Royal Bank of Canada Issues Positive Forecast for Datadog (NASDAQ:DDOG) Stock Price

Datadog (NASDAQ:DDOG) had its target price boosted by Royal Bank of Canada from $151.00 to $170.00 in a research note issued to investors on Friday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other brokerages have also recently weighed in on DDOG. Rosenblatt Securities boosted their price objective on shares of Datadog from $140.00 to $148.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Barclays upped their price target on Datadog from $155.00 to $187.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Wedbush upgraded Datadog from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 17th. DA Davidson upped their target price on Datadog from $140.00 to $150.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, BMO Capital Markets boosted their price target on shares of Datadog from $135.00 to $145.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, one has given a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $157.74.

Datadog Price Performance

Datadog stock opened at $144.83 on Friday. The business has a 50 day moving average of $142.87 and a 200-day moving average of $127.12. Datadog has a 1 year low of $98.80 and a 1 year high of $170.08. The company has a market capitalization of $49.20 billion, a P/E ratio of 273.27, a P/E/G ratio of 20.27 and a beta of 1.11.

Insider Buying and Selling at Datadog

In other Datadog news, CEO Olivier Pomel sold 19,226 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $153.73, for a total value of $2,955,612.98. Following the completion of the sale, the chief executive officer now directly owns 379,693 shares of the company’s stock, valued at approximately $58,370,204.89. This represents a 4.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Amit Agarwal sold 25,000 shares of the stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $147.99, for a total transaction of $3,699,750.00. Following the completion of the sale, the president now owns 195,667 shares of the company’s stock, valued at approximately $28,956,759.33. This trade represents a 11.33 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 747,304 shares of company stock worth $102,834,812. Insiders own 11.78% of the company’s stock.

Hedge Funds Weigh In On Datadog

Several institutional investors have recently modified their holdings of the business. Los Angeles Capital Management LLC boosted its position in Datadog by 172.2% in the third quarter. Los Angeles Capital Management LLC now owns 38,841 shares of the company’s stock worth $4,469,000 after purchasing an additional 24,574 shares during the last quarter. Heritage Investors Management Corp purchased a new position in shares of Datadog in the 3rd quarter worth about $1,157,000. Atom Investors LP bought a new position in Datadog during the third quarter valued at about $1,112,000. Jennison Associates LLC increased its holdings in Datadog by 2.1% during the third quarter. Jennison Associates LLC now owns 6,273,348 shares of the company’s stock worth $721,811,000 after buying an additional 126,613 shares during the last quarter. Finally, Parnassus Investments LLC raised its position in Datadog by 28.4% in the third quarter. Parnassus Investments LLC now owns 185,329 shares of the company’s stock worth $21,324,000 after acquiring an additional 40,952 shares during the period. 78.29% of the stock is owned by 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.