State of Michigan Retirement System Makes New $12.45 Million Investment in Datadog, Inc. $DDOG

State of Michigan Retirement System purchased a new position in shares of Datadog, Inc. (NASDAQ:DDOG) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 87,400 shares of the company’s stock, valued at approximately $12,446,000.

A number of other hedge funds have also recently made changes to their positions in DDOG. Westside Investment Management Inc. raised its position in Datadog by 74.3% in the 3rd quarter. Westside Investment Management Inc. now owns 176 shares of the company’s stock worth $27,000 after purchasing an additional 75 shares during the period. Tripletail Wealth Management LLC bought a new position in shares of Datadog during the third quarter valued at about $28,000. Physician Wealth Advisors Inc. increased its holdings in shares of Datadog by 315.2% in the third quarter. Physician Wealth Advisors Inc. now owns 191 shares of the company’s stock worth $27,000 after buying an additional 145 shares during the period. Hazlett Burt & Watson Inc. bought a new stake in shares of Datadog in the 3rd quarter valued at about $28,000. Finally, Steigerwald Gordon & Koch Inc. purchased a new stake in Datadog during the 3rd quarter valued at about $40,000. 78.29% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Datadog news, CEO Olivier Pomel sold 11,195 shares of the firm’s stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $137.93, for a total transaction of $1,544,126.35. Following the completion of the transaction, the chief executive officer owned 518,133 shares of the company’s stock, valued at approximately $71,466,084.69. This trade represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Kerry Acocella sold 5,018 shares of the company’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $158.60, for a total transaction of $795,854.80. Following the completion of the sale, the general counsel directly owned 88,401 shares in the company, valued at $14,020,398.60. This represents a 5.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 624,639 shares of company stock valued at $103,844,778 over the last 90 days. 8.70% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Jefferies Financial Group decreased their price target on Datadog from $180.00 to $160.00 and set a “buy” rating on the stock in a research note on Friday. Rosenblatt Securities lowered their price target on shares of Datadog from $200.00 to $185.00 and set a “buy” rating for the company in a report on Friday, January 30th. KeyCorp dropped their price target on shares of Datadog from $170.00 to $155.00 and set an “overweight” rating for the company in a research report on Wednesday, February 4th. Cantor Fitzgerald decreased their price objective on shares of Datadog from $220.00 to $150.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, TD Cowen reiterated a “buy” rating on shares of Datadog in a report on Wednesday, January 21st. Thirty-six analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $186.38.

Datadog Price Performance

DDOG stock opened at $111.69 on Monday. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.66 and a quick ratio of 3.66. Datadog, Inc. has a 1 year low of $81.63 and a 1 year high of $201.69. The firm has a 50-day moving average of $135.28 and a 200 day moving average of $144.43. The company has a market cap of $39.17 billion, a P/E ratio of 360.29, a PEG ratio of 19.95 and a beta of 1.27.

Datadog (NASDAQ:DDOG) last announced its earnings results on Thursday, November 6th. The company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.10. The firm had revenue of $885.65 million during the quarter, compared to analyst estimates of $852.77 million. Datadog had a return on equity of 4.14% and a net margin of 3.32%.During the same quarter in the prior year, the company earned $0.46 EPS. The business’s revenue was up 28.4% compared to the same quarter last year. On average, sell-side analysts forecast that Datadog, Inc. will post 0.34 EPS for the current year.

Datadog Company Profile

Datadog (NASDAQ: DDOG) is a cloud-based monitoring and observability platform that helps organizations monitor, troubleshoot and secure their applications and infrastructure at scale. Its software-as-a-service offering collects and analyzes metrics, traces and logs from servers, containers, cloud services and applications to provide real-time visibility into system performance and health. Datadog’s platform is widely used by engineering, operations and security teams to reduce downtime, accelerate incident response and improve application reliability.

The company’s product suite includes infrastructure monitoring, application performance monitoring (APM), log management, real user monitoring (RUM), synthetic monitoring and network performance monitoring, along with security-focused products such as security monitoring and cloud SIEM.