Parnassus Investments LLC Raises Stock Position in Datadog, Inc. (NASDAQ:DDOG)

Parnassus Investments LLC lifted its position in Datadog, Inc. (NASDAQ:DDOG) by 28.4% in the third quarter, Holdings Channel reports. The firm owned 185,329 shares of the company’s stock after buying an additional 40,952 shares during the period. Parnassus Investments LLC’s holdings in Datadog were worth $21,324,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of DDOG. Kodai Capital Management LP purchased a new stake in shares of Datadog in the 1st quarter worth $116,054,000. DNB Asset Management AS raised its holdings 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 valued at $109,925,000 after acquiring an additional 806,741 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings 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 acquiring an additional 739,011 shares in the last quarter. Bank of Montreal Can lifted its stake in Datadog by 129.2% in the second quarter. Bank of Montreal Can now owns 610,977 shares of the company’s stock worth $79,384,000 after acquiring an additional 344,431 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its holdings in Datadog by 9.2% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,944,943 shares of the company’s stock worth $511,620,000 after acquiring an additional 331,808 shares in the last quarter. Hedge funds and other institutional investors own 78.29% of the company’s stock.

Analyst Ratings Changes

DDOG has been the subject of several recent research reports. Cantor Fitzgerald restated an “overweight” rating and issued a $150.00 price target on shares of Datadog in a report on Monday, July 22nd. Monness Crespi & Hardt raised shares of Datadog from a “neutral” rating to a “buy” rating and set a $155.00 price objective for the company in a research note on Thursday, November 7th. Rosenblatt Securities increased their target price on Datadog from $140.00 to $148.00 and gave the company a “buy” rating in a research report on Friday, November 8th. TD Cowen lifted their price target on Datadog from $160.00 to $165.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, Barclays upped their price objective on Datadog from $140.00 to $155.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, one has issued a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Datadog presently has a consensus rating of “Moderate Buy” and an average price target of $150.96.

Insider Buying and Selling

In other Datadog news, Director Matthew Jacobson sold 9,256 shares of the stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $108.05, for a total transaction of $1,000,110.80. Following the sale, the director now directly owns 48,411 shares of the company’s stock, valued at approximately $5,230,808.55. This trade represents a 16.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Alexis Le-Quoc sold 127,105 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $129.33, for a total value of $16,438,489.65. Following the completion of the transaction, the chief technology officer now directly owns 336,165 shares of the company’s stock, valued at approximately $43,476,219.45. This trade represents a 27.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 320,579 shares of company stock valued at $40,386,541 over the last 90 days. Insiders own 11.78% of the company’s stock.

Datadog Trading Down 0.1 %

Shares of NASDAQ DDOG opened at $125.97 on Tuesday. The company has a 50 day simple moving average of $121.59 and a two-hundred day simple moving average of $119.44. The stock has a market cap of $42.79 billion, a price-to-earnings ratio of 237.68, a PEG ratio of 18.85 and a beta of 1.10. Datadog, Inc. has a 12 month low of $98.80 and a 12 month high of $138.61.

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.