Datadog (NASDAQ:DDOG) Hits New 12-Month High – Should You Buy?

Datadog, Inc. (NASDAQ:DDOG)’s stock price hit a new 52-week high on Wednesday . The stock traded as high as $157.48 and last traded at $154.39, with a volume of 4363795 shares changing hands. The stock had previously closed at $156.63.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. BNP Paribas assumed coverage on shares of Datadog in a report on Tuesday, October 8th. They set an “outperform” rating and a $150.00 price target on the stock. Scotiabank lowered their target price on shares of Datadog from $135.00 to $133.00 and set a “sector outperform” rating on the stock in a report on Friday, November 8th. Citigroup boosted their target price on shares of Datadog from $150.00 to $157.00 and gave the stock a “buy” rating in a report on Friday, November 8th. DA Davidson boosted their target price on shares of Datadog from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, Sanford C. Bernstein lowered their target price on shares of Datadog from $157.00 to $151.00 and set an “outperform” rating on the stock in a report on Monday, October 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $150.96.

Datadog Price Performance

The firm has a market cap of $52.45 billion, a P/E ratio of 291.31, a PEG ratio of 20.27 and a beta of 1.10. The stock’s 50-day simple moving average is $125.97 and its two-hundred day simple moving average is $120.59.

Insider Transactions at Datadog

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Los Angeles Capital Management LLC grew its holdings in Datadog by 172.2% during the 3rd quarter. Los Angeles Capital Management LLC now owns 38,841 shares of the company’s stock worth $4,469,000 after acquiring an additional 24,574 shares in the last quarter. Heritage Investors Management Corp bought a new position in Datadog during the 3rd quarter worth about $1,157,000. Jennison Associates LLC grew its holdings in Datadog by 2.1% during the 3rd quarter. Jennison Associates LLC now owns 6,273,348 shares of the company’s stock worth $721,811,000 after acquiring an additional 126,613 shares in the last quarter. Parnassus Investments LLC grew its holdings in Datadog by 28.4% during the 3rd quarter. Parnassus Investments LLC now owns 185,329 shares of the company’s stock worth $21,324,000 after acquiring an additional 40,952 shares in the last quarter. Finally, Bank of Montreal Can grew its holdings in Datadog by 129.2% during the 2nd quarter. Bank of Montreal Can now owns 610,977 shares of the company’s stock worth $79,384,000 after acquiring an additional 344,431 shares in the last quarter. 78.29% of the stock is currently owned by institutional investors.

Datadog Company Profile

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.