Royal Bank of Canada Forecasts Strong Price Appreciation for Datadog (NASDAQ:DDOG) Stock

Datadog (NASDAQ:DDOG) had its price target increased by investment analysts at Royal Bank of Canada from $151.00 to $170.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 17.38% from the stock’s previous close.

Several other research firms have also recently weighed in on DDOG. Citigroup boosted their price objective on Datadog from $150.00 to $157.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Stifel Nicolaus upped their price target on Datadog from $141.00 to $165.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Scotiabank lowered their price objective on shares of Datadog from $135.00 to $133.00 and set a “sector outperform” rating on the stock in a research note on Friday, November 8th. Truist Financial upped their target price on shares of Datadog from $155.00 to $170.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Finally, BNP Paribas assumed coverage on shares of Datadog in a research report on Tuesday, October 8th. They issued an “outperform” rating and a $150.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $157.74.

Datadog Price Performance

Datadog stock opened at $144.83 on Friday. Datadog has a fifty-two week low of $98.80 and a fifty-two week high of $170.08. The firm has a fifty day moving average price of $143.24 and a two-hundred day moving average price of $127.31. The firm has a market cap of $49.20 billion, a price-to-earnings ratio of 273.27, a P/E/G ratio of 20.27 and a beta of 1.11.

Insider Activity at Datadog

In other Datadog news, President Amit Agarwal sold 150,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $126.03, for a total value of $18,904,500.00. Following the completion of the sale, the president now owns 214,275 shares in the company, valued at approximately $27,005,078.25. This trade represents a 41.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Shardul Shah sold 7,916 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $126.67, for a total transaction of $1,002,719.72. Following the completion of the transaction, the director now directly owns 451,533 shares of the company’s stock, valued at approximately $57,195,685.11. This represents a 1.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 747,304 shares of company stock valued at $102,834,812 in the last three months. Corporate insiders own 11.78% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. SouthState Corp bought a new position in Datadog in the 2nd quarter valued at $26,000. True Wealth Design LLC boosted its holdings in Datadog by 12,000.0% in the third quarter. True Wealth Design LLC now owns 242 shares of the company’s stock valued at $28,000 after acquiring an additional 240 shares during the last quarter. Meeder Asset Management Inc. increased its position in Datadog by 66.5% in the third quarter. Meeder Asset Management Inc. now owns 288 shares of the company’s stock worth $33,000 after purchasing an additional 115 shares during the period. Quarry LP bought a new stake in Datadog during the 3rd quarter worth about $33,000. Finally, American National Bank & Trust acquired a new position in Datadog during the 3rd quarter valued at about $39,000. Institutional investors own 78.29% of the company’s stock.

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.