Principal Financial Group Inc. Cuts Stock Position in Datadog, Inc. (NASDAQ:DDOG)

Principal Financial Group Inc. decreased its position in shares of Datadog, Inc. (NASDAQ:DDOG - Free Report) by 40.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 197,157 shares of the company's stock after selling 134,181 shares during the period. Principal Financial Group Inc. owned approximately 0.06% of Datadog worth $19,560,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in DDOG. Putney Financial Group LLC purchased a new position in shares of Datadog during the fourth quarter valued at about $32,000. Elequin Capital LP purchased a new position in shares of Datadog during the fourth quarter valued at about $34,000. Opal Wealth Advisors LLC purchased a new position in shares of Datadog during the first quarter valued at about $37,000. Center for Financial Planning Inc. grew its position in shares of Datadog by 1,189.7% during the first quarter. Center for Financial Planning Inc. now owns 374 shares of the company's stock valued at $37,000 after purchasing an additional 345 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its position in shares of Datadog by 74.0% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 381 shares of the company's stock valued at $38,000 after purchasing an additional 162 shares in the last quarter. Hedge funds and other institutional investors own 78.29% of the company's stock.

Datadog Stock Performance

Shares of NASDAQ:DDOG opened at $137.49 on Friday. The firm has a market cap of $47.48 billion, a PE ratio of 298.90, a price-to-earnings-growth ratio of 78.97 and a beta of 1.03. The firm's 50 day simple moving average is $123.32 and its 200-day simple moving average is $120.99. Datadog, Inc. has a one year low of $81.63 and a one year high of $170.08. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.74 and a current ratio of 2.74.

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

Insiders Place Their Bets

In related news, CTO Alexis Le-Quoc sold 127,105 shares of the company's stock in a transaction on Wednesday, May 7th. The stock was 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 in the company, valued at $49,373,399.05. This represents a 21.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO David M. Obstler sold 35,016 shares of the business's 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 completion of the transaction, the chief financial officer owned 399,270 shares of the company's stock, 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. In the last three months, insiders sold 866,806 shares of company stock worth $104,910,027. Insiders own 8.70% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on DDOG. Royal Bank Of Canada restated an "outperform" rating and set a $119.00 price objective on shares of Datadog in a research report on Wednesday, May 7th. Canaccord Genuity Group cut their price objective on Datadog from $150.00 to $145.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Macquarie dropped their price target on Datadog from $175.00 to $140.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Stifel Nicolaus lifted their price target on Datadog from $120.00 to $135.00 and gave the stock a "hold" rating in a research report on Thursday, June 26th. Finally, Guggenheim reiterated a "sell" rating and issued a $105.00 price target on shares of Datadog in a research report on Tuesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $144.27.

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.

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