Jennison Associates LLC Boosts Stake in Datadog, Inc. (NASDAQ:DDOG)

Jennison Associates LLC grew its position in shares of Datadog, Inc. (NASDAQ:DDOG) by 47.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,278,648 shares of the company’s stock after acquiring an additional 3,005,300 shares during the quarter. Jennison Associates LLC owned about 2.73% of Datadog worth $1,325,826,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of DDOG. True Wealth Design LLC increased its holdings in Datadog by 12,000.0% in the 3rd quarter. True Wealth Design LLC now owns 242 shares of the company’s stock valued at $28,000 after purchasing an additional 240 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new stake in shares of Datadog in the fourth quarter worth about $30,000. Avior Wealth Management LLC grew its stake in shares of Datadog by 55.9% in the fourth quarter. Avior Wealth Management LLC now owns 226 shares of the company’s stock valued at $32,000 after buying an additional 81 shares in the last quarter. Meeder Asset Management Inc. raised its holdings in shares of Datadog by 66.5% during the 3rd quarter. Meeder Asset Management Inc. now owns 288 shares of the company’s stock valued at $33,000 after buying an additional 115 shares during the period. Finally, Quarry LP acquired a new position in Datadog during the 3rd quarter worth approximately $33,000. 78.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DDOG has been the subject of a number of analyst reports. Macquarie began coverage on shares of Datadog in a research report on Thursday, December 12th. They issued an “outperform” rating and a $200.00 price objective for the company. Stifel Nicolaus lowered Datadog from a “buy” rating to a “hold” rating and lowered their price objective for the company from $165.00 to $140.00 in a research note on Wednesday, January 29th. Cantor Fitzgerald started coverage on Datadog in a report on Friday, January 17th. They set an “overweight” rating and a $180.00 price objective on the stock. Robert W. Baird increased their target price on Datadog from $140.00 to $150.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Mizuho lifted their price target on shares of Datadog from $155.00 to $170.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $157.59.

Datadog Stock Performance

Shares of DDOG stock opened at $142.71 on Monday. Datadog, Inc. has a 1 year low of $98.80 and a 1 year high of $170.08. The firm has a market capitalization of $48.48 billion, a PE ratio of 269.27, a price-to-earnings-growth ratio of 16.59 and a beta of 1.15. The stock has a fifty day moving average of $147.99 and a two-hundred day moving average of $129.53.

Insider Activity at Datadog

In related news, CEO Olivier Pomel sold 178,723 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $161.28, for a total transaction of $28,824,445.44. Following the completion of the transaction, the chief executive officer now owns 379,693 shares of the company’s stock, valued at $61,236,887.04. This trade represents a 32.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Kerry Acocella sold 2,488 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $158.04, for a total transaction of $393,203.52. Following the completion of the sale, the general counsel now owns 68,758 shares in the company, valued at approximately $10,866,514.32. This trade represents a 3.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 653,874 shares of company stock worth $93,721,154 over the last ninety days. 11.78% of the stock is currently owned by corporate insiders.

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.