By Sam Boughedda
Investing.com — Datadog Inc (NASDAQ:DDOG) shares are on the rise Tuesday after Goldman Sachs analyst Kash Rangan added the company to the firm's Conviction Buy List.
DataDog rose more than 3% on the back of the news. However, they are down over 10% for the year-to-date.
In a note to investors, Rangan said that he is "incrementally more positive" on the company, which runs a monitoring and analytics platform.
"We see multiple vectors for growth within its existing customer base, new logos and new platform capabilities,” stated Rangan.
Furthermore, the analyst said they "see multiple vectors for growth within its existing customer base, new logos and new platform capabilities."
He further added, "The company's consumption business model and best in class customer acquisition economics also reaffirm our thesis that Datadog can drive outsized growth vs peers as it executes against a $50bn+ TAM [Total Addressable Market].”