Sumitomo Life Insurance Co. Acquires 314 Shares of Datadog, Inc. (NASDAQ:DDOG)

Sumitomo Life Insurance Co. lifted its holdings in shares of Datadog, Inc. (NASDAQ:DDOG) by 2.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,629 shares of the company’s stock after purchasing an additional 314 shares during the period. Sumitomo Life Insurance Co.’s holdings in Datadog were worth $1,338,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Kodai Capital Management LP bought a new stake in Datadog in the 1st quarter valued at about $116,054,000. DNB Asset Management AS increased its stake in shares of 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 raised its position in shares of Datadog by 1,597.9% in the second quarter. Thrivent Financial for Lutherans now owns 785,261 shares of the company’s stock valued at $101,841,000 after purchasing an additional 739,011 shares during the period. Bank of Montreal Can lifted its stake in shares of Datadog by 129.2% during the 2nd quarter. Bank of Montreal Can now owns 610,977 shares of the company’s stock valued at $79,384,000 after buying an additional 344,431 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in Datadog by 9.2% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,944,943 shares of the company’s stock worth $511,620,000 after buying an additional 331,808 shares during the period. Hedge funds and other institutional investors own 78.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on DDOG. BNP Paribas assumed coverage on Datadog in a research report on Tuesday, October 8th. They set an “outperform” rating and a $150.00 target price on the stock. Scotiabank cut their target price on Datadog from $145.00 to $135.00 and set a “sector outperform” rating for the company in a research note on Friday, August 9th. DA Davidson raised Datadog from a “neutral” rating to a “buy” rating and lifted their target price for the company from $115.00 to $140.00 in a report on Tuesday, October 1st. Barclays lowered their price target on shares of Datadog from $145.00 to $140.00 and set an “overweight” rating on the stock in a report on Friday, August 9th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $150.00 price objective on shares of Datadog in a research note on Monday, July 22nd. Four analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $141.19.

Datadog Stock Performance

Shares of DDOG opened at $126.00 on Thursday. Datadog, Inc. has a fifty-two week low of $77.81 and a fifty-two week high of $138.61. The firm has a market cap of $42.15 billion, a price-to-earnings ratio of 393.75, a PEG ratio of 22.85 and a beta of 1.11. The firm has a 50 day moving average price of $116.02 and a 200-day moving average price of $119.37.

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

Insider Activity

In related news, CFO David M. Obstler sold 33,333 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $130.39, for a total transaction of $4,346,289.87. Following the transaction, the chief financial officer now directly owns 314,158 shares in the company, valued at $40,963,061.62. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO David M. Obstler sold 33,333 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $130.39, for a total transaction of $4,346,289.87. Following the completion of the sale, the chief financial officer now owns 314,158 shares of the company’s stock, valued at approximately $40,963,061.62. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Alexis Le-Quoc sold 127,105 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $111.66, for a total transaction of $14,192,544.30. Following the completion of the transaction, the chief technology officer now owns 347,684 shares in the company, valued at $38,822,395.44. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 522,012 shares of company stock valued at $62,076,371. Insiders own 11.78% of the company’s stock.

Datadog Company 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.