Canaccord Genuity Group Has Lowered Expectations for Datadog (NASDAQ:DDOG) Stock Price

Datadog (NASDAQ:DDOG) had its price objective decreased by equities researchers at Canaccord Genuity Group from $150.00 to $145.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 36.72% from the company’s current price.

A number of other brokerages have also recently commented on DDOG. JMP Securities reiterated a “market perform” rating on shares of Datadog in a research note on Friday, February 14th. DA Davidson raised their target price on shares of Datadog from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Monday. Citigroup lowered their price target on Datadog from $170.00 to $165.00 and set a “buy” rating on the stock in a research report on Friday, February 14th. Stifel Nicolaus downgraded Datadog from a “buy” rating to a “hold” rating and reduced their target price for the stock from $165.00 to $140.00 in a research note on Wednesday, January 29th. Finally, Wolfe Research cut Datadog from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, February 18th. Seven research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Datadog presently has a consensus rating of “Moderate Buy” and an average target price of $149.18.

Datadog Price Performance

Shares of Datadog stock opened at $106.06 on Wednesday. The firm has a market cap of $36.35 billion, a price-to-earnings ratio of 207.96, a price-to-earnings-growth ratio of 44.03 and a beta of 1.12. The stock’s 50-day moving average is $100.64 and its 200-day moving average is $126.18. Datadog has a one year low of $81.63 and a one year high of $170.08.

Datadog (NASDAQ:DDOG) last released its earnings results on Tuesday, May 6th. The company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.04. The business had revenue of $761.55 million during the quarter, compared to the consensus estimate of $741.73 million. Datadog had a net margin of 6.85% and a return on equity of 8.28%. The firm’s revenue for the quarter was up 24.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.44 earnings per share. On average, equities analysts expect that Datadog will post 0.34 EPS for the current year.

Insider Buying and Selling at Datadog

In related news, Director Amit Agarwal sold 10,167 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $115.86, for a total value of $1,177,948.62. Following the sale, the director now directly owns 82,324 shares of the company’s stock, valued at $9,538,058.64. This trade represents a 10.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Olivier Pomel sold 107,365 shares of Datadog 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 transaction, the chief executive officer now owns 563,598 shares in the company, valued at approximately $49,219,013.34. This represents a 16.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 385,456 shares of company stock valued at $39,018,715 in the last ninety days. 11.78% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Datadog

Several hedge funds have recently modified their holdings of DDOG. Proficio Capital Partners LLC bought a new stake in shares of Datadog during the fourth quarter worth about $14,884,000. ARK Investment Management LLC grew its holdings in Datadog by 62.7% during the 4th quarter. ARK Investment Management LLC now owns 127,290 shares of the company’s stock worth $18,188,000 after acquiring an additional 49,050 shares during the last quarter. Y Intercept Hong Kong Ltd raised its stake in shares of Datadog by 140.1% during the fourth quarter. Y Intercept Hong Kong Ltd now owns 53,116 shares of the company’s stock valued at $7,590,000 after acquiring an additional 30,998 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in shares of Datadog by 15.8% during the fourth quarter. Baillie Gifford & Co. now owns 10,905,133 shares of the company’s stock worth $1,558,234,000 after purchasing an additional 1,484,562 shares during the period. Finally, Cullen Frost Bankers Inc. grew its stake in shares of Datadog by 3.5% in the fourth quarter. Cullen Frost Bankers Inc. now owns 72,489 shares of the company’s stock worth $10,358,000 after purchasing an additional 2,451 shares during the last quarter. Institutional investors and hedge funds 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.