Westpac Banking Corp Raises Stake in Datadog, Inc. (NASDAQ:DDOG)

Westpac Banking Corp increased its stake in shares of Datadog, Inc. (NASDAQ:DDOG) by 33.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,520 shares of the company’s stock after buying an additional 381 shares during the period. Westpac Banking Corp’s holdings in Datadog were worth $217,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in DDOG. Retirement Wealth Solutions LLC purchased a new position in shares of Datadog during the 4th quarter valued at $30,000. Avior Wealth Management LLC raised its stake in Datadog by 55.9% in the 4th quarter. Avior Wealth Management LLC now owns 226 shares of the company’s stock valued at $32,000 after acquiring an additional 81 shares during the period. Quarry LP purchased a new stake in Datadog during the third quarter valued at about $33,000. Kieckhefer Group LLC bought a new position in Datadog during the fourth quarter worth about $43,000. Finally, Summit Securities Group LLC purchased a new position in shares of Datadog in the fourth quarter worth about $43,000. Institutional investors own 78.29% of the company’s stock.

Datadog Stock Performance

Shares of Datadog stock opened at $87.93 on Friday. The stock has a market capitalization of $30.14 billion, a price-to-earnings ratio of 172.42, a price-to-earnings-growth ratio of 44.03 and a beta of 1.20. The company has a fifty day moving average of $119.52 and a 200-day moving average of $130.21. Datadog, Inc. has a 52-week low of $86.57 and a 52-week high of $170.08.

Datadog (NASDAQ:DDOG) last announced its quarterly earnings data on Thursday, February 13th. The company reported $0.13 earnings per share (EPS) 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%. On average, equities research analysts forecast that Datadog, Inc. will post 0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on DDOG shares. Truist Financial dropped their price target on shares of Datadog from $140.00 to $120.00 and set a “hold” rating on the stock in a research note on Monday, March 31st. Morgan Stanley reaffirmed an “equal weight” rating and issued a $143.00 price target on shares of Datadog in a report on Thursday, January 16th. DA Davidson lifted their price target on Datadog from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Monday, February 10th. Guggenheim reissued a “neutral” rating on shares of Datadog in a report on Wednesday, January 22nd. Finally, Mizuho lifted their target price on Datadog from $155.00 to $170.00 and gave the company an “outperform” rating in a report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Datadog presently has a consensus rating of “Moderate Buy” and an average target price of $157.22.

Insiders Place Their Bets

In other news, CTO Alexis Le-Quoc sold 127,105 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $141.21, for a total value of $17,948,497.05. Following the transaction, the chief technology officer now owns 324,778 shares in the company, valued at approximately $45,861,901.38. This trade represents a 28.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Shardul Shah sold 7,916 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $142.12, for a total transaction of $1,125,021.92. Following the sale, the director now owns 427,785 shares of the company’s stock, valued at $60,796,804.20. This represents a 1.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 601,412 shares of company stock valued at $75,444,584 in the last ninety days. Company 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.