What happened Shares of monitoring and analytics platform provider Datadog (NASDAQ: DDOG) were hit hard on Monday, declining 6.5% by the time the market closed. The stock was down likely for two primary reasons. First, many growth stocks like Datadog fell several percentage points or more on Monday. Second, RBC Capital analyst Matthew Hedberg lowered his 12-month price target on the stock. Image source: Getty Images. So what Many growth stocks are down sharply from levels in January and early February. Datadog is no exception -- and pricing pressure on these stocks persisted on Monday. The market seems to have been taking profits on lots of growth stocks after their huge gains last year. RBC Capital's Hedberg reduced his price target for Datadog stock from $120 to $105, citing multiple compression in the valuations of many of Datadog's industry peers. Now what Despite Hedberg's lowered price target for the stock, the analyst is optimistic about Datadog's underlying business, noting that he expects the company to report strong first-quarter performance, particularly when it comes to its cloud adoption. Datadog reports its first-quarter results after market close this Thursday. 10 stocks we like better than DatadogWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Datadog wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Daniel Sparks has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Datadog. His clients may own shares of the companies mentioned. The Motley Fool has a disclosure policy.Source