Norges Bank Makes New Investment in Datadog, Inc. (NASDAQ:DDOG)

Norges Bank purchased a new position in Datadog, Inc. (NASDAQ:DDOG) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 3,239,628 shares of the company’s stock, valued at approximately $462,910,000.

A number of other hedge funds have also made changes to their positions in the stock. True Wealth Design LLC lifted 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 worth $28,000 after purchasing an additional 240 shares during the last quarter. Retirement Wealth Solutions LLC acquired a new stake in shares of Datadog in the fourth quarter worth $30,000. Avior Wealth Management LLC boosted its holdings in shares of Datadog by 55.9% during the 4th quarter. Avior Wealth Management LLC now owns 226 shares of the company’s stock worth $32,000 after buying an additional 81 shares during the period. Quarry LP acquired a new position in Datadog in the 3rd quarter valued at $33,000. Finally, Kieckhefer Group LLC bought a new position in Datadog in the 4th quarter worth $43,000. Institutional investors and hedge funds own 78.29% of the company’s stock.

Insider Activity at Datadog

In other news, CTO Alexis Le-Quoc sold 127,105 shares of Datadog stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $102.15, for a total transaction of $12,983,775.75. Following the completion of the sale, the chief technology officer now owns 371,865 shares in the company, valued at $37,986,009.75. The trade was a 25.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Amit Agarwal sold 25,000 shares of the business’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $141.12, for a total value of $3,528,000.00. Following the transaction, the director now owns 195,667 shares of the company’s stock, valued at $27,612,527.04. The trade was a 11.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 601,412 shares of company stock worth $75,444,584 over the last 90 days. Insiders own 11.78% of the company’s stock.

Datadog Stock Down 3.6 %

Shares of NASDAQ:DDOG opened at $101.10 on Friday. The firm has a market cap of $34.65 billion, a P/E ratio of 198.24, a P/E/G ratio of 44.03 and a beta of 1.22. Datadog, Inc. has a 12 month low of $98.30 and a 12 month high of $170.08. The company’s 50-day moving average price is $123.79 and its two-hundred day moving average price is $130.65.

Datadog (NASDAQ:DDOG) last issued its quarterly earnings results on Thursday, February 13th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.31). Datadog had a net margin of 6.85% and a return on equity of 8.28%. As a group, equities analysts predict that Datadog, Inc. will post 0.34 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on DDOG. Morgan Stanley restated an “equal weight” rating and set a $143.00 price target on shares of Datadog in a report on Thursday, January 16th. Jefferies Financial Group increased their target price on Datadog from $155.00 to $170.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Citigroup cut their price target on Datadog from $170.00 to $165.00 and set a “buy” rating for the company in a report on Friday, February 14th. Barclays lowered their price objective on shares of Datadog from $187.00 to $180.00 and set an “overweight” rating on the stock in a research note on Friday, February 14th. Finally, Royal Bank of Canada increased their price target on shares of Datadog from $151.00 to $170.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $158.70.

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.