Datadog (NASDAQ:DDOG) Price Target Cut to $145.00 by Analysts at Canaccord Genuity Group

Datadog (NASDAQ:DDOG - Get Free Report) had its price target dropped by research analysts at Canaccord Genuity Group from $150.00 to $145.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price target indicates a potential upside of 28.49% from the stock's previous close.

Several other equities analysts also recently commented on the company. Stifel Nicolaus downgraded Datadog from a "buy" rating to a "hold" rating and decreased their target price for the company from $165.00 to $140.00 in a research report on Wednesday, January 29th. Guggenheim reaffirmed a "neutral" rating on shares of Datadog in a research report on Wednesday, January 22nd. Morgan Stanley reduced their price target on Datadog from $143.00 to $115.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Barclays increased their price target on Datadog from $125.00 to $128.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. Finally, Wolfe Research downgraded Datadog from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, February 18th. Seven research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, Datadog presently has a consensus rating of "Moderate Buy" and a consensus price target of $141.54.

Datadog Stock Performance

DDOG traded up $4.97 on Wednesday, hitting $112.85. 2,006,504 shares of the company were exchanged, compared to its average volume of 4,325,167. Datadog has a 12 month low of $81.63 and a 12 month high of $170.08. The company has a market cap of $38.68 billion, a PE ratio of 221.19, a PEG ratio of 44.03 and a beta of 1.12. The stock's fifty day moving average is $100.20 and its 200-day moving average is $125.85.

Datadog (NASDAQ:DDOG - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.04. The firm had revenue of $761.55 million for the quarter, compared to the consensus estimate of $741.73 million. Datadog had a return on equity of 8.28% and a net margin of 6.85%. The business's revenue was up 24.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.44 earnings per share. As a group, equities research analysts expect that Datadog will post 0.34 EPS for the current fiscal year.

Insider Activity at Datadog

In other Datadog news, Director Amit Agarwal sold 25,000 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $114.21, for a total transaction of $2,855,250.00. Following the completion of the sale, the director now directly owns 82,324 shares in the company, valued at approximately $9,402,224.04. This trade represents a 23.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Alexis Le-Quoc sold 127,105 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $102.15, for a total value of $12,983,775.75. Following the sale, the chief technology officer now owns 371,865 shares of the company's stock, valued at approximately $37,986,009.75. The trade was a 25.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 559,867 shares of company stock worth $57,550,902 over the last three months. Company insiders own 11.78% of the company's stock.

Institutional Trading of Datadog

A number of large investors have recently bought and sold shares of the business. OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of Datadog by 887.0% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 25,199 shares of the company's stock valued at $25,000 after buying an additional 22,646 shares during the period. Retirement Wealth Solutions LLC acquired a new stake in shares of Datadog in the 4th quarter valued at about $30,000. Cornerstone Planning Group LLC grew its stake in shares of Datadog by 96.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 313 shares of the company's stock valued at $30,000 after buying an additional 154 shares during the period. Costello Asset Management INC bought a new position in Datadog in the 1st quarter valued at about $30,000. Finally, Avior Wealth Management LLC lifted its position in Datadog by 55.9% in the 4th quarter. Avior Wealth Management LLC now owns 226 shares of the company's stock valued at $32,000 after acquiring an additional 81 shares in the last quarter. 78.29% of the stock is currently owned by institutional investors and hedge funds.

Datadog Company Profile

Datadog, Inc operates an observability and security platform for cloud applications in North America and internationally. The company's products comprise infrastructure and application performance monitoring, log management, digital experience monitoring, continuous profiler, database monitoring, data streams and universal service monitoring, network monitoring, incident management, workflow automation, observability pipelines, cloud cost and cloud security management, application security management, cloud SIEM, sensitive data scanner, and CI visibility.