Employees Retirement System of Texas Boosts Stock Position in Datadog, Inc. (NASDAQ:DDOG)

Employees Retirement System of Texas lifted its stake in Datadog, Inc. (NASDAQ:DDOG) by 28.7% during the second quarter, HoldingsChannel reports. The firm owned 615,379 shares of the company’s stock after purchasing an additional 137,073 shares during the period. Employees Retirement System of Texas’ holdings in Datadog were worth $79,809,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Kodai Capital Management LP purchased a new stake in Datadog in the 1st quarter valued at about $116,054,000. 1832 Asset Management L.P. boosted its holdings in shares of Datadog by 47.9% in the fourth quarter. 1832 Asset Management L.P. now owns 2,619,500 shares of the company’s stock valued at $317,955,000 after purchasing an additional 848,000 shares during the period. DNB Asset Management AS grew its stake in Datadog by 1,974.5% in the second quarter. DNB Asset Management AS now owns 847,600 shares of the company’s stock worth $109,925,000 after purchasing an additional 806,741 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in Datadog by 1,597.9% in the second quarter. Thrivent Financial for Lutherans now owns 785,261 shares of the company’s stock worth $101,841,000 after purchasing an additional 739,011 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Datadog by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 27,259,414 shares of the company’s stock valued at $3,308,748,000 after purchasing an additional 734,539 shares in the last quarter. Hedge funds and other institutional investors own 78.29% of the company’s stock.

Insider Activity

In related news, CEO Olivier Pomel sold 200,993 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $131.01, for a total transaction of $26,332,092.93. Following the sale, the chief executive officer now directly owns 324,539 shares of the company’s stock, valued at $42,517,854.39. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related 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 transaction of $14,192,544.30. Following the sale, the chief technology officer now directly owns 347,684 shares of the company’s stock, valued at $38,822,395.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Olivier Pomel sold 200,993 shares of Datadog stock in a transaction on Monday, July 8th. The shares were sold at an average price of $131.01, for a total transaction of $26,332,092.93. Following the completion of the transaction, the chief executive officer now directly owns 324,539 shares of the company’s stock, valued at approximately $42,517,854.39. The disclosure for this sale can be found here. Insiders sold a total of 550,096 shares of company stock valued at $67,067,959 in the last quarter. 11.78% of the stock is currently owned by company insiders.

Datadog Price Performance

Shares of DDOG opened at $116.01 on Thursday. The company’s fifty day moving average price is $114.11 and its 200-day moving average price is $119.49. The firm has a market capitalization of $39.11 billion, a PE ratio of 362.53, a price-to-earnings-growth ratio of 28.94 and a beta of 1.11. Datadog, Inc. has a 1-year low of $77.81 and a 1-year high of $138.61.

Datadog (NASDAQ:DDOG) last issued its earnings results on Thursday, August 8th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.06. Datadog had a net margin of 6.81% and a return on equity of 9.01%. The firm had revenue of $645.28 million during the quarter, compared to analysts’ expectations of $624.92 million. During the same quarter last year, the company posted $0.36 earnings per share. The firm’s revenue was up 26.7% compared to the same quarter last year. As a group, research analysts anticipate that Datadog, Inc. will post 0.42 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on DDOG shares. Mizuho raised Datadog from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $135.00 to $155.00 in a research report on Tuesday, July 16th. BMO Capital Markets dropped their target price on shares of Datadog from $140.00 to $132.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. Royal Bank of Canada restated an “outperform” rating and issued a $151.00 price target on shares of Datadog in a report on Friday, August 9th. Scotiabank dropped their price objective on shares of Datadog from $145.00 to $135.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 9th. Finally, Loop Capital reissued a “buy” rating and issued a $160.00 price objective on shares of Datadog in a research note on Friday, July 5th. Four investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Datadog currently has a consensus rating of “Moderate Buy” and a consensus target price of $139.88.

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.