Scotiabank Issues Positive Forecast for Datadog (NASDAQ:DDOG) Stock Price

Key Points

• Scotiabank raised its target price for Datadog (NASDAQ:DDOG) from $130 to $150, suggesting a potential upside of 14.72% from the company's previous close, while maintaining a "sector outperform" rating on the stock.
• The stock is currently trading at $130.75, down 4.1%, with recent trading volumes significantly above its average.
• Multiple analysts have positive ratings on Datadog, with 24 buy ratings, reflecting strong investor confidence despite some recent insider selling.

Datadog (NASDAQ:DDOG - Get Free Report) had its target price boosted by equities researchers at Scotiabank from $130.00 to $150.00 in a report released on Friday,Benzinga reports. The brokerage presently has a "sector outperform" rating on the stock. Scotiabank's price target would indicate a potential upside of 14.72% from the company's previous close.

A number of other equities research analysts also recently issued reports on the stock. Stifel Nicolaus upped their price objective on shares of Datadog from $120.00 to $135.00 and gave the stock a "hold" rating in a research report on Thursday, June 26th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $119.00 price objective on shares of Datadog in a research report on Wednesday, May 7th. Mizuho upped their price objective on shares of Datadog from $145.00 to $155.00 and gave the stock an "outperform" rating in a research report on Friday. Wolfe Research raised shares of Datadog from a "peer perform" rating to an "outperform" rating and set a $150.00 price objective for the company in a research report on Thursday, June 12th. Finally, Bank of America upped their price objective on shares of Datadog from $150.00 to $175.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $151.21.

Datadog Stock Down 4.1%

Shares of DDOG traded down $5.63 on Friday, reaching $130.75. The company's stock had a trading volume of 8,659,250 shares, compared to its average volume of 5,931,564. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 0.34. Datadog has a twelve month low of $81.63 and a twelve month high of $170.08. The stock has a market capitalization of $45.16 billion, a PE ratio of 284.30, a PEG ratio of 75.32 and a beta of 1.02. The firm has a fifty day moving average of $134.90 and a 200-day moving average of $120.94.

Datadog (NASDAQ:DDOG - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.05. Datadog had a net margin of 5.85% and a return on equity of 6.39%. The company had revenue of $826.76 million for the quarter, compared to analyst estimates of $791.72 million. During the same quarter in the prior year, the business posted $0.43 EPS. The firm's revenue was up 28.1% compared to the same quarter last year. Equities analysts predict that Datadog will post 0.34 EPS for the current year.

Insider Buying and Selling at Datadog

In related news, CFO David M. Obstler sold 15,000 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $147.43, for a total transaction of $2,211,450.00. Following the sale, the chief financial officer owned 399,270 shares of the company's stock, valued at approximately $58,864,376.10. This represents a 3.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Shardul Shah sold 7,924 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $140.80, for a total transaction of $1,115,699.20. Following the completion of the transaction, the director directly owned 380,281 shares of the company's stock, valued at approximately $53,543,564.80. This represents a 2.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 835,918 shares of company stock worth $106,308,669 in the last ninety days. Insiders own 8.70% of the company's stock.

Hedge Funds Weigh In On Datadog

A number of hedge funds and other institutional investors have recently bought and sold shares of DDOG. Vanguard Group Inc. lifted its holdings in shares of Datadog by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 31,413,032 shares of the company's stock worth $3,116,487,000 after acquiring an additional 1,058,803 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in shares of Datadog by 12.6% in the 1st quarter. Baillie Gifford & Co. now owns 12,274,655 shares of the company's stock worth $1,217,769,000 after acquiring an additional 1,369,522 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Datadog by 259.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,658,340 shares of the company's stock worth $858,994,000 after acquiring an additional 6,250,942 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Datadog by 23.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,729,254 shares of the company's stock worth $667,611,000 after buying an additional 1,261,065 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Datadog by 4.3% in the second quarter. Geode Capital Management LLC now owns 5,827,784 shares of the company's stock worth $780,727,000 after buying an additional 242,273 shares during the period. Hedge funds and other institutional investors own 78.29% of the company's stock.

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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