Datadog (NASDAQ:DDOG) Price Target Raised to $160.00 at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group raised Datadog's price target from $145.00 to $160.00, suggesting a potential upside of 22.22% from the stock's previous close, and maintains a "buy" rating on the stock.
• Other brokerages have varied opinions, with Monness Crespi & Hardt setting a higher target of $185.00 while Macquarie reduced theirs to $140.00, indicating mixed sentiment among analysts.
• Datadog shares recently traded down 4.0% to $130.91, amidst a strong trading volume of over 10 million shares.

Datadog (NASDAQ:DDOG - Get Free Report) had its price target raised by Canaccord Genuity Group from $145.00 to $160.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's price target would suggest a potential upside of 22.22% from the stock's previous close.

A number of other brokerages also recently weighed in on DDOG. Monness Crespi & Hardt increased their price target on Datadog from $160.00 to $185.00 and gave the stock a "buy" rating in a report on Thursday. Needham & Company LLC set a $140.00 price target on Datadog and gave the stock a "buy" rating in a report on Thursday, June 12th. Scotiabank restated an "outperform" rating on shares of Datadog in a research note on Friday. Macquarie reduced their target price on Datadog from $175.00 to $140.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $119.00 target price on shares of Datadog in a research note on Wednesday, May 7th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-four have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $151.72.

Datadog Trading Down 4.0%

NASDAQ DDOG traded down $5.47 on Friday, reaching $130.91. The company had a trading volume of 10,857,422 shares, compared to its average volume of 5,947,690. The firm has a market cap of $45.21 billion, a price-to-earnings ratio of 284.59, a P/E/G ratio of 75.32 and a beta of 1.02. Datadog has a fifty-two week low of $81.63 and a fifty-two week high of $170.08. The business has a 50 day moving average of $134.90 and a two-hundred day moving average of $120.94. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.74 and a quick ratio of 2.74.

Datadog (NASDAQ:DDOG - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.46 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.05. Datadog had a return on equity of 6.39% and a net margin of 5.85%. The business had revenue of $826.76 million during the quarter, compared to the consensus estimate of $791.72 million. During the same period in the prior year, the business posted $0.43 earnings per share. Datadog's quarterly revenue was up 28.1% on a year-over-year basis. Analysts forecast that Datadog will post 0.34 EPS for the current year.

Insider Buying and Selling

In related news, CRO Sean Michael Walters sold 9,469 shares of Datadog stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $150.00, for a total value of $1,420,350.00. Following the sale, the executive owned 212,324 shares of the company's stock, valued at approximately $31,848,600. The trade was a 4.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Olivier Pomel sold 11,195 shares of Datadog stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $150.82, for a total transaction of $1,688,429.90. Following the completion of the sale, the chief executive officer directly owned 548,715 shares in the company, valued at $82,757,196.30. This trade represents a 2.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 835,918 shares of company stock worth $106,308,669 in the last three months. Insiders own 8.70% of the company's stock.

Institutional Investors Weigh In On Datadog

A number of hedge funds have recently modified their holdings of the stock. Putney Financial Group LLC purchased a new position in shares of Datadog during the 4th quarter valued at $32,000. Elequin Capital LP bought a new position in shares of Datadog during the fourth quarter valued at about $34,000. Coppell Advisory Solutions LLC raised its stake in shares of Datadog by 178.8% during the fourth quarter. Coppell Advisory Solutions LLC now owns 276 shares of the company's stock valued at $40,000 after acquiring an additional 177 shares during the last quarter. Costello Asset Management INC purchased a new position in shares of Datadog during the first quarter valued at about $30,000. Finally, Cornerstone Planning Group LLC increased its position in shares of Datadog by 96.9% during the first 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. Institutional investors own 78.29% of the company's stock.

About Datadog

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.

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