Russell Investments Group Ltd. Acquires 390,199 Shares of Datadog, Inc. (NASDAQ:DDOG)

Key Points

• Russell Investments Group Ltd. increased its stake in Datadog, Inc. by 188.1%, owning 597,592 shares valued at approximately $59.32 million by the end of the most recent quarter.
• Institutional investors own about 78.29% of Datadog's stock, with several firms increasing their stakes in the fourth quarter of 2023.
• Datadog reported a quarterly revenue increase of 28.1% year-over-year, with earnings per share at $0.46, exceeding analyst expectations by $0.05.

Russell Investments Group Ltd. grew its position in shares of Datadog, Inc. (NASDAQ:DDOG - Free Report) by 188.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 597,592 shares of the company's stock after buying an additional 390,199 shares during the quarter. Russell Investments Group Ltd. owned 0.17% of Datadog worth $59,322,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in Datadog by 887.0% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 25,199 shares of the company's stock worth $25,000 after purchasing an additional 22,646 shares during the last quarter. Cornerstone Planning Group LLC boosted its holdings in Datadog by 96.9% in the first quarter. Cornerstone Planning Group LLC now owns 313 shares of the company's stock worth $30,000 after purchasing an additional 154 shares during the last quarter. Costello Asset Management INC purchased a new stake in Datadog in the first quarter worth approximately $30,000. Putney Financial Group LLC purchased a new stake in Datadog in the fourth quarter worth approximately $32,000. Finally, Elequin Capital LP purchased a new stake in Datadog in the fourth quarter worth approximately $34,000. Hedge funds and other institutional investors own 78.29% of the company's stock.

Insider Buying and Selling

In other news, Director Shardul Shah sold 7,924 shares of the business's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $140.80, for a total value of $1,115,699.20. Following the sale, the director directly owned 380,281 shares in the company, valued at $53,543,564.80. The trade was a 2.04% decrease in their position. 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 the business's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $150.00, for a total transaction of $1,420,350.00. Following the completion of the sale, the executive owned 212,324 shares in the company, valued at approximately $31,848,600. This trade represents a 4.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 846,051 shares of company stock worth $107,936,283 in the last 90 days. 8.70% of the stock is owned by company insiders.

Datadog Price Performance

NASDAQ DDOG traded up $2.73 on Friday, reaching $127.25. The company had a trading volume of 4,565,628 shares, compared to its average volume of 5,961,600. The company has a quick ratio of 2.74, a current ratio of 3.43 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $44.38 billion, a PE ratio of 363.58, a price-to-earnings-growth ratio of 59.60 and a beta of 1.02. The firm's 50 day moving average price is $135.95 and its 200 day moving average price is $120.36. Datadog, Inc. has a 12 month low of $81.63 and a 12 month high of $170.08.

Datadog (NASDAQ:DDOG - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $0.05. The company had revenue of $826.76 million for the quarter, compared to the consensus estimate of $791.72 million. Datadog had a net margin of 4.13% and a return on equity of 5.04%. Datadog's revenue for the quarter was up 28.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.43 EPS. As a group, equities analysts predict that Datadog, Inc. will post 0.34 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on DDOG. Canaccord Genuity Group set a $160.00 target price on shares of Datadog and gave the stock a "buy" rating in a report on Friday, August 8th. Rosenblatt Securities dropped their price target 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. DA Davidson set a $160.00 price target on shares of Datadog and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Sanford C. Bernstein reiterated an "outperform" rating on shares of Datadog in a research note on Friday, August 8th. Finally, Wells Fargo & Company dropped their price target on shares of Datadog from $140.00 to $115.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $152.93.

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.