Wedbush Reaffirms “Outperform” Rating for Datadog (NASDAQ:DDOG)

Wedbush restated their outperform rating on shares of Datadog (NASDAQ:DDOG) in a research note released on Wednesday,Benzinga reports. They currently have a $140.00 price target on the stock.

A number of other research firms have also recently weighed in on DDOG. Wells Fargo & Company cut their price objective on shares of Datadog from $140.00 to $115.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 7th. DA Davidson raised their price objective on shares of Datadog from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, May 5th. Rosenblatt Securities cut their price objective 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. Wolfe Research cut shares of Datadog from an “outperform” rating to a “peer perform” rating in a report on Tuesday, February 18th. Finally, Stifel Nicolaus set a $120.00 price objective on shares of Datadog in a report on Tuesday, May 6th. Six analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $142.25.

Datadog Stock Down 1.8%

Shares of Datadog stock opened at $120.45 on Wednesday. Datadog has a 52-week low of $81.63 and a 52-week high of $170.08. The company has a 50 day moving average of $108.01 and a 200 day moving average of $123.55. The company has a market capitalization of $41.60 billion, a P/E ratio of 236.18, a P/E/G ratio of 44.03 and a beta of 1.01.

Datadog (NASDAQ:DDOG) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.04. Datadog had a net margin of 6.85% and a return on equity of 8.28%. The company had revenue of $761.55 million during the quarter, compared to the consensus estimate of $741.73 million. During the same quarter in the previous year, the firm earned $0.44 earnings per share. The firm’s quarterly revenue was up 24.6% on a year-over-year basis. As a group, research analysts anticipate that Datadog will post 0.34 earnings per share for the current fiscal year.

Insider Activity at Datadog

In related news, General Counsel Kerry Acocella sold 5,099 shares of Datadog stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $116.84, for a total value of $595,767.16. Following the transaction, the general counsel now directly owns 115,490 shares in the company, valued at $13,493,851.60. This trade represents a 4.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Matthew Jacobson sold 47,306 shares of Datadog stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $107.40, for a total transaction of $5,080,664.40. Following the completion of the transaction, the director now owns 25,468 shares in the company, valued at approximately $2,735,263.20. This trade represents a 65.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 725,582 shares of company stock worth $80,913,097 in the last three months. Insiders own 8.70% of the company’s stock.

Hedge Funds Weigh In On Datadog

Hedge funds and other institutional investors have recently bought and sold shares of the company. OVERSEA CHINESE BANKING Corp Ltd grew its position in Datadog by 887.0% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 25,199 shares of the company’s stock valued at $25,000 after buying an additional 22,646 shares during the last quarter. Cornerstone Planning Group LLC boosted its position in shares of Datadog by 96.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 313 shares of the company’s stock worth $30,000 after purchasing an additional 154 shares in the last quarter. Costello Asset Management INC purchased a new stake in shares of Datadog during the 1st quarter worth $30,000. Putney Financial Group LLC purchased a new stake in shares of Datadog during the 4th quarter worth $32,000. Finally, Elequin Capital LP purchased a new stake in shares of Datadog during the 4th quarter worth $34,000. 78.29% of the stock is currently owned by hedge funds and other institutional investors.

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.