Wedbush Reaffirms “Outperform” Rating for Datadog (NASDAQ:DDOG)

Datadog (NASDAQ:DDOG)‘s stock had its “outperform” rating restated by analysts at Wedbush in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $140.00 target price on the stock. Wedbush’s target price suggests a potential upside of 14.12% from the company’s current price.

Several other brokerages have also recently weighed in on DDOG. Royal Bank of Canada reaffirmed an “outperform” rating and set a $119.00 price objective on shares of Datadog in a report on Wednesday, May 7th. Rosenblatt Securities decreased their price target on Datadog from $160.00 to $150.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. DA Davidson raised their price target on Datadog from $115.00 to $125.00 and gave the company a “buy” rating in a report on Monday, May 5th. Macquarie reduced their price objective on Datadog from $175.00 to $140.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 7th. Finally, UBS Group increased their target price on Datadog from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, May 7th. Six equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $142.25.

Datadog Price Performance

Datadog stock opened at $122.68 on Wednesday. The firm has a market capitalization of $42.37 billion, a P/E ratio of 240.55, a P/E/G ratio of 44.03 and a beta of 1.01. The stock has a fifty day moving average price of $107.34 and a two-hundred day moving average price of $123.79. Datadog has a 52-week low of $81.63 and a 52-week high of $170.08.

Datadog (NASDAQ:DDOG) last posted its earnings results 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 business had revenue of $761.55 million for the quarter, compared to analyst estimates of $741.73 million. Datadog had a net margin of 6.85% and a return on equity of 8.28%. The firm’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.44 EPS. On average, equities research analysts predict that Datadog will post 0.34 EPS for the current fiscal year.

Insider Activity at Datadog

In other news, CFO David M. Obstler sold 35,016 shares of the business’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $117.40, for a total transaction of $4,110,878.40. Following the completion of the transaction, the chief financial officer now directly owns 399,270 shares in the company, valued at approximately $46,874,298. The trade was a 8.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Olivier Pomel sold 107,365 shares of the company’s stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $87.33, for a total value of $9,376,185.45. Following the completion of the sale, the chief executive officer now directly owns 563,598 shares of the company’s stock, valued at approximately $49,219,013.34. This trade represents a 16.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 700,582 shares of company stock worth $77,926,597 over the last ninety days. Company insiders own 8.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Inspire Investing LLC increased its stake in Datadog by 70.4% in the first quarter. Inspire Investing LLC now owns 3,078 shares of the company’s stock valued at $305,000 after purchasing an additional 1,272 shares in the last quarter. DLD Asset Management LP acquired a new position in shares of Datadog in the 1st quarter valued at $1,379,000. Siren L.L.C. increased its position in shares of Datadog by 55.9% in the 1st quarter. Siren L.L.C. now owns 47,425 shares of the company’s stock valued at $4,705,000 after buying an additional 17,000 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in Datadog by 17.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 769 shares of the company’s stock worth $76,000 after buying an additional 115 shares during the period. Finally, IFM Investors Pty Ltd raised its stake in Datadog by 2.8% during the 1st quarter. IFM Investors Pty Ltd now owns 50,669 shares of the company’s stock worth $5,027,000 after buying an additional 1,387 shares during the period. Institutional investors own 78.29% of the company’s stock.

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.