Sumitomo Life Insurance Co. Boosts Stock Holdings in Datadog, Inc. (NASDAQ:DDOG)

Sumitomo Life Insurance Co. raised its holdings in shares of Datadog, Inc. (NASDAQ:DDOG - Free Report) by 10.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,811 shares of the company's stock after buying an additional 2,213 shares during the period. Sumitomo Life Insurance Co.'s holdings in Datadog were worth $2,263,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of 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 period. SBI Securities Co. Ltd. boosted its position in shares of Datadog by 315.5% in the first quarter. SBI Securities Co. Ltd. now owns 36,036 shares of the company's stock worth $3,575,000 after purchasing an additional 27,364 shares during the period. Apollon Wealth Management LLC boosted its position in shares of Datadog by 13.2% in the first quarter. Apollon Wealth Management LLC now owns 6,056 shares of the company's stock worth $601,000 after purchasing an additional 705 shares during the period. Slow Capital Inc. boosted its position in shares of Datadog by 124.0% in the first quarter. Slow Capital Inc. now owns 60,223 shares of the company's stock worth $5,975,000 after purchasing an additional 33,332 shares during the period. Finally, Edgestream Partners L.P. boosted its position in shares of Datadog by 1,088.6% in the first quarter. Edgestream Partners L.P. now owns 48,531 shares of the company's stock worth $4,815,000 after purchasing an additional 44,448 shares during the period. 78.29% of the stock is currently owned by institutional investors.

Datadog Trading Down 0.9%

DDOG traded down $1.20 on Wednesday, reaching $139.36. 4,044,083 shares of the company traded hands, compared to its average volume of 5,004,456. Datadog, Inc. has a one year low of $81.63 and a one year high of $170.08. The firm has a fifty day simple moving average of $125.32 and a two-hundred day simple moving average of $120.62. The company has a market cap of $48.13 billion, a P/E ratio of 302.96, a price-to-earnings-growth ratio of 76.33 and a beta of 1.03. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 0.34.

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Wells Fargo & Company dropped their price target on shares of Datadog from $140.00 to $115.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 7th. Scotiabank set a $130.00 price target on shares of Datadog and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Needham & Company LLC set a $140.00 target price on shares of Datadog and gave the stock a "buy" rating in a research report on Thursday, June 12th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $119.00 target price on shares of Datadog in a research note on Wednesday, May 7th. Finally, Stifel Nicolaus boosted their price target on shares of Datadog from $120.00 to $135.00 and gave the stock a "hold" rating in a research note on Thursday, June 26th. One investment 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $145.34.

Insider Activity at Datadog

In related news, CEO Olivier Pomel sold 32,924 shares of Datadog stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $146.05, for a total transaction of $4,808,550.20. Following the completion of the sale, the chief executive officer owned 548,715 shares in the company, valued at $80,139,825.75. This trade represents a 5.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Shardul Shah sold 7,916 shares of the firm's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $120.86, for a total transaction of $956,727.76. Following the transaction, the director directly owned 388,205 shares in the company, valued at $46,918,456.30. This trade represents a 2.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 866,806 shares of company stock worth $104,910,027 over the last ninety days. 8.70% of the stock is currently owned by company insiders.

About Datadog

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.