Jennison Associates LLC Has $721.81 Million Stake in Datadog, Inc. (NASDAQ:DDOG)

Jennison Associates LLC lifted its stake in shares of Datadog, Inc. (NASDAQ:DDOG) by 2.1% during the third quarter, Holdings Channel reports. The fund owned 6,273,348 shares of the company’s stock after buying an additional 126,613 shares during the quarter. Jennison Associates LLC’s holdings in Datadog were worth $721,811,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Parnassus Investments LLC lifted its position in shares of Datadog by 28.4% during the 3rd quarter. Parnassus Investments LLC now owns 185,329 shares of the company’s stock valued at $21,324,000 after acquiring an additional 40,952 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Datadog during the third quarter worth $1,081,000. Meeder Asset Management Inc. grew its stake in shares of Datadog by 66.5% in the 3rd quarter. Meeder Asset Management Inc. now owns 288 shares of the company’s stock worth $33,000 after acquiring an additional 115 shares in the last quarter. Pathstone Holdings LLC grew its stake in shares of Datadog by 0.4% in the 3rd quarter. Pathstone Holdings LLC now owns 23,152 shares of the company’s stock worth $2,664,000 after acquiring an additional 91 shares in the last quarter. Finally, Meeder Advisory Services Inc. grew its stake in shares of Datadog by 40.1% in the 3rd quarter. Meeder Advisory Services Inc. now owns 5,026 shares of the company’s stock worth $578,000 after acquiring an additional 1,439 shares in the last quarter. Institutional investors and hedge funds own 78.29% of the company’s stock.

Datadog Stock Performance

Shares of Datadog stock opened at $133.41 on Wednesday. The stock has a market capitalization of $45.32 billion, a price-to-earnings ratio of 251.72, a P/E/G ratio of 18.85 and a beta of 1.10. The company’s 50 day moving average price is $122.10 and its 200-day moving average price is $119.50. Datadog, Inc. has a 52-week low of $98.80 and a 52-week high of $138.61.

Wall Street Analyst Weigh In

Several research firms recently weighed in on DDOG. Royal Bank of Canada restated an “outperform” rating and set a $151.00 price target on shares of Datadog in a research report on Friday, August 9th. UBS Group reaffirmed an “underperform” rating on shares of Datadog in a report on Friday, October 18th. Rosenblatt Securities upped their price objective on shares of Datadog from $140.00 to $148.00 and gave the company a “buy” rating in a report on Friday, November 8th. Sanford C. Bernstein lowered their price target 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. Finally, BMO Capital Markets raised their target price on shares of Datadog from $135.00 to $145.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Datadog presently has a consensus rating of “Moderate Buy” and an average price target of $150.96.

Insider Activity at Datadog

In other Datadog news, Director Shardul Shah sold 15,832 shares of the firm’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $120.02, for a total transaction of $1,900,156.64. Following the completion of the transaction, the director now owns 459,449 shares of the company’s stock, valued at approximately $55,143,068.98. This trade represents a 3.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Olivier Pomel sold 85,637 shares of the firm’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $122.61, for a total value of $10,499,952.57. Following the transaction, the chief executive officer now directly owns 392,111 shares of the company’s stock, valued at $48,076,729.71. This represents a 17.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 470,579 shares of company stock worth $59,291,041 over the last quarter. Corporate insiders own 11.78% of the company’s stock.

Datadog 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.