year 2022 with +2,780 (+38% year-over-year) customers spending $100K and 317 customers spending $1million annual-run-rate growing +47% y/y.
Goldman Sachs has a $114 price target on Datadog stock. That is well above the consensus target of $99.42 and Tuesday’s final print of $62.69, which was down almost 5% on the day. Shares recovered 5% in aftermarket trading due to strong Microsoft results. Hitting the Goldman Sachs target would be a 75% gain.
MongoDB
Many investors may not be aware of this software leader either. MongoDB Inc. (NASDAQ: MDB) provides general purpose database platforms worldwide.
The company offers:
- MongoDB Enterprise Advanced, a commercial database server for enterprise customers to run in the cloud, on-premise or in a hybrid environment
- MongoDB Atlas, a hosted multi-cloud database-as-a-service solution
- Community Server, a free-to-download version of its database, which includes the functionality that developers need to get started with MongoDB
The company also provides professional services comprising consulting and training.
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