Canaccord Genuity Group Cuts Datadog (NASDAQ:DDOG) Price Target to $145.00

Datadog (NASDAQ:DDOG) had its target price trimmed by Canaccord Genuity Group from $150.00 to $145.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts have also recently issued reports on the stock. UBS Group reduced their price objective on shares of Datadog from $164.00 to $120.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. JMP Securities restated a “market perform” rating on shares of Datadog in a research report on Friday, February 14th. Stifel Nicolaus downgraded Datadog from a “buy” rating to a “hold” rating and dropped their price objective for the company from $165.00 to $140.00 in a report on Wednesday, January 29th. Wells Fargo & Company cut Datadog from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $152.00 to $140.00 in a report on Thursday, February 13th. Finally, Wolfe Research cut Datadog from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, February 18th. Seven analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $141.54.

Datadog Stock Down 1.2 %

DDOG stock opened at $107.88 on Wednesday. Datadog has a twelve month low of $81.63 and a twelve month high of $170.08. The company has a market cap of $36.98 billion, a P/E ratio of 211.53, a PEG ratio of 44.03 and a beta of 1.12. The business has a fifty day moving average of $100.20 and a 200-day moving average of $125.81.

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

Insider Activity

In other news, CRO Sean Michael Walters sold 8,454 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $102.04, for a total value of $862,646.16. Following the completion of the sale, the executive now owns 185,871 shares of the company’s stock, valued at approximately $18,966,276.84. This represents a 4.35 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Olivier Pomel sold 107,365 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $109.56, for a total transaction of $11,762,909.40. Following the completion of the transaction, the chief executive officer now directly owns 435,793 shares of the company’s stock, valued at $47,745,481.08. This represents a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 559,867 shares of company stock worth $57,550,902 in the last quarter. Corporate insiders own 11.78% of the company’s stock.

Institutional Trading of Datadog

A number of large investors have recently added to or reduced their stakes in the company. Proficio Capital Partners LLC bought a new position in Datadog during the fourth quarter worth about $14,884,000. ARK Investment Management LLC boosted its stake in shares of Datadog by 62.7% during the 4th quarter. ARK Investment Management LLC now owns 127,290 shares of the company’s stock worth $18,188,000 after acquiring an additional 49,050 shares during the period. Y Intercept Hong Kong Ltd increased its holdings in shares of Datadog by 140.1% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 53,116 shares of the company’s stock worth $7,590,000 after acquiring an additional 30,998 shares during the last quarter. Baillie Gifford & Co. raised its stake in Datadog by 15.8% in the 4th quarter. Baillie Gifford & Co. now owns 10,905,133 shares of the company’s stock valued at $1,558,234,000 after acquiring an additional 1,484,562 shares during the period. Finally, Cullen Frost Bankers Inc. lifted its holdings in Datadog by 3.5% during the 4th quarter. Cullen Frost Bankers Inc. now owns 72,489 shares of the company’s stock valued at $10,358,000 after purchasing an additional 2,451 shares during the last quarter. Institutional investors and hedge funds 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.