Granite Bay Wealth Management LLC Invests $1.41 Million in Datadog, Inc. (NASDAQ:DDOG)

Granite Bay Wealth Management LLC bought a new position in shares of Datadog, Inc. (NASDAQ:DDOG) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 11,655 shares of the company’s stock, valued at approximately $1,410,000.

Several other hedge funds have also recently added to or reduced their stakes in DDOG. Riverview Trust Co acquired a new stake in shares of Datadog in the 1st quarter valued at $26,000. SouthState Corp acquired a new stake in Datadog in the second quarter valued at $26,000. Raleigh Capital Management Inc. acquired a new stake in Datadog in the fourth quarter valued at $29,000. Jones Financial Companies Lllp purchased a new stake in Datadog during the 4th quarter worth about $33,000. Finally, Blue Trust Inc. acquired a new position in shares of Datadog during the 2nd quarter worth about $37,000. Institutional investors and hedge funds own 78.29% of the company’s stock.

Analyst Ratings Changes

DDOG has been the subject of several recent analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $150.00 target price on shares of Datadog in a research note on Monday, July 22nd. BTIG Research upgraded shares of Datadog from a “neutral” rating to a “buy” rating and set a $143.00 price objective for the company in a research report on Thursday, August 1st. Scotiabank dropped their target price on shares of Datadog from $145.00 to $135.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 9th. Royal Bank of Canada reissued an “outperform” rating and issued a $151.00 price target on shares of Datadog in a research report on Friday, August 9th. Finally, Needham & Company LLC dropped their price objective on Datadog from $165.00 to $140.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Four analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $139.88.

Insider Transactions at Datadog

In related news, Director Matthew Jacobson sold 9,256 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $108.05, for a total value of $1,000,110.80. Following the completion of the sale, the director now owns 48,411 shares in the company, valued at $5,230,808.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Datadog news, CEO Olivier Pomel sold 200,993 shares of the company’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $131.01, for a total value of $26,332,092.93. Following the sale, the chief executive officer now owns 324,539 shares of the company’s stock, valued at $42,517,854.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Jacobson sold 9,256 shares of the firm’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $108.05, for a total value of $1,000,110.80. Following the completion of the transaction, the director now owns 48,411 shares of the company’s stock, valued at approximately $5,230,808.55. The disclosure for this sale can be found here. Insiders have sold a total of 422,991 shares of company stock valued at $50,448,980 in the last ninety days. 11.78% of the stock is currently owned by company insiders.

Datadog Trading Up 0.8 %

Shares of DDOG opened at $115.06 on Tuesday. The firm has a market capitalization of $38.49 billion, a PE ratio of 359.56, a P/E/G ratio of 28.94 and a beta of 1.11. The stock’s 50 day moving average is $113.69 and its two-hundred day moving average is $119.27. Datadog, Inc. has a twelve month low of $77.81 and a twelve month high of $138.61.

Datadog (NASDAQ:DDOG) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.06. The firm had revenue of $645.28 million for the quarter, compared to the consensus estimate of $624.92 million. Datadog had a return on equity of 9.01% and a net margin of 6.81%. The company’s revenue for the quarter was up 26.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.36 earnings per share. On average, sell-side analysts predict that Datadog, Inc. will post 0.42 EPS for the current year.

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.