Datadog (NASDAQ:DDOG) Shares Gap Up – Here’s What Happened

Datadog, Inc. (NASDAQ:DDOG)’s share price gapped up prior to trading on Friday . The stock had previously closed at $143.86, but opened at $148.50. Datadog shares last traded at $150.27, with a volume of 2,442,186 shares traded.

Analyst Upgrades and Downgrades

DDOG has been the subject of several analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $151.00 price objective on shares of Datadog in a research report on Friday, August 9th. Wedbush upgraded Datadog from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 17th. BTIG Research upgraded Datadog from a “neutral” rating to a “buy” rating and set a $143.00 target price on the stock in a research report on Thursday, August 1st. Monness Crespi & Hardt upgraded Datadog from a “neutral” rating to a “buy” rating and set a $155.00 price target on the stock in a research report on Thursday, November 7th. Finally, Barclays boosted their price target on Datadog from $140.00 to $155.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Datadog presently has a consensus rating of “Moderate Buy” and an average price target of $150.96.

Datadog Trading Up 7.6 %

The company has a market cap of $52.60 billion, a PE ratio of 292.14, a price-to-earnings-growth ratio of 18.83 and a beta of 1.10. The business has a 50 day simple moving average of $124.21 and a two-hundred day simple moving average of $120.03.

Insiders Place Their Bets

In related news, President Amit Agarwal sold 150,000 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $126.03, for a total value of $18,904,500.00. Following the completion of the sale, the president now directly owns 214,275 shares in the company, valued at approximately $27,005,078.25. This represents a 41.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Jacobson sold 9,256 shares of the stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $108.05, for a total value of $1,000,110.80. Following the completion of the sale, the director now owns 48,411 shares of the company’s stock, valued at approximately $5,230,808.55. This represents a 16.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 541,491 shares of company stock valued at $68,927,496 in the last quarter. 11.78% of the stock is currently owned by company insiders.

Institutional Trading of Datadog

Several large investors have recently modified their holdings of DDOG. SouthState Corp bought a new stake in shares of Datadog during the second quarter valued at approximately $26,000. True Wealth Design LLC grew its position in Datadog by 12,000.0% during the 3rd quarter. True Wealth Design LLC now owns 242 shares of the company’s stock worth $28,000 after purchasing an additional 240 shares in the last quarter. Meeder Asset Management Inc. grew its position in Datadog by 66.5% during the 3rd quarter. Meeder Asset Management Inc. now owns 288 shares of the company’s stock worth $33,000 after purchasing an additional 115 shares in the last quarter. Quarry LP purchased a new position in Datadog during the 3rd quarter worth approximately $33,000. Finally, Blue Trust Inc. purchased a new position in Datadog during the 2nd quarter worth approximately $37,000. 78.29% of the stock is currently owned by institutional investors and hedge funds.

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.