Eventide Asset Management LLC Lowers Holdings in Datadog, Inc. (NASDAQ:DDOG)

Eventide Asset Management LLC trimmed its holdings in Datadog, Inc. (NASDAQ:DDOG) by 53.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 475,356 shares of the company’s stock after selling 545,874 shares during the period. Eventide Asset Management LLC’s holdings in Datadog were worth $54,694,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in DDOG. DNB Asset Management AS grew its position in Datadog by 1,974.5% in the second quarter. DNB Asset Management AS now owns 847,600 shares of the company’s stock worth $109,925,000 after acquiring an additional 806,741 shares during the period. Thrivent Financial for Lutherans boosted its position in shares of Datadog by 1,597.9% during the second quarter. Thrivent Financial for Lutherans now owns 785,261 shares of the company’s stock worth $101,841,000 after buying an additional 739,011 shares during the period. Champlain Investment Partners LLC purchased a new position in shares of Datadog during the third quarter worth $52,561,000. Eagle Asset Management Inc. boosted its position in shares of Datadog by 72.4% during the third quarter. Eagle Asset Management Inc. now owns 914,776 shares of the company’s stock worth $113,844,000 after buying an additional 384,121 shares during the period. Finally, Bank of Montreal Can boosted its position in shares of Datadog by 129.2% during the second quarter. Bank of Montreal Can now owns 610,977 shares of the company’s stock worth $79,384,000 after buying an additional 344,431 shares during the period. 78.29% of the stock is currently owned by hedge funds and other institutional investors.

Datadog Stock Performance

DDOG opened at $151.96 on Friday. The business’s 50-day simple moving average is $127.47 and its 200-day simple moving average is $121.02. Datadog, Inc. has a one year low of $98.80 and a one year high of $157.48. The stock has a market capitalization of $51.62 billion, a P/E ratio of 286.72, a price-to-earnings-growth ratio of 19.89 and a beta of 1.10.

Insider Transactions at Datadog

In related news, CFO David M. Obstler sold 33,334 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $135.95, for a total transaction of $4,531,757.30. Following the transaction, the chief financial officer now owns 314,158 shares of the company’s stock, valued at $42,709,780.10. This trade represents a 9.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CRO Sean Michael Walters sold 4,244 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $135.00, for a total value of $572,940.00. Following the transaction, the executive now directly owns 179,367 shares in the company, valued at approximately $24,214,545. This represents a 2.31 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 541,491 shares of company stock worth $68,927,496. Corporate insiders own 11.78% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on DDOG. Monness Crespi & Hardt upgraded Datadog from a “neutral” rating to a “buy” rating and set a $155.00 price target for the company in a research report on Thursday, November 7th. Rosenblatt Securities raised their price target on Datadog from $140.00 to $148.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. BMO Capital Markets increased their price objective on Datadog from $135.00 to $145.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. BNP Paribas began coverage on Datadog in a research note on Tuesday, October 8th. They issued an “outperform” rating and a $150.00 price objective on the stock. Finally, BTIG Research upgraded Datadog from a “neutral” rating to a “buy” rating and set a $143.00 price objective on the stock in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $150.96.

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.