Covington Capital Management Sells 150 Shares of Datadog, Inc. (NASDAQ:DDOG)

Covington Capital Management cut its stake in Datadog, Inc. (NASDAQ:DDOGGet Rating) by 21.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 545 shares of the company’s stock after selling 150 shares during the period. Covington Capital Management’s holdings in Datadog were worth $52,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Green Alpha Advisors LLC grew its holdings in shares of Datadog by 76.8% in the second quarter. Green Alpha Advisors LLC now owns 7,887 shares of the company’s stock worth $751,000 after purchasing an additional 3,427 shares during the last quarter. Amalgamated Bank grew its holdings in Datadog by 26.7% during the 1st quarter. Amalgamated Bank now owns 28,582 shares of the company’s stock worth $4,329,000 after acquiring an additional 6,026 shares in the last quarter. Stelac Advisory Services LLC bought a new position in Datadog during the 1st quarter worth about $106,000. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in Datadog by 58.3% during the 1st quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,900 shares of the company’s stock worth $288,000 after acquiring an additional 700 shares in the last quarter. Finally, American Trust grew its holdings in Datadog by 24.2% during the 1st quarter. American Trust now owns 8,482 shares of the company’s stock worth $1,285,000 after acquiring an additional 1,650 shares in the last quarter. 71.98% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

DDOG has been the topic of several recent research reports. Needham & Company LLC dropped their target price on shares of Datadog from $145.00 to $135.00 and set a “buy” rating on the stock in a report on Friday, August 5th. Mizuho dropped their target price on shares of Datadog from $150.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, August 5th. Sanford C. Bernstein began coverage on shares of Datadog in a research report on Tuesday, July 19th. They set an “outperform” rating and a $172.00 price target for the company. Raymond James decreased their price target on shares of Datadog from $170.00 to $140.00 and set an “outperform” rating for the company in a research report on Friday, August 5th. Finally, Rosenblatt Securities decreased their price target on shares of Datadog from $180.00 to $146.00 and set a “buy” rating for the company in a research report on Friday, July 29th. Five research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $150.05.

Insider Buying and Selling

In other news, insider Amit Agarwal sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, July 8th. The shares were sold at an average price of $104.88, for a total transaction of $262,200.00. Following the sale, the insider now owns 184,833 shares of the company’s stock, valued at approximately $19,385,285.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO David M. Obstler sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $100.25, for a total transaction of $501,250.00. Following the sale, the chief financial officer now owns 209,810 shares of the company’s stock, valued at approximately $21,033,452.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Amit Agarwal sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, July 8th. The stock was sold at an average price of $104.88, for a total transaction of $262,200.00. Following the sale, the insider now directly owns 184,833 shares in the company, valued at approximately $19,385,285.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 94,052 shares of company stock worth $10,159,510. 15.80% of the stock is owned by company insiders.

Datadog Price Performance

Shares of NASDAQ:DDOG opened at $93.80 on Tuesday. Datadog, Inc. has a twelve month low of $81.12 and a twelve month high of $199.68. The company’s 50 day moving average is $102.00 and its 200 day moving average is $111.13. The company has a current ratio of 3.31, a quick ratio of 3.31 and a debt-to-equity ratio of 0.61. The company has a market cap of $29.68 billion, a PE ratio of 9,389.39 and a beta of 1.13.

Datadog (NASDAQ:DDOGGet Rating) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.10. Datadog had a net margin of 0.48% and a return on equity of 2.24%. The company had revenue of $406.14 million for the quarter, compared to the consensus estimate of $381.28 million. During the same quarter in the prior year, the company earned ($0.02) EPS. Datadog’s quarterly revenue was up 73.9% on a year-over-year basis. On average, sell-side analysts forecast that Datadog, Inc. will post -0.14 EPS for the current year.

About Datadog

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Datadog, Inc provides monitoring and analytics platform for developers, information technology operations teams, and business users in the cloud in North America and internationally. The company's SaaS platform integrates and automates infrastructure monitoring, application performance monitoring, log management, and security monitoring to provide real-time observability of its customers technology stack.

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Institutional Ownership by Quarter for Datadog (NASDAQ:DDOG)

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