ARK Investment Management LLC Buys 12,327 Shares of Datadog, Inc. (NASDAQ:DDOG)

Key Points

• ARK Investment Management LLC increased its stake in Datadog by 9.7%, owning 139,617 shares worth approximately $13.85 million at the end of the first quarter.
• Insider trading activity included significant sales by CTO Alexis Le-Quoc and CEO Olivier Pomel, resulting in a 21.41% and 16.36% decrease in their respective ownerships.
• Analysts have a consensus rating of "Moderate Buy" for Datadog with a price target averaging $146.79, following positive adjustments from multiple financial institutions.

ARK Investment Management LLC increased its stake in Datadog, Inc. (NASDAQ:DDOG - Free Report) by 9.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 139,617 shares of the company's stock after purchasing an additional 12,327 shares during the quarter. ARK Investment Management LLC's holdings in Datadog were worth $13,851,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Baillie Gifford & Co. raised its stake in Datadog by 12.6% in the 1st quarter. Baillie Gifford & Co. now owns 12,274,655 shares of the company's stock valued at $1,217,769,000 after purchasing an additional 1,369,522 shares during the last quarter. Groupama Asset Managment lifted its position in shares of Datadog by 407.6% during the fourth quarter. Groupama Asset Managment now owns 6,600,000 shares of the company's stock worth $943,074,000 after purchasing an additional 5,299,688 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Datadog by 9.6% in the fourth quarter. Geode Capital Management LLC now owns 5,684,612 shares of the company's stock valued at $811,076,000 after purchasing an additional 499,055 shares during the last quarter. Brown Advisory Inc. boosted its stake in Datadog by 76.5% during the 1st quarter. Brown Advisory Inc. now owns 4,853,012 shares of the company's stock valued at $481,467,000 after acquiring an additional 2,103,838 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in Datadog by 4.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 4,656,379 shares of the company's stock worth $461,959,000 after purchasing an additional 180,100 shares in the last quarter. Institutional investors and hedge funds own 78.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on DDOG. Wolfe Research upgraded shares of Datadog from a "peer perform" rating to an "outperform" rating and set a $150.00 price objective on the stock in a research report on Thursday, June 12th. Stifel Nicolaus boosted their target price on Datadog from $120.00 to $135.00 and gave the stock a "hold" rating in a research report on Thursday, June 26th. Cantor Fitzgerald lifted their price target on Datadog from $134.00 to $171.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Rosenblatt Securities cut their price objective on Datadog from $160.00 to $150.00 and set a "buy" rating for the company in a report on Monday, May 5th. Finally, Barclays increased their target price on shares of Datadog from $128.00 to $170.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $146.79.

Insider Buying and Selling

In related news, CTO Alexis Le-Quoc sold 127,105 shares of the business's stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $105.83, for a total transaction of $13,451,522.15. Following the completion of the sale, the chief technology officer directly owned 466,535 shares of the company's stock, valued at $49,373,399.05. The trade was a 21.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Amit Agarwal sold 25,000 shares of the firm's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $117.02, for a total value of $2,925,500.00. Following the completion of the transaction, the director owned 76,052 shares in the company, valued at $8,899,605.04. This represents a 24.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 957,666 shares of company stock valued at $117,576,223. Insiders own 8.70% of the company's stock.

Datadog Price Performance

Shares of NASDAQ:DDOG traded up $0.93 during trading on Monday, reaching $150.77. The stock had a trading volume of 2,647,060 shares, compared to its average volume of 10,676,036. The stock has a market capitalization of $52.07 billion, a PE ratio of 305.80, a P/E/G ratio of 82.40 and a beta of 1.03. 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, Inc. has a 52 week low of $81.63 and a 52 week high of $170.08. The business's 50-day moving average price is $130.32 and its 200 day moving average price is $120.54.

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

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.