Datadog (NASDAQ:DDOG) Shares Up 4.3% After Analyst Upgrade

Datadog, Inc. (NASDAQ:DDOG - Get Free Report) shares rose 4.3% during mid-day trading on Thursday after Needham & Company LLC raised their price target on the stock from $130.00 to $140.00. Needham & Company LLC currently has a buy rating on the stock. Datadog traded as high as $123.69 and last traded at $123.69. Approximately 893,606 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 5,027,790 shares. The stock had previously closed at $118.63.

A number of other equities research analysts have also recently commented on the company. DA Davidson raised their price objective on Datadog from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Monday, May 5th. Macquarie cut their target price on Datadog from $175.00 to $140.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Wolfe Research upgraded shares of Datadog from a "peer perform" rating to an "outperform" rating and set a $150.00 price target for the company in a research note on Thursday. Stifel Nicolaus set a $120.00 price objective on shares of Datadog in a report on Tuesday, May 6th. Finally, Morgan Stanley reduced their price objective on shares of Datadog from $143.00 to $115.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Six equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat.com, Datadog has a consensus rating of "Moderate Buy" and an average price target of $142.25.

Insider Buying and Selling

In related news, CEO Olivier Pomel sold 107,365 shares of Datadog stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $87.33, for a total value of $9,376,185.45. Following the completion of the transaction, the chief executive officer now directly owns 563,598 shares in the company, valued at approximately $49,219,013.34. The trade was a 16.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Kerry Acocella sold 5,099 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $116.84, for a total transaction of $595,767.16. Following the sale, the general counsel now directly owns 115,490 shares in the company, valued at $13,493,851.60. The trade was a 4.23% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 700,582 shares of company stock valued at $77,926,597. 8.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Datadog

A number of large investors have recently made changes to their positions in DDOG. Wealth Enhancement Advisory Services LLC lifted its holdings in Datadog by 32.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 15,506 shares of the company's stock worth $2,216,000 after purchasing an additional 3,760 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Datadog during the fourth quarter valued at about $14,884,000. ARK Investment Management LLC increased its position in shares of Datadog by 62.7% during the fourth quarter. ARK Investment Management LLC now owns 127,290 shares of the company's stock valued at $18,188,000 after buying an additional 49,050 shares during the period. Y Intercept Hong Kong Ltd lifted its holdings in shares of Datadog by 140.1% in the fourth quarter. Y Intercept Hong Kong Ltd now owns 53,116 shares of the company's stock worth $7,590,000 after buying an additional 30,998 shares in the last quarter. Finally, Baillie Gifford & Co. boosted its position in shares of Datadog by 15.8% in the fourth quarter. Baillie Gifford & Co. now owns 10,905,133 shares of the company's stock valued at $1,558,234,000 after acquiring an additional 1,484,562 shares during the period. 78.29% of the stock is owned by institutional investors.

Datadog Stock Up 3.4%

The business's 50-day moving average price is $106.65 and its 200 day moving average price is $124.02. The company has a market capitalization of $42.37 billion, a P/E ratio of 240.55, a price-to-earnings-growth ratio of 44.03 and a beta of 1.01.

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

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.