Westfield Capital Management Co. LP Grows Position in Datadog, Inc. (NASDAQ:DDOG)

Key Points

• Westfield Capital Management Co. LP increased its stake in Datadog, Inc. by 13.1%, holding 640,549 shares worth $63.5 million at the end of the 1st quarter.
• Datadog reported a 24.6% year-over-year revenue increase to $761.55 million, along with earnings per share of $0.46, exceeding analyst expectations.
• Insiders sold 968,861 shares of Datadog stock worth approximately $119 million in the last quarter, indicating a significant decrease in insider ownership.

Westfield Capital Management Co. LP lifted its position in shares of Datadog, Inc. (NASDAQ:DDOG - Free Report) by 13.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 640,549 shares of the company's stock after purchasing an additional 74,141 shares during the period. Westfield Capital Management Co. LP owned 0.19% of Datadog worth $63,549,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of DDOG. Brighton Jones LLC bought a new position in shares of Datadog during the fourth quarter valued at approximately $209,000. Alliancebernstein L.P. raised its position in shares of Datadog by 138.9% in the 4th quarter. Alliancebernstein L.P. now owns 282,285 shares of the company's stock worth $40,336,000 after purchasing an additional 164,106 shares during the last quarter. Resona Asset Management Co. Ltd. bought a new position in Datadog in the 4th quarter worth about $12,010,000. KCM Investment Advisors LLC bought a new stake in Datadog during the 4th quarter valued at about $286,000. Finally, Sit Investment Associates Inc. raised its holdings in Datadog by 4.8% in the fourth quarter. Sit Investment Associates Inc. now owns 26,825 shares of the company's stock worth $3,833,000 after buying an additional 1,225 shares during the last quarter. Hedge funds and other institutional investors own 78.29% of the company's stock.

Insider Transactions at Datadog

In other Datadog news, Director Amit Agarwal sold 25,000 shares of the business's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $117.02, for a total transaction of $2,925,500.00. Following the completion of the sale, the director directly owned 76,052 shares in the company, valued at approximately $8,899,605.04. The trade was a 24.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Alexis Le-Quoc sold 127,105 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $119.96, for a total value of $15,247,515.80. Following the completion of the transaction, the chief technology officer owned 452,769 shares in the company, valued at $54,314,169.24. This represents a 21.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 794,450 shares of company stock worth $100,732,467 in the last ninety days. 8.70% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. BTIG Research set a $136.00 target price on Datadog and gave the stock a "buy" rating in a report on Tuesday, May 6th. DA Davidson set a $160.00 price objective on shares of Datadog and gave the stock a "buy" rating in a research note on Tuesday. Barclays raised their target price on Datadog from $128.00 to $170.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. Rosenblatt Securities lowered their price target on shares of Datadog from $160.00 to $150.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $119.00 price objective on shares of Datadog in a research note on Wednesday, May 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-four have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $148.86.

Datadog Stock Performance

NASDAQ DDOG traded up $4.02 on Wednesday, hitting $136.96. 7,375,356 shares of the company traded hands, compared to its average volume of 5,180,932. The business's 50 day moving average price is $134.10 and its 200-day moving average price is $120.85. 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. The company has a market capitalization of $47.30 billion, a price-to-earnings ratio of 297.75, a P/E/G ratio of 73.11 and a beta of 1.02.

Datadog (NASDAQ:DDOG - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.04. The firm 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 was up 24.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.44 earnings per share. Equities analysts expect that Datadog, Inc. will post 0.34 earnings per share for the current year.

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.