Wedbush Reiterates "Outperform" Rating for Datadog (NASDAQ:DDOG)

Datadog (NASDAQ:DDOG - Get Free Report)'s stock had its "outperform" rating reaffirmed by analysts at Wedbush in a note issued to investors on Wednesday,Benzinga reports. They presently have a $140.00 price target on the stock. Wedbush's price target would suggest a potential upside of 13.87% from the stock's previous close.

Several other research firms also recently commented on DDOG. Barclays boosted their target price on shares of Datadog from $125.00 to $128.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. JMP Securities reiterated a "market perform" rating on shares of Datadog in a report on Friday, February 14th. Citigroup dropped their price objective on shares of Datadog from $170.00 to $165.00 and set a "buy" rating for the company in a report on Friday, February 14th. Rosenblatt Securities decreased their target price on Datadog from $160.00 to $150.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Finally, Canaccord Genuity Group dropped their price target on Datadog from $150.00 to $145.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Six equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $142.25.

Datadog Trading Up 3.6%

NASDAQ DDOG traded up $4.32 on Wednesday, reaching $122.95. 2,691,138 shares of the stock were exchanged, compared to its average volume of 4,398,933. Datadog has a one year low of $81.63 and a one year high of $170.08. The firm has a market capitalization of $42.46 billion, a PE ratio of 241.08, a PEG ratio of 44.03 and a beta of 1.01. The company's 50-day simple moving average is $106.65 and its two-hundred day simple moving average is $124.02.

Datadog (NASDAQ:DDOG - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.04. The firm had revenue of $761.55 million during the quarter, compared to analysts' expectations of $741.73 million. Datadog had a return on equity of 8.28% and a net margin of 6.85%. The firm's revenue was up 24.6% on a year-over-year basis. During the same quarter last year, the business posted $0.44 earnings per share. Sell-side analysts forecast that Datadog will post 0.34 earnings per share for the current fiscal year.

Insider Activity at Datadog

In related news, Director Shardul Shah sold 23,748 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $120.00, for a total value of $2,849,760.00. Following the transaction, the director now directly owns 396,121 shares of the company's stock, valued at approximately $47,534,520. This trade represents a 5.66% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Olivier Pomel sold 107,365 shares of the firm's stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $87.33, for a total transaction 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. This represents a 16.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 700,582 shares of company stock worth $77,926,597. 8.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Datadog

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DDOG. OVERSEA CHINESE BANKING Corp Ltd raised its holdings 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. Cornerstone Planning Group LLC raised its stake in Datadog by 96.9% in 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 in the last quarter. Costello Asset Management INC purchased a new position in Datadog in the first quarter valued at approximately $30,000. Putney Financial Group LLC acquired a new position in shares of Datadog in the 4th quarter valued at $32,000. Finally, Elequin Capital LP acquired a new position in Datadog in the fourth quarter valued at $34,000. Hedge funds and other 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.