Federated Hermes Inc. Reduces Holdings in Datadog, Inc. (NASDAQ:DDOG)

Key Points

• Federated Hermes Inc. reduced its stake in Datadog, Inc. by 30.5%, selling 457,243 shares and retaining ownership of approximately 1,043,625 shares valued at $103.5 million.
• Datadog insiders have sold a total of 957,666 shares worth $117.6 million recently, indicating significant insider activity in the company.
• Analysts have mixed ratings on Datadog, with a total of 24 giving it a buy rating and a consensus target price of $146.79, signaling potential upside.

Federated Hermes Inc. trimmed its position in shares of Datadog, Inc. (NASDAQ:DDOG - Free Report) by 30.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,043,625 shares of the company's stock after selling 457,243 shares during the period. Federated Hermes Inc. owned about 0.30% of Datadog worth $103,538,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Putney Financial Group LLC bought a new stake in shares of Datadog in the 4th quarter worth approximately $32,000. Elequin Capital LP purchased a new position in shares of Datadog in the fourth quarter worth $34,000. Coppell Advisory Solutions LLC increased its position in 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. Cornerstone Planning Group LLC grew its holdings in 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 purchasing an additional 154 shares during the period. Finally, Itau Unibanco Holding S.A. grew its holdings in Datadog by 417.7% during the fourth quarter. Itau Unibanco Holding S.A. now owns 321 shares of the company's stock valued at $46,000 after purchasing an additional 259 shares during the period. 78.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Cantor Fitzgerald upped their price objective on Datadog from $134.00 to $171.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Jefferies Financial Group reiterated a "buy" rating on shares of Datadog in a report on Tuesday, May 6th. Needham & Company LLC set a $140.00 price objective on Datadog and gave the stock a "buy" rating in a research note on Thursday, June 12th. Barclays lifted their price target on Datadog from $128.00 to $170.00 and gave the company an "overweight" rating in a report on Monday, July 21st. Finally, Wolfe Research raised Datadog from a "peer perform" rating to an "outperform" rating and set a $150.00 price objective for the company in a research report on Thursday, June 12th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat.com, Datadog presently has an average rating of "Moderate Buy" and an average target price of $146.79.

Datadog Price Performance

NASDAQ:DDOG traded down $8.90 during trading hours on Thursday, hitting $139.98. 10,855,964 shares of the stock were exchanged, compared to its average volume of 10,512,353. The company has a market cap of $48.34 billion, a P/E ratio of 304.31, a P/E/G ratio of 81.87 and a beta of 1.03. The firm's fifty day moving average price is $132.88 and its 200 day moving average price is $121.03. Datadog, Inc. has a 52-week low of $81.63 and a 52-week high of $170.08. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 0.34.

Datadog (NASDAQ:DDOG - Get Free Report) last issued its earnings results 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. The business had revenue of $761.55 million for the quarter, compared to analysts' expectations of $741.73 million. Datadog had a return on equity of 6.39% and a net margin of 5.85%. The business's revenue for the quarter was up 24.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.44 EPS. As a group, equities research analysts anticipate that Datadog, Inc. will post 0.34 EPS for the current fiscal year.

Insider Transactions at Datadog

In related news, CTO Alexis Le-Quoc sold 127,105 shares of the company's stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $105.83, for a total value of $13,451,522.15. Following the transaction, the chief technology officer directly owned 466,535 shares in the company, valued at approximately $49,373,399.05. This represents a 21.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO David M. Obstler sold 35,016 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $117.40, for a total value of $4,110,878.40. Following the completion of the transaction, the chief financial officer owned 399,270 shares in the company, valued at $46,874,298. This represents a 8.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 968,861 shares of company stock valued at $119,264,653 in the last ninety days. 8.70% of the stock is currently owned by corporate insiders.

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.