Parnassus Investments LLC Acquires 40,952 Shares of Datadog, Inc. (NASDAQ:DDOG)

Parnassus Investments LLC grew its holdings in shares of Datadog, Inc. (NASDAQ:DDOG) by 28.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 185,329 shares of the company’s stock after acquiring an additional 40,952 shares during the period. Parnassus Investments LLC owned about 0.05% of Datadog worth $21,324,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kodai Capital Management LP purchased a new stake in Datadog in the 1st quarter worth approximately $116,054,000. DNB Asset Management AS boosted its position 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 worth $109,925,000 after purchasing an additional 806,741 shares during the period. Thrivent Financial for Lutherans increased its stake 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 worth $101,841,000 after purchasing an additional 739,011 shares in the last quarter. Bank of Montreal Can raised its position in shares of Datadog by 129.2% during the 2nd quarter. Bank of Montreal Can now owns 610,977 shares of the company’s stock valued at $79,384,000 after purchasing an additional 344,431 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Datadog by 9.2% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,944,943 shares of the company’s stock valued at $511,620,000 after buying an additional 331,808 shares in the last quarter. 78.29% of the stock is currently owned by hedge funds and other institutional investors.

Datadog Stock Down 0.1 %

DDOG stock opened at $125.97 on Tuesday. The firm’s fifty day simple moving average is $121.59 and its two-hundred day simple moving average is $119.44. The stock has a market capitalization of $42.79 billion, a price-to-earnings ratio of 237.68, a price-to-earnings-growth ratio of 18.85 and a beta of 1.10. Datadog, Inc. has a twelve month low of $98.80 and a twelve month high of $138.61.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. UBS Group reiterated an “underperform” rating on shares of Datadog in a research note on Friday, October 18th. DA Davidson increased their target price on Datadog from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Rosenblatt Securities boosted their price target on Datadog from $140.00 to $148.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Wedbush raised shares of Datadog from a “buy” rating to a “strong-buy” rating in a report on Thursday, October 17th. Finally, BTIG Research upgraded shares of Datadog from a “neutral” rating to a “buy” rating and set a $143.00 price objective on the stock in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $150.96.

Insider Activity at Datadog

In related news, Director Shardul Shah sold 15,832 shares of the business’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $120.02, for a total transaction of $1,900,156.64. Following the completion of the transaction, the director now owns 459,449 shares in the company, valued at $55,143,068.98. The trade was a 3.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Jacobson sold 9,256 shares of the stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $108.05, for a total value of $1,000,110.80. Following the completion of the sale, the director now owns 48,411 shares in the company, valued at approximately $5,230,808.55. The trade was a 16.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 320,579 shares of company stock worth $40,386,541. 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.