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

Pier 88 Investment Partners LLC grew its stake in Datadog, Inc. (NASDAQ:DDOG) by 190.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,420 shares of the company’s stock after purchasing an additional 5,520 shares during the period. Pier 88 Investment Partners LLC’s holdings in Datadog were worth $1,092,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of DDOG. SouthState Corp purchased a new position in Datadog during the 2nd quarter worth $26,000. Riverview Trust Co purchased a new position in Datadog during the first quarter worth about $26,000. Raleigh Capital Management Inc. acquired a new stake in Datadog in the fourth quarter valued at about $29,000. Jones Financial Companies Lllp purchased a new stake in Datadog in the 4th quarter valued at approximately $33,000. Finally, Quest Partners LLC acquired a new position in Datadog during the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 78.29% of the company’s stock.

Insider Activity at Datadog

In other news, CTO Alexis Le-Quoc sold 127,105 shares of the stock in a transaction on Monday, August 12th. The shares were sold at an average price of $111.66, for a total value of $14,192,544.30. Following the completion of the sale, the chief technology officer now owns 347,684 shares of the company’s stock, valued at $38,822,395.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Datadog news, CEO Olivier Pomel sold 85,637 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $104.21, for a total value of $8,924,231.77. Following the completion of the transaction, the chief executive officer now owns 405,314 shares in the company, valued at approximately $42,237,771.94. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Alexis Le-Quoc sold 127,105 shares of Datadog stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $111.66, for a total transaction of $14,192,544.30. Following the sale, the chief technology officer now owns 347,684 shares in the company, valued at approximately $38,822,395.44. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 576,500 shares of company stock worth $70,322,713. Company insiders own 11.78% of the company’s stock.

Datadog Stock Down 2.6 %

NASDAQ:DDOG opened at $107.20 on Friday. The company has a market cap of $35.86 billion, a P/E ratio of 335.00, a P/E/G ratio of 29.66 and a beta of 1.11. The firm’s 50 day moving average is $118.42 and its two-hundred day moving average is $120.87. Datadog, Inc. has a fifty-two week low of $77.81 and a fifty-two week high of $138.61.

Datadog (NASDAQ:DDOG) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.37 by $0.06. The company had revenue of $645.28 million during the quarter, compared to analyst estimates of $624.92 million. Datadog had a return on equity of 9.01% and a net margin of 6.81%. The firm’s revenue was up 26.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.36 earnings per share. Research analysts forecast that Datadog, Inc. will post 0.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

DDOG has been the subject of several recent analyst reports. Monness Crespi & Hardt raised Datadog from a “sell” rating to a “neutral” rating in a report on Wednesday, August 7th. BMO Capital Markets reduced their target price on Datadog from $140.00 to $132.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Bank of America upgraded shares of Datadog from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $143.00 to $155.00 in a research report on Thursday, May 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $150.00 price target on shares of Datadog in a report on Monday, July 22nd. Finally, Barclays reduced their price objective on shares of Datadog from $145.00 to $140.00 and set an “overweight” rating for the company in a research note on Friday, August 9th. Four investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Datadog presently has a consensus rating of “Moderate Buy” and an average price target of $139.88.

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.