Datadog (DDOG)
Market Price (7/26/2026): $251.0 | Market Cap: $88.7 BilInvestor Relations Sector: Information Technology | Industry: Application Software
Datadog (DDOG)
Market Price (7/26/2026): $251.0Market Cap: $88.7 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26% Megatrend and thematic driversMegatrends include Cloud Computing, Cybersecurity, and Artificial Intelligence. Themes include Software as a Service (SaaS), Show more. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -25 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.7% Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 525x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 78x, P/EPrice/Earnings or Price/(Net Income) is 643x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 96% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.1% Key risksDDOG key risks include [1] intense competition from hyperscale cloud providers offering native monitoring tools, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26% |
| Megatrend and thematic driversMegatrends include Cloud Computing, Cybersecurity, and Artificial Intelligence. Themes include Software as a Service (SaaS), Show more. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -25 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.7% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 525x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 78x, P/EPrice/Earnings or Price/(Net Income) is 643x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 96% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.1% |
| Key risksDDOG key risks include [1] intense competition from hyperscale cloud providers offering native monitoring tools, Show more. |
Qualitative Assessment
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Updated on 7/22/2026
Datadog (DDOG) stock has gained about 110% since 3/31/2026 because of the following key factors:
1. Exceptional Fiscal Q1 2026 Earnings and Upbeat Guidance.
Datadog reported its fiscal Q1 2026 results on May 7, 2026, significantly exceeding analyst expectations. The company announced non-GAAP EPS of $0.60, surpassing the consensus estimate of $0.51, and revenue of $1.01 billion, a 32% year-over-year increase, beating analysts' expectations of $960.12 million. This marked Datadog's first quarter with over $1 billion in revenue. Following this strong performance, the company raised its full-year fiscal 2026 revenue guidance to a midpoint of $4.32 billion and non-GAAP EPS guidance to a midpoint of $2.40. This positive financial update led to a substantial market reaction, with shares surging approximately 30% after the announcement.
2. Strategic Focus and Innovation in AI Observability and Security.
Datadog solidified its position as a key beneficiary of the increasing AI spending, which significantly contributed to its performance in the first half of fiscal 2026. At its annual DASH 2026 conference in June 2026, Datadog unveiled over 100 new AI-powered observability and security capabilities. These innovations included an expanded Bits AI suite, offering autonomous detection, investigation, and remediation of issues, as well as the introduction of AI Guard to protect against AI agent attacks. Furthermore, the company launched GPU Monitoring in April 2026 to optimize AI project performance and spend, and acquired Adaptive ML in June 2026 to accelerate its AI research and development efforts.
Show more
Datadog (DDOG) stock has gained about 110% since 3/31/2026 because of the following key factors:
1. Exceptional Fiscal Q1 2026 Earnings and Upbeat Guidance.
Datadog reported its fiscal Q1 2026 results on May 7, 2026, significantly exceeding analyst expectations. The company announced non-GAAP EPS of $0.60, surpassing the consensus estimate of $0.51, and revenue of $1.01 billion, a 32% year-over-year increase, beating analysts' expectations of $960.12 million. This marked Datadog's first quarter with over $1 billion in revenue. Following this strong performance, the company raised its full-year fiscal 2026 revenue guidance to a midpoint of $4.32 billion and non-GAAP EPS guidance to a midpoint of $2.40. This positive financial update led to a substantial market reaction, with shares surging approximately 30% after the announcement.
2. Strategic Focus and Innovation in AI Observability and Security.
Datadog solidified its position as a key beneficiary of the increasing AI spending, which significantly contributed to its performance in the first half of fiscal 2026. At its annual DASH 2026 conference in June 2026, Datadog unveiled over 100 new AI-powered observability and security capabilities. These innovations included an expanded Bits AI suite, offering autonomous detection, investigation, and remediation of issues, as well as the introduction of AI Guard to protect against AI agent attacks. Furthermore, the company launched GPU Monitoring in April 2026 to optimize AI project performance and spend, and acquired Adaptive ML in June 2026 to accelerate its AI research and development efforts.
