Renaissance Technologies LLC Sells 541,900 Shares of Datadog, Inc. (NASDAQ:DDOG)

Renaissance Technologies LLC trimmed its stake in shares of Datadog, Inc. (NASDAQ:DDOG) by 34.2% during the fourth quarter, HoldingsChannel reports. The fund owned 1,042,852 shares of the company’s stock after selling 541,900 shares during the period. Renaissance Technologies LLC’s holdings in Datadog were worth $149,013,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Retirement Wealth Solutions LLC acquired a new stake in shares of Datadog in the fourth quarter valued at approximately $30,000. Avior Wealth Management LLC grew its position in shares of 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 acquired a new stake in Datadog in the 3rd quarter valued at about $33,000. Kieckhefer Group LLC acquired a new position in Datadog during the fourth quarter worth approximately $43,000. Finally, Summit Securities Group LLC bought a new position in shares of Datadog during the 4th quarter worth approximately $43,000. 78.29% of the stock is owned by institutional investors.

Datadog Stock Up 0.3 %

Shares of DDOG stock opened at $88.20 on Tuesday. The firm has a market cap of $30.23 billion, a P/E ratio of 172.94, a price-to-earnings-growth ratio of 44.03 and a beta of 1.20. Datadog, Inc. has a 12-month low of $81.63 and a 12-month high of $170.08. The business has a 50-day moving average price of $118.44 and a two-hundred day moving average price of $130.26.

Datadog (NASDAQ:DDOG) last posted its earnings results on Thursday, February 13th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.31). Datadog had a return on equity of 8.28% and a net margin of 6.85%. As a group, research analysts expect that Datadog, Inc. will post 0.34 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on DDOG. Truist Financial lowered their price target on shares of Datadog from $140.00 to $120.00 and set a “hold” rating on the stock in a report on Monday, March 31st. Jefferies Financial Group reiterated a “buy” rating and set a $135.00 price objective (down previously from $150.00) on shares of Datadog in a research report on Monday. Guggenheim reiterated a “neutral” rating on shares of Datadog in a research report on Wednesday, January 22nd. Royal Bank of Canada upped their target price on Datadog from $151.00 to $170.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Finally, Wolfe Research lowered Datadog from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, February 18th. One equities research 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 assigned a strong buy rating to the company. According to data from MarketBeat, Datadog presently has an average rating of “Moderate Buy” and an average price target of $156.67.

Insider Activity

In related news, CTO Alexis Le-Quoc sold 127,105 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $141.21, for a total transaction of $17,948,497.05. Following the sale, the chief technology officer now directly owns 324,778 shares of the company’s stock, valued at $45,861,901.38. This trade represents a 28.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 value of $1,125,021.92. Following the sale, the director now owns 427,785 shares of the company’s stock, valued at approximately $60,796,804.20. This trade represents a 1.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 601,412 shares of company stock worth $75,444,584 over the last three months. 11.78% of the stock is currently owned by corporate insiders.

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.