Lord Abbett & CO. LLC Sells 8,108,029 Shares of Datadog, Inc. (NASDAQ:DDOG)

Lord Abbett & CO. LLC cut its stake in shares of Datadog, Inc. (NASDAQ:DDOG) by 99.4% in the third quarter, Holdings Channel reports. The fund owned 48,422 shares of the company’s stock after selling 8,108,029 shares during the period. Lord Abbett & CO. LLC’s holdings in Datadog were worth $5,571,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Blue Trust Inc. acquired a new position in Datadog during the 2nd quarter worth about $37,000. Hennion & Walsh Asset Management Inc. acquired a new position in shares of Datadog during the second quarter worth approximately $443,000. SeaCrest Wealth Management LLC increased its holdings in shares of Datadog by 21.4% in the second quarter. SeaCrest Wealth Management LLC now owns 2,527 shares of the company’s stock valued at $328,000 after purchasing an additional 446 shares in the last quarter. Fifth Third Bancorp raised its position in Datadog by 11.4% in the 2nd quarter. Fifth Third Bancorp now owns 2,110 shares of the company’s stock worth $274,000 after purchasing an additional 216 shares during the last quarter. Finally, Atria Wealth Solutions Inc. lifted its holdings in Datadog by 1.5% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 12,049 shares of the company’s stock worth $1,563,000 after buying an additional 179 shares in the last quarter. Institutional investors own 78.29% of the company’s stock.

Datadog Stock Performance

Shares of NASDAQ DDOG opened at $155.82 on Tuesday. The stock has a 50 day moving average price of $137.39 and a 200 day moving average price of $124.17. The stock has a market capitalization of $52.94 billion, a PE ratio of 294.00, a price-to-earnings-growth ratio of 20.27 and a beta of 1.11. Datadog, Inc. has a 52 week low of $98.80 and a 52 week high of $170.08.

Analyst Ratings Changes

A number of research firms have recently weighed in on DDOG. TD Cowen reissued a “buy” rating and issued a $165.00 price target on shares of Datadog in a research note on Tuesday, November 19th. Macquarie initiated coverage on Datadog in a report on Thursday, December 12th. They set an “outperform” rating and a $200.00 target price on the stock. Monness Crespi & Hardt raised Datadog from a “neutral” rating to a “buy” rating and set a $155.00 price target for the company in a research note on Thursday, November 7th. Truist Financial lifted their price objective on shares of Datadog from $155.00 to $170.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Finally, Scotiabank lowered their target price on shares of Datadog from $135.00 to $133.00 and set a “sector outperform” rating for the company in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating, twenty-six 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 presently has an average rating of “Moderate Buy” and a consensus price target of $155.07.

Insider Activity

In other Datadog news, CEO Olivier Pomel sold 178,723 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $161.28, for a total transaction of $28,824,445.44. Following the sale, the chief executive officer now directly owns 379,693 shares of the company’s stock, valued at approximately $61,236,887.04. This represents a 32.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Kerry Acocella sold 2,452 shares of Datadog stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $120.06, for a total transaction of $294,387.12. Following the completion of the transaction, the general counsel now directly owns 74,421 shares of the company’s stock, valued at approximately $8,934,985.26. This trade represents a 3.19 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 713,446 shares of company stock valued at $97,145,034. 11.78% of the stock is owned by insiders.

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.