David M. Obstler, the Chief Financial Officer of Datadog, Inc. (NASDAQ:DDOG), recently sold shares of the company amounting to approximately $1.63 million. The transaction, which took place on December 2, involved the sale of 10,745 shares of Class A Common Stock at an average price of $152.14 per share. The stock, which has shown impressive momentum with a 42% gain over the past six months, currently trades at $165.88. According to InvestingPro analysis, Datadog maintains impressive gross profit margins of 81.2% and boasts an overall financial health rating of "GREAT."
Following this transaction, Obstler retains ownership of 303,413 shares. According to the filing, the sale was conducted to cover tax withholding obligations related to the vesting of restricted stock units and performance-based restricted stock units. With a market capitalization of $56.3 billion, Datadog appears to be trading above its Fair Value based on InvestingPro metrics, which include over 30 key financial indicators and exclusive insights available to subscribers.
In other recent news, Datadog has seen a series of positive analyst adjustments following its strong Q3 financial performance. The company reported a 26% year-over-year revenue increase, reaching $690 million, and added approximately 2,400 new customers. A significant 88% of total annual recurring revenue was contributed by 3,490 customers, each bringing in over $100,000. TD Cowen maintained a Buy rating on Datadog shares with a price target of $165.00, highlighting the company's potential for growth and market consolidation. CMB International Securities initiated a Buy rating with a target of $154.30, emphasizing Datadog's solid revenue growth. BMO Capital Markets, Needham, Rosenblatt, and Barclays (LON:BARC) all raised their price targets following the earnings report. These recent developments underscore the increasing confidence in Datadog's long-term growth prospects.
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