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NEW YORK - Datadog, Inc. (NASDAQ:DDOG) announced on Wednesday it has achieved "In Process" status for GovRAMP High Authorization, expanding its security credentials for state, local and education (SLED) sector clients. The company, currently valued at $44.7 billion, has maintained impressive financial health with a robust gross profit margin of nearly 80%, according to InvestingPro data.
The cloud monitoring and security platform provider is working toward authorization to support mission-critical workloads and sensitive data in regulated environments. This development builds upon Datadog’s existing FedRAMP Moderate authorization and "In Process" status for FedRAMP High.
GovRAMP provides a standardized security framework that evaluates cloud services against NIST 800-53 Rev. 5 controls. The High-impact authorization ensures platforms can serve public sector agencies with enhanced security measures and continuous monitoring.
"This status reflects our continued investment in helping the public sector strengthen operational resilience and improve cost-efficiency," said Ryan Gault, Regional Director, SLED East at Datadog, according to the company’s press release.
The platform aims to help government agencies detect performance issues, strengthen security posture, optimize resources, and enhance digital service delivery through real-time analytics.
Datadog for Government’s services are designed to provide visibility for public sector organizations managing hybrid, multi-cloud and edge environments while working to improve public service delivery.
The company’s observability and security platform integrates infrastructure monitoring, application performance monitoring, log management, and other capabilities for unified monitoring of technology systems.
In other recent news, Datadog has reported impressive second-quarter results, capturing significant attention from analysts. The company achieved a revenue of $827 million, marking a 28% growth year-over-year, which surpassed both Wall Street expectations and management’s guidance. Operating margins were reported at 20%, aligning with analyst projections. Following these results, several investment firms have adjusted their price targets for Datadog stock. Cantor Fitzgerald raised its target to $179, citing a strong quarterly performance that alleviated market concerns. Bernstein also increased its target to $147, highlighting the quarter as a record-setting performance for Datadog. Mizuho adjusted its target to $155, noting the revenue growth as a "larger than typical upside." Additionally, Evercore ISI raised its target to $170, acknowledging the revenue acceleration. Needham maintained its Buy rating with a $175 target, anticipating Datadog’s Annual Recurring Revenue to surpass $3.5 billion next quarter.
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