Pier 88 Investment Partners LLC Reduces Holdings in Datadog, Inc. (NASDAQ:DDOG)

Pier 88 Investment Partners LLC trimmed its stake in Datadog, Inc. (NASDAQ:DDOG) by 41.2% in the 1st quarter, HoldingsChannel reports. The firm owned 5,230 shares of the company’s stock after selling 3,670 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in Datadog were worth $519,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. OVERSEA CHINESE BANKING Corp Ltd increased its stake in Datadog by 887.0% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 25,199 shares of the company’s stock valued at $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% during the 1st quarter. Cornerstone Planning Group LLC now owns 313 shares of the company’s stock valued at $30,000 after purchasing an additional 154 shares in the last quarter. Putney Financial Group LLC bought a new stake in Datadog during the 4th quarter valued at about $32,000. Elequin Capital LP bought a new stake in Datadog during the 4th quarter valued at about $34,000. Finally, Opal Wealth Advisors LLC bought a new stake in Datadog during the 1st quarter valued at about $37,000. 78.29% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Matthew Jacobson sold 47,306 shares of the firm’s stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $107.40, for a total transaction of $5,080,664.40. Following the sale, the director owned 25,468 shares of the company’s stock, valued at $2,735,263.20. This trade represents a 65.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Alexis Le-Quoc sold 127,105 shares of the firm’s stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $105.83, for a total transaction of $13,451,522.15. Following the sale, the chief technology officer directly owned 466,535 shares in the company, valued at $49,373,399.05. The trade was a 21.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 957,666 shares of company stock worth $117,576,223 in the last quarter. 8.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on DDOG. Guggenheim reiterated a “sell” rating and issued a $105.00 price target on shares of Datadog in a research note on Tuesday, July 8th. Needham & Company LLC set a $140.00 price objective on shares of Datadog and gave the stock a “buy” rating in a research note on Thursday, June 12th. Wells Fargo & Company reduced their price objective on shares of Datadog from $140.00 to $115.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 7th. Morgan Stanley increased their price objective on shares of Datadog from $115.00 to $165.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 10th. Finally, Mizuho increased their price objective on shares of Datadog from $125.00 to $145.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 16th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat.com, Datadog presently has an average rating of “Moderate Buy” and a consensus target price of $146.79.

Datadog Stock Down 0.3%

NASDAQ:DDOG traded down $0.48 during mid-day trading on Tuesday, reaching $144.79. The company’s stock had a trading volume of 1,118,523 shares, compared to its average volume of 4,994,812. Datadog, Inc. has a 1 year low of $81.63 and a 1 year high of $170.08. The stock has a fifty day moving average of $127.40 and a 200-day moving average of $120.44. The firm has a market capitalization of $50.00 billion, a PE ratio of 314.72, a price-to-earnings-growth ratio of 79.75 and a beta of 1.03. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 0.34.

Datadog (NASDAQ:DDOG) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.42 by $0.04. Datadog had a net margin of 5.85% and a return on equity of 6.39%. The business had revenue of $761.55 million during the quarter, compared to analyst estimates of $741.73 million. During the same period in the prior year, the firm posted $0.44 earnings per share. The company’s quarterly revenue was up 24.6% on a year-over-year basis. Equities research analysts forecast that Datadog, Inc. 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.