BTIG's Chief Market Technician, Jonathan Krinsky, reports that the SPDR S&P Software & Services ETF is maintaining stability above a significant base pattern, showing relative strength and is poised for a breakout. This ETF has risen 3.92% this year, though it experienced a 1.30% decline recently.
BTIG recommends Datadog (DDOG, Financial) as it breaks through its base pattern with a continuous upward trend, rising over 7% in the past four days. Datadog has seen a 7.73% increase over the past five days and a 35.67% surge compared to the same period last year, with a minor increase of 0.29% recently. The firm has set a target price of $143 for Datadog, while its current stock price stands at $123.
In contrast, Microsoft's performance (MSFT) remains lackluster compared to the overall market. The stock has fallen 2.68% over the past six months and recently dropped by 2.89%. Nevertheless, it has gained 10.51% since the beginning of the year.
Datadog, a SaaS company offering monitoring services for servers and databases, provides an integrated cloud application monitoring and security platform. It offers real-time observability across the entire tech stack, enhancing collaboration among development, operations, security, and business teams, and is widely used across industries for digital transformation and cloud migration.
