Datadog, Inc. (NASDAQ:DDOG) Sees Large Drop in Short Interest

Datadog, Inc. (NASDAQ:DDOG) was the recipient of a large drop in short interest during the month of May. As of May 31st, there was short interest totalling 7,230,000 shares, a drop of 25.2% from the May 15th total of 9,660,000 shares. Based on an average daily trading volume, of 4,950,000 shares, the short-interest ratio is currently 1.5 days. Approximately 2.4% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Scotiabank set a $130.00 target price on Datadog and gave the company an “outperform” rating in a report on Wednesday, May 7th. UBS Group raised their target price on Datadog from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, June 11th. BTIG Research set a $136.00 target price on Datadog and gave the company a “buy” rating in a report on Tuesday, May 6th. Royal Bank Of Canada reiterated an “outperform” rating and set a $119.00 target price on shares of Datadog in a report on Wednesday, May 7th. Finally, DA Davidson raised their target price on Datadog from $115.00 to $125.00 and gave the company a “buy” rating in a report on Monday, May 5th. Six analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, Datadog currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.52.

Insiders Place Their Bets

In other news, COO Adam Blitzer sold 15,603 shares of the firm’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $116.84, for a total value of $1,823,054.52. Following the transaction, the chief operating officer now directly owns 212,969 shares in the company, valued at $24,883,297.96. This trade represents a 6.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Sean Michael Walters sold 9,468 shares of the firm’s stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $125.00, for a total value of $1,183,500.00. Following the completion of the transaction, the executive now owns 221,793 shares in the company, valued at approximately $27,724,125. This trade represents a 4.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 762,966 shares of company stock valued at $85,558,325. Insiders own 8.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of DDOG. OVERSEA CHINESE BANKING Corp Ltd increased its stake in Datadog by 887.0% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 25,199 shares of the company’s stock worth $25,000 after purchasing an additional 22,646 shares in the last quarter. Cornerstone Planning Group LLC increased its stake in Datadog by 96.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 313 shares of the company’s stock worth $30,000 after purchasing an additional 154 shares in the last quarter. Costello Asset Management INC purchased a new position in Datadog in the 1st quarter worth about $30,000. Putney Financial Group LLC purchased a new position in Datadog in the 4th quarter worth about $32,000. Finally, Elequin Capital LP purchased a new position in Datadog in the 4th quarter worth about $34,000. 78.29% of the stock is owned by institutional investors and hedge funds.

Datadog Price Performance

Shares of NASDAQ DDOG opened at $130.04 on Friday. Datadog has a twelve month low of $81.63 and a twelve month high of $170.08. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $44.91 billion, a price-to-earnings ratio of 282.70, a price-to-earnings-growth ratio of 72.08 and a beta of 1.01. The business has a 50 day simple moving average of $110.65 and a 200-day simple moving average of $122.84.

Datadog (NASDAQ:DDOG) last posted its earnings results on Tuesday, May 6th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.04. Datadog had a return on equity of 6.39% and a net margin of 5.85%. The company had revenue of $761.55 million for the quarter, compared to analysts’ expectations of $741.73 million. During the same period last year, the business posted $0.44 earnings per share. The firm’s quarterly revenue was up 24.6% compared to the same quarter last year. As a group, equities research analysts expect that Datadog will post 0.34 earnings per share for the current year.

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.