State of Michigan Retirement System Makes New $12.45 Million Investment in Datadog, Inc. $DDOG

State of Michigan Retirement System acquired a new position in shares of Datadog, Inc. (NASDAQ:DDOG) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 87,400 shares of the company’s stock, valued at approximately $12,446,000.

A number of other institutional investors also recently modified their holdings of DDOG. Westside Investment Management Inc. increased its stake in Datadog by 74.3% in the third quarter. Westside Investment Management Inc. now owns 176 shares of the company’s stock valued at $27,000 after purchasing an additional 75 shares in the last quarter. Tripletail Wealth Management LLC bought a new position in shares of Datadog during the 3rd quarter worth about $28,000. Physician Wealth Advisors Inc. grew its stake in shares of Datadog by 315.2% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 191 shares of the company’s stock valued at $27,000 after buying an additional 145 shares during the period. Hazlett Burt & Watson Inc. bought a new stake in Datadog in the 3rd quarter valued at about $28,000. Finally, Steigerwald Gordon & Koch Inc. acquired a new position in Datadog during the 3rd quarter worth approximately $40,000. Institutional investors and hedge funds own 78.29% of the company’s stock.

Datadog Stock Up 4.6%

DDOG stock opened at $111.69 on Monday. The stock has a market cap of $39.17 billion, a P/E ratio of 360.29, a P/E/G ratio of 19.95 and a beta of 1.27. The company has a current ratio of 3.66, a quick ratio of 3.66 and a debt-to-equity ratio of 0.29. The stock’s fifty day simple moving average is $135.28 and its two-hundred day simple moving average is $144.43. Datadog, Inc. has a 1-year low of $81.63 and a 1-year high of $201.69.

Datadog (NASDAQ:DDOG) last released its earnings results on Thursday, November 6th. The company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.10. Datadog had a net margin of 3.32% and a return on equity of 4.14%. The firm had revenue of $885.65 million during the quarter, compared to the consensus estimate of $852.77 million. During the same period in the prior year, the firm earned $0.46 EPS. The company’s revenue was up 28.4% compared to the same quarter last year. Analysts expect that Datadog, Inc. will post 0.34 EPS for the current year.

Analyst Ratings Changes

DDOG has been the subject of several recent research reports. Canadian Imperial Bank of Commerce upgraded Datadog from a “neutral” rating to a “sector outperform” rating and set a $240.00 price objective for the company in a report on Friday, November 7th. Wolfe Research decreased their price target on shares of Datadog from $240.00 to $185.00 and set an “outperform” rating for the company in a research note on Monday, December 15th. Sanford C. Bernstein restated an “outperform” rating on shares of Datadog in a report on Wednesday, January 21st. Bank of America lifted their price objective on shares of Datadog from $180.00 to $215.00 and gave the company a “buy” rating in a report on Friday, November 7th. Finally, Jefferies Financial Group decreased their target price on shares of Datadog from $180.00 to $160.00 and set a “buy” rating for the company in a research report on Friday. Thirty-six analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $186.38.

Insiders Place Their Bets

In related news, General Counsel Kerry Acocella sold 5,018 shares of the company’s stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $158.60, for a total transaction of $795,854.80. Following the sale, the general counsel directly owned 88,401 shares in the company, valued at approximately $14,020,398.60. This represents a 5.37% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CTO Alexis Le-Quoc sold 32,418 shares of the stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $140.99, for a total value of $4,570,613.82. Following the sale, the chief technology officer owned 301,458 shares in the company, valued at approximately $42,502,563.42. This represents a 9.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 624,639 shares of company stock worth $103,844,778 in the last ninety days. 8.70% of the stock is owned by corporate insiders.

Datadog Profile

Datadog (NASDAQ: DDOG) is a cloud-based monitoring and observability platform that helps organizations monitor, troubleshoot and secure their applications and infrastructure at scale. Its software-as-a-service offering collects and analyzes metrics, traces and logs from servers, containers, cloud services and applications to provide real-time visibility into system performance and health. Datadog’s platform is widely used by engineering, operations and security teams to reduce downtime, accelerate incident response and improve application reliability.

The company’s product suite includes infrastructure monitoring, application performance monitoring (APM), log management, real user monitoring (RUM), synthetic monitoring and network performance monitoring, along with security-focused products such as security monitoring and cloud SIEM.