Glenmede Trust Co. NA Increases Position in Datadog, Inc. (NASDAQ:DDOG)

Glenmede Trust Co. NA raised its position in shares of Datadog, Inc. (NASDAQ:DDOG) by 4,836.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 91,811 shares of the company’s stock after purchasing an additional 89,951 shares during the period. Glenmede Trust Co. NA’s holdings in Datadog were worth $10,564,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. SouthState Corp bought a new stake in Datadog in the 2nd quarter worth approximately $26,000. Meeder Asset Management Inc. raised its stake in shares of Datadog by 66.5% during the third quarter. Meeder Asset Management Inc. now owns 288 shares of the company’s stock worth $33,000 after acquiring an additional 115 shares in the last quarter. Blue Trust Inc. bought a new stake in shares of Datadog in the 2nd quarter worth approximately $37,000. EverSource Wealth Advisors LLC boosted its stake in shares of Datadog by 70.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 308 shares of the company’s stock valued at $39,000 after purchasing an additional 127 shares in the last quarter. Finally, American National Bank & Trust bought a new position in shares of Datadog during the 3rd quarter valued at $39,000. Institutional investors own 78.29% of the company’s stock.

Insider Activity at Datadog

In other news, CEO Olivier Pomel sold 85,637 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $122.61, for a total transaction of $10,499,952.57. Following the transaction, the chief executive officer now directly owns 392,111 shares of the company’s stock, valued at $48,076,729.71. This represents a 17.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, President Amit Agarwal sold 150,000 shares of Datadog stock in a transaction on Friday, November 15th. The stock was sold at an average price of $126.03, for a total value of $18,904,500.00. Following the completion of the sale, the president now directly owns 214,275 shares of the company’s stock, valued at $27,005,078.25. The trade was a 41.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 541,491 shares of company stock worth $68,927,496 over the last quarter. Company insiders own 11.78% of the company’s stock.

Datadog Stock Up 0.5 %

Shares of NASDAQ DDOG opened at $152.75 on Friday. The firm’s 50-day moving average price is $128.23 and its 200-day moving average price is $121.26. Datadog, Inc. has a 52-week low of $98.80 and a 52-week high of $157.48. The company has a market cap of $51.89 billion, a PE ratio of 288.21, a PEG ratio of 19.89 and a beta of 1.10.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Needham & Company LLC cut their price target on shares of Datadog from $165.00 to $140.00 and set a “buy” rating for the company in a research report on Friday, August 9th. TD Cowen restated a “buy” rating and set a $165.00 target price on shares of Datadog in a report on Tuesday, November 19th. Rosenblatt Securities lifted their price target on Datadog from $140.00 to $148.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Barclays boosted their price objective on Datadog from $140.00 to $155.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Finally, Citigroup lifted their target price on shares of Datadog from $150.00 to $157.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. One 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Datadog has an average rating of “Moderate Buy” and an average target price of $150.96.

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.