Avantax Advisory Services Inc. Boosts Stock Position in Datadog, Inc. (NASDAQ:DDOG)

Key Points

• Avantax Advisory Services Inc. increased its holdings in Datadog, purchasing an additional 3,233 shares and raising its position by 28.7% to a total of 14,503 shares worth approximately $1.44 million.
• Analyst ratings for Datadog show a consensus of 24 buy ratings, contributing to a target price range between $115.00 and $175.00, with a current average target of $146.79.
• Datadog's stock has seen a decline of 6.0% recently, currently trading at $139.98, despite reporting a 24.6% year-over-year revenue increase of $761.55 million for the latest quarter.

Avantax Advisory Services Inc. lifted its holdings in Datadog, Inc. (NASDAQ:DDOG - Free Report) by 28.7% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 14,503 shares of the company's stock after acquiring an additional 3,233 shares during the quarter. Avantax Advisory Services Inc.'s holdings in Datadog were worth $1,439,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tempus Wealth Planning LLC purchased a new position in Datadog during the 1st quarter valued at $288,000. Advisor OS LLC grew its holdings in shares of Datadog by 20.8% during the 1st quarter. Advisor OS LLC now owns 5,246 shares of the company's stock worth $520,000 after acquiring an additional 902 shares during the period. 1888 Investments LLC purchased a new position in shares of Datadog during the 1st quarter worth approximately $716,000. Wedbush Securities Inc. grew its holdings in shares of Datadog by 16.2% during the 1st quarter. Wedbush Securities Inc. now owns 4,368 shares of the company's stock worth $433,000 after acquiring an additional 610 shares during the period. Finally, Legato Capital Management LLC grew its holdings in shares of Datadog by 111.5% during the 1st quarter. Legato Capital Management LLC now owns 27,500 shares of the company's stock worth $2,728,000 after acquiring an additional 14,500 shares during the period. 78.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on DDOG shares. Canaccord Genuity Group reduced their target price on Datadog from $150.00 to $145.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Needham & Company LLC set a $140.00 price target on shares of Datadog and gave the stock a "buy" rating in a research note on Thursday, June 12th. Guggenheim reiterated a "sell" rating and issued a $105.00 price target on shares of Datadog in a research note on Tuesday, July 8th. DA Davidson increased their price target on shares of Datadog from $115.00 to $125.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. Finally, Wells Fargo & Company decreased their price target on shares of Datadog from $140.00 to $115.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat, Datadog has an average rating of "Moderate Buy" and an average target price of $146.79.

Datadog Stock Performance

Shares of NASDAQ DDOG traded down $4.38 during trading on Friday, reaching $135.60. 6,063,868 shares of the company traded hands, compared to its average volume of 9,555,494. The firm has a 50 day simple moving average of $133.30 and a 200-day simple moving average of $120.87. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $46.83 billion, a PE ratio of 294.79, a P/E/G ratio of 74.57 and a beta of 1.02. Datadog, Inc. has a 52-week low of $81.63 and a 52-week high of $170.08.

Datadog (NASDAQ:DDOG - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.04. Datadog had a net margin of 5.85% and a return on equity of 6.39%. The firm had revenue of $761.55 million for the quarter, compared to analysts' expectations of $741.73 million. During the same quarter in the prior year, the business earned $0.44 EPS. The business's quarterly revenue was up 24.6% on a year-over-year basis. Equities research analysts anticipate that Datadog, Inc. will post 0.34 earnings per share for the current year.

Insider Activity at Datadog

In other news, CEO Olivier Pomel sold 11,195 shares of Datadog stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $150.82, for a total transaction of $1,688,429.90. Following the sale, the chief executive officer owned 548,715 shares in the company, valued at $82,757,196.30. This trade represents a 2.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 transaction of $1,420,350.00. Following the sale, the executive owned 212,324 shares in the company, valued at approximately $31,848,600. The trade was a 4.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 968,861 shares of company stock worth $119,264,653 in the last 90 days. Insiders own 8.70% of the company's stock.

Datadog 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.