Citigroup Forecasts Strong Price Appreciation for Datadog (NASDAQ:DDOG) Stock

Datadog (NASDAQ:DDOG) had its target price boosted by investment analysts at Citigroup from $157.00 to $170.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective indicates a potential upside of 22.83% from the company’s current price.

A number of other research firms have also recently weighed in on DDOG. Jefferies Financial Group increased their price target on Datadog from $155.00 to $170.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Robert W. Baird increased their target price on shares of Datadog from $140.00 to $150.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Loop Capital boosted their price target on shares of Datadog from $160.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, December 23rd. UBS Group reaffirmed an “underperform” rating on shares of Datadog in a research report on Friday, October 18th. Finally, Scotiabank cut their target price on Datadog from $135.00 to $133.00 and set a “sector outperform” rating on the stock in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $158.45.

Datadog Stock Performance

Shares of Datadog stock opened at $138.40 on Friday. The stock has a 50 day moving average of $146.03 and a 200 day moving average of $128.62. The firm has a market capitalization of $47.02 billion, a price-to-earnings ratio of 261.14, a PEG ratio of 16.31 and a beta of 1.14. Datadog has a fifty-two week low of $98.80 and a fifty-two week high of $170.08.

Insider Transactions at Datadog

In other news, President Amit Agarwal sold 150,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $126.03, for a total transaction 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. The trade was a 41.18 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Alexis Le-Quoc sold 127,105 shares of the stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $141.21, for a total transaction of $17,948,497.05. Following the completion of the transaction, the chief technology officer now directly owns 324,778 shares in the company, valued at $45,861,901.38. This trade represents a 28.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 617,679 shares of company stock valued at $88,668,671. 11.78% of the stock is currently owned by corporate insiders.

Institutional Trading of Datadog

Several institutional investors and hedge funds have recently made changes to their positions in DDOG. Envestnet Asset Management Inc. increased its position in Datadog by 8.0% during the second quarter. Envestnet Asset Management Inc. now owns 356,011 shares of the company’s stock worth $46,171,000 after buying an additional 26,431 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Datadog by 10.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 306,402 shares of the company’s stock valued at $39,735,000 after acquiring an additional 29,890 shares during the period. Mercer Global Advisors Inc. ADV raised its position in Datadog by 156.3% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 9,208 shares of the company’s stock valued at $1,196,000 after purchasing an additional 5,615 shares during the last quarter. Amalgamated Bank boosted its stake in Datadog by 6.5% during the 2nd quarter. Amalgamated Bank now owns 20,202 shares of the company’s stock worth $2,620,000 after purchasing an additional 1,236 shares during the period. Finally, Vanguard Personalized Indexing Management LLC boosted its stake in Datadog by 3.3% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 15,423 shares of the company’s stock worth $1,999,000 after purchasing an additional 486 shares during the period. 78.29% of the stock is owned by hedge funds and other institutional investors.

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.