Show more
Updated on 7/22/2026
Datadog (DDOG) stock has gained about 110% since 3/31/2026 because of the following key factors:
1. Exceptional Fiscal Q1 2026 Earnings and Upbeat Guidance.
Datadog reported its fiscal Q1 2026 results on May 7, 2026, significantly exceeding analyst expectations. The company announced non-GAAP EPS of $0.60, surpassing the consensus estimate of $0.51, and revenue of $1.01 billion, a 32% year-over-year increase, beating analysts' expectations of $960.12 million. This marked Datadog's first quarter with over $1 billion in revenue. Following this strong performance, the company raised its full-year fiscal 2026 revenue guidance to a midpoint of $4.32 billion and non-GAAP EPS guidance to a midpoint of $2.40. This positive financial update led to a substantial market reaction, with shares surging approximately 30% after the announcement.
2. Strategic Focus and Innovation in AI Observability and Security.
Datadog solidified its position as a key beneficiary of the increasing AI spending, which significantly contributed to its performance in the first half of fiscal 2026. At its annual DASH 2026 conference in June 2026, Datadog unveiled over 100 new AI-powered observability and security capabilities. These innovations included an expanded Bits AI suite, offering autonomous detection, investigation, and remediation of issues, as well as the introduction of AI Guard to protect against AI agent attacks. Furthermore, the company launched GPU Monitoring in April 2026 to optimize AI project performance and spend, and acquired Adaptive ML in June 2026 to accelerate its AI research and development efforts.
3. Robust Customer Growth and Expanding Recurring Revenue.
Datadog demonstrated strong customer acquisition and retention throughout the period. As of March 31, 2026 (the end of fiscal Q1 2026), the company reported approximately 4,550 customers with Annual Recurring Revenue (ARR) of $100,000 or more, marking a 21% increase year-over-year. Total ARR surpassed $4 billion, and fiscal Q1 2026 saw a record number of new logo bookings, more than doubling compared to the previous year. This growth included securing significant multi-million dollar deals with AI research divisions of major technology companies, underscoring strong demand for its platform and effective "land and expand" strategy.
4. Broad Positive Analyst Revisions and Price Target Increases.
The company's strong operational performance and strategic advancements in AI led to widespread positive revisions from financial analysts during fiscal Q2 and early Q3 2026. Numerous firms upgraded price targets and maintained "Buy" or "Outperform" ratings for Datadog. Notably, Oppenheimer raised its price target to $300 from $220, Citizens to $311 from $225, and Truist Securities upgraded the stock to "Buy" with a $300 price target, all citing the company's strong fundamentals and the tailwinds from AI adoption. The consensus rating for Datadog is a "Moderate Buy," with an average price target of $253.36 and a high target of $330.
Show less
Datadog (DDOG) stock has gained about 110% since 3/31/2026 because of the following key factors:
1. Exceptional Fiscal Q1 2026 Earnings and Upbeat Guidance.
Datadog reported its fiscal Q1 2026 results on May 7, 2026, significantly exceeding analyst expectations. The company announced non-GAAP EPS of $0.60, surpassing the consensus estimate of $0.51, and revenue of $1.01 billion, a 32% year-over-year increase, beating analysts' expectations of $960.12 million. This marked Datadog's first quarter with over $1 billion in revenue. Following this strong performance, the company raised its full-year fiscal 2026 revenue guidance to a midpoint of $4.32 billion and non-GAAP EPS guidance to a midpoint of $2.40. This positive financial update led to a substantial market reaction, with shares surging approximately 30% after the announcement.
