Datadog ( DDOG Quick Quote DDOG - Free Report) recently announced that it has expanded monitoring for Microsoft ( MSFT Quick Quote MSFT - Free Report) Azure and SQL database platforms. The expanded support builds on Datadog's Database Monitoring product launched in August 2021. It allows engineers and database administrators to quickly identify and address incorrect indexes, slow queries and other database performance issues and bottlenecks. Datadog Database Monitoring for Microsoft SQL and Azure includes features to view key query metrics such as average latency, total execution time and the number of rows queried to track problematic queries and long-term trends. It also allows users to visualize differences in plans for individual queries to identify bottlenecks. In March, Datadog was chosen as a Microsoft partner within the Azure Cloud Adoption Framework. Previously, Datadog had an existing partnership with Microsoft, owing to which Datadog was available as a first-class service in the Azure console. This allowed Azure customers to implement Datadog as a monitoring solution for their cloud workloads. The partnership also enabled Azure customers to leverage Datadog’s observability platform to drive successful cloud modernization and migration initiatives. Datadog Rides on Growing Partner Base, Expands User Base
Datadog is steadily benefiting from the increased adoption of cloud-based monitoring and analytics platforms across the globe, resulting from the accelerated digital transformation and cloud migration across organizations.
The stock has declined 14.4% compared with the Zacks Internet Software industry’s decline of 55.2% and surpassed the Computer and Technology sector’s decline of 16.8% in the past year. The company has been witnessing a steady demand environment for its cloud solutions so far in 2022. In the second quarter, 2022 revenues increased 73.9% year over year to $406.1 million. Earlier this year, Datadog entered into a strategic partnership with Amazon’s ( AMZN Quick Quote AMZN - Free Report) cloud division Amazon Web Services (AWS). In the second quarter, the company achieved AWS Education Competency Status. This status recognizes Datadog’s demonstration of technical proficiency and success in building solutions that support mission-critical workloads of customers in the higher education, K-12 primary/secondary, research and publishing sectors. This strategic collaboration has opened up a marketing and co-selling program between Amazon and Datadog, bringing new opportunities for consumers worldwide. Management also announced the extension of DDOG’s strategic partnership with Alphabet’s ( GOOGL Quick Quote GOOGL - Free Report) Google Cloud. Datadog and Google Cloud expanded this relationship from Europe to the Middle East and Africa (EMEA) to North America. The extended partnership made it easier for organizations to access and implement Datadog’s monitoring and security platform, allowing them to secure and optimize migrated and new workloads. DDOG’s focus on growing partnerships increased the visibility of its cloud solutions among consumers, which in turn, contributed to its business growth and drove a robust rise in customers. In the last reported quarter, steady customer additions boosted the top line. Datadog had more than 21,200 customers at the end of the second quarter, up from 16,400 in the year-ago quarter. As of the end of the second quarter, 79% of customers used two or more products, up from 75% in the year-ago quarter. Additionally, 37% of customers utilized four or more products, up from 28% in the year-ago quarter. In recent times, companies need to embrace digital conversion soon. As a monitoring and security platform for cloud applications, this Zacks Rank #3 (Hold) company has a strategic advantage and anticipates witnessing robust growth in the ongoing fiscal year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. For the third quarter of 2022, Datadog anticipates revenues between $410 million and $414 million. The Zacks Consensus Estimate for the same is pegged at $378.05 million.