Datadog drops 8% in sympathy as Okta plunges on earnings miss
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Datadog (NASDAQ:DDOG) shares fell sharply on Thursday, trading down in sympathy along with other security-related stocks, including Okta (NASDAQ:OKTA), which said its fourth-quarter loss widened and issued weak guidance for 2022.
Just shortly after 1:30 p.m. EST, Datadog (DDOG) fell slightly less than 8.5% to $150.58.
For comparison, Okta, which provides identity and access management software, fell a similar amount after it said its adjusted non-GAAP net loss for the period was $29 million, compared to a profit of $8 million in the year-ago period. 
On a GAAP basis, losses widened from $76 million in the prior year quarter to $241 million.
Fourth-quarter revenue grew 63% year-over-year to $383 million, while subscription revenue climbed 64% year-over-year to $369 million. RPO, or subscription backlog, was $2.69 billion, up 50% year-over-year and current RPO was $1.35 billion. 
Snowflake (NYSE:SNOW), which provides cloud computing-based data warehousing, saw its shares fall 16% to $222, as its outlook for 2022 suggested sales growth was slowing. 
Last month, Goldman Sachs upgraded Datadog (DDOG) and put a $250 price target on the stock, stating the company is "well positioned" for success outside of its core products, notably in security.