Mackenzie Financial Corp Decreases Stake in Datadog, Inc. (NASDAQ:DDOG)

Mackenzie Financial Corp lowered its stake in Datadog, Inc. (NASDAQ:DDOG - Free Report) by 55.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,893 shares of the company's stock after selling 31,649 shares during the period. Mackenzie Financial Corp's holdings in Datadog were worth $2,569,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Datadog by 32.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 15,506 shares of the company's stock worth $2,216,000 after buying an additional 3,760 shares during the last quarter. LBP AM SA increased its stake in shares of Datadog by 40.2% in the first quarter. LBP AM SA now owns 419,805 shares of the company's stock worth $41,649,000 after acquiring an additional 120,343 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of Datadog by 24.7% in the first quarter. Envestnet Asset Management Inc. now owns 787,344 shares of the company's stock worth $78,112,000 after acquiring an additional 156,152 shares during the period. Total Wealth Planning & Management Inc. acquired a new stake in shares of Datadog in the fourth quarter worth $314,000. Finally, Soros Fund Management LLC increased its stake in shares of Datadog by 14.3% in the fourth quarter. Soros Fund Management LLC now owns 192,190 shares of the company's stock worth $27,462,000 after acquiring an additional 24,100 shares during the period. Hedge funds and other institutional investors own 78.29% of the company's stock.

Insider Activity at Datadog

In other Datadog news, CEO Olivier Pomel sold 107,365 shares of Datadog stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $121.71, for a total transaction of $13,067,394.15. Following the transaction, the chief executive officer directly owned 548,715 shares of the company's stock, valued at $66,784,102.65. The trade was a 16.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David M. Obstler sold 35,016 shares of Datadog stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $117.40, for a total transaction of $4,110,878.40. Following the transaction, the chief financial officer directly owned 399,270 shares in the company, valued at $46,874,298. This trade represents a 8.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 968,861 shares of company stock valued at $119,264,653 over the last ninety days. Corporate insiders own 8.70% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on DDOG shares. Wedbush reiterated an "outperform" rating and issued a $140.00 price objective on shares of Datadog in a research note on Wednesday, June 11th. BTIG Research set a $136.00 price objective on shares of Datadog and gave the stock a "buy" rating in a research note on Tuesday, May 6th. UBS Group increased their price objective on shares of Datadog from $140.00 to $165.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Bank of America increased their price objective on shares of Datadog from $150.00 to $175.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Finally, Rosenblatt Securities cut their price objective on shares of Datadog from $160.00 to $150.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $146.79.

Datadog Stock Performance

NASDAQ:DDOG opened at $135.60 on Friday. The company's 50-day moving average price is $133.30 and its 200-day moving average price is $120.87. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 0.34. The company has a market cap of $46.83 billion, a P/E ratio of 294.79, a P/E/G ratio of 74.57 and a beta of 1.02. Datadog, Inc. has a twelve month low of $81.63 and a twelve month high of $170.08.

Datadog (NASDAQ:DDOG - Get Free Report) last posted its quarterly 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. 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 the consensus estimate of $741.73 million. During the same period last year, the firm posted $0.44 earnings per share. The company's revenue for the quarter was up 24.6% on a year-over-year basis. On average, sell-side analysts forecast that Datadog, Inc. will post 0.34 earnings per share for the current fiscal 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.

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