Corporate Insiders are Dumping These 5 Tech Stocks

4. Datadog Inc (NASDAQ:DDOG)

Number of Hedge Fund Investors: 72

Cloud software company Datadog Inc (NASDAQ:DDOG) is one of the stocks with recent insider selling in 2024. On March 14, Dev Ittycheria, one of the directors at Datadog Inc’s (NASDAQ:DDOG) board, sold 185,000 shares of Datadog Inc (NASDAQ:DDOG) at $121.96 per share. The stock price has remained almost flat since then.

A total of 72 hedge funds out of the 933 funds tracked by Insider Monkey had stakes in Datadog Inc (NASDAQ:DDOG) as of the end of 2023, down from 83 hedge funds in the previous quarter.

The Brown Capital Management Small Company Fund stated the following regarding Datadog, Inc. (NASDAQ:DDOG) in its fourth quarter 2023 investor letter:

“We recognize that EGCs do not grow in straight lines. They stumble and sometimes fall. But they also have inflection points that lead to step functions of growth and profitability. We have been well-served by staying invested during tough periods. In fact, our patience and tolerance often allow us to participate in significant upside when our long-term thesis materializes.

For example, Datadog, Inc. (NASDAQ:DDOG) is an EGC that has experienced stock price declines driven by near-term challenges. Datadog is a leading SaaS-based IT-monitoring and analytics platform that automates the real-time monitoring of infrastructure, application performance and networks. This enables Datadog’s customers to quickly identify and address performance issues in their networks. While competitors only provide a siloed view of cloud infrastructure, applications, logs or networks, Datadog is differentiated by providing a unified view across all these areas via a visual interface configured to the needs of individual users. The technology saves time, money and headaches by driving collaboration among development, operations and business teams; accelerating time-to-market of new software; reducing the time needed to resolve problems; improving infrastructure efficiency; and enabling a better understanding of customer behavior…” (Click here to read the full text)