Wedbush Upgrades Datadog (NASDAQ:DDOG) to Strong-Buy

Datadog (NASDAQ:DDOG) was upgraded by equities researchers at Wedbush from a “buy” rating to a “strong-buy” rating in a report issued on Thursday, MarketBeat reports.

Other research analysts have also issued research reports about the company. Needham & Company LLC reduced their price objective on Datadog from $165.00 to $140.00 and set a “buy” rating for the company in a research report on Friday, August 9th. DA Davidson raised Datadog from a “neutral” rating to a “buy” rating and raised their price objective for the company from $115.00 to $140.00 in a research report on Tuesday, October 1st. Loop Capital reaffirmed a “buy” rating and set a $160.00 price objective on shares of Datadog in a research report on Friday, July 5th. BNP Paribas assumed coverage on Datadog in a research report on Tuesday, October 8th. They set an “outperform” rating and a $150.00 price objective for the company. Finally, BMO Capital Markets reduced their price objective on Datadog from $140.00 to $132.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $142.11.

Datadog Stock Up 1.5 %

DDOG opened at $128.12 on Thursday. The stock has a market cap of $42.86 billion, a PE ratio of 400.38, a PEG ratio of 22.85 and a beta of 1.11. The business has a 50 day moving average of $116.58 and a 200-day moving average of $119.45. Datadog has a 52 week low of $77.81 and a 52 week high of $138.61.

Datadog (NASDAQ:DDOG) last released its earnings results on Thursday, August 8th. The company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.06. The company had revenue of $645.28 million during the quarter, compared to analysts’ expectations of $624.92 million. Datadog had a return on equity of 9.01% and a net margin of 6.81%. The firm’s revenue for the quarter was up 26.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.36 EPS. Equities analysts anticipate that Datadog will post 0.42 EPS for the current year.

Insider Buying and Selling

In related news, CRO Sean Michael Walters sold 2,322 shares of Datadog stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $125.00, for a total value of $290,250.00. Following the completion of the sale, the executive now owns 183,512 shares of the company’s stock, valued at $22,939,000. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Olivier Pomel sold 85,637 shares of Datadog stock in a transaction on Monday, August 5th. The stock was sold at an average price of $104.21, for a total transaction of $8,924,231.77. Following the transaction, the chief executive officer now directly owns 405,314 shares in the company, valued at approximately $42,237,771.94. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Sean Michael Walters sold 2,322 shares of Datadog stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $125.00, for a total value of $290,250.00. Following the transaction, the executive now owns 183,512 shares in the company, valued at $22,939,000. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 529,928 shares of company stock valued at $63,079,091 over the last 90 days. Company insiders own 11.78% of the company’s stock.

Hedge Funds Weigh In On Datadog

Several institutional investors and hedge funds have recently bought and sold shares of DDOG. Riverview Trust Co purchased a new position in shares of Datadog in the first quarter valued at about $26,000. SouthState Corp purchased a new position in shares of Datadog in the second quarter valued at about $26,000. Blue Trust Inc. purchased a new position in shares of Datadog in the second quarter valued at about $37,000. EverSource Wealth Advisors LLC lifted its position in shares of Datadog by 70.2% in the first quarter. EverSource Wealth Advisors LLC now owns 308 shares of the company’s stock valued at $39,000 after acquiring an additional 127 shares in the last quarter. Finally, American National Bank & Trust purchased a new position in shares of Datadog in the third quarter valued at about $39,000. 78.29% of the stock is currently owned by hedge funds and other institutional investors.

About Datadog

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.