2. Strategic Focus and Innovation in AI Observability and Security.
Datadog solidified its position as a key beneficiary of the increasing AI spending, which significantly contributed to its performance in the first half of fiscal 2026. At its annual DASH 2026 conference in June 2026, Datadog unveiled over 100 new AI-powered observability and security capabilities. These innovations included an expanded Bits AI suite, offering autonomous detection, investigation, and remediation of issues, as well as the introduction of AI Guard to protect against AI agent attacks. Furthermore, the company launched GPU Monitoring in April 2026 to optimize AI project performance and spend, and acquired Adaptive ML in June 2026 to accelerate its AI research and development efforts.
3. Robust Customer Growth and Expanding Recurring Revenue.
Datadog demonstrated strong customer acquisition and retention throughout the period. As of March 31, 2026 (the end of fiscal Q1 2026), the company reported approximately 4,550 customers with Annual Recurring Revenue (ARR) of $100,000 or more, marking a 21% increase year-over-year. Total ARR surpassed $4 billion, and fiscal Q1 2026 saw a record number of new logo bookings, more than doubling compared to the previous year. This growth included securing significant multi-million dollar deals with AI research divisions of major technology companies, underscoring strong demand for its platform and effective "land and expand" strategy.
4. Broad Positive Analyst Revisions and Price Target Increases.
The company's strong operational performance and strategic advancements in AI led to widespread positive revisions from financial analysts during fiscal Q2 and early Q3 2026. Numerous firms upgraded price targets and maintained "Buy" or "Outperform" ratings for Datadog. Notably, Oppenheimer raised its price target to $300 from $220, Citizens to $311 from $225, and Truist Securities upgraded the stock to "Buy" with a $300 price target, all citing the company's strong fundamentals and the tailwinds from AI adoption. The consensus rating for Datadog is a "Moderate Buy," with an average price target of $253.36 and a high target of $330.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 109.1% change in DDOG stock from 3/31/2026 to 7/25/2026 was primarily driven by a 67.0% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7252026 | Change |
|---|---|---|---|
| Stock Price ($) | 118.05 | 246.86 | 109.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,427 | 3,672 | 7.1% |
| Net Income Margin (%) | 3.1% | 3.7% | 17.5% |
| P/E Multiple | 384.8 | 642.8 | 67.0% |
| Shares Outstanding (Mil) | 351 | 353 | -0.6% |
| Cumulative Contribution | 109.1% |
Market Drivers
3/31/2026 to 7/25/2026| Return | Correlation | |
|---|---|---|
| DDOG | 109.1% | |
| Market (SPY) | 13.6% | 6.9% |
| Sector (XLK) | 32.3% | 19.5% |
Fundamental Drivers
The 81.5% change in DDOG stock from 12/31/2025 to 7/25/2026 was primarily driven by a 44.7% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7252026 | Change |
|---|---|---|---|
| Stock Price ($) | 135.99 | 246.86 | 81.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,212 | 3,672 | 14.3% |
| Net Income Margin (%) | 3.3% | 3.7% | 11.1% |
| P/E Multiple | 444.1 | 642.8 | 44.7% |
| Shares Outstanding (Mil) | 349 | 353 | -1.3% |
| Cumulative Contribution | 81.5% |
Market Drivers
12/31/2025 to 7/25/2026| Return | Correlation | |
|---|---|---|
| DDOG | 81.5% | |
| Market (SPY) | 8.7% | 20.7% |
| Sector (XLK) | 22.3% | 29.5% |
Fundamental Drivers
The 83.8% change in DDOG stock from 6/30/2025 to 7/25/2026 was primarily driven by a 131.2% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7252026 | Change |
|---|---|---|---|
| Stock Price ($) | 134.33 | 246.86 | 83.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,835 | 3,672 | 29.5% |
| Net Income Margin (%) | 5.8% | 3.7% | -36.8% |
| P/E Multiple | 278.0 | 642.8 | 131.2% |
| Shares Outstanding (Mil) | 343 | 353 | -2.9% |
| Cumulative Contribution | 83.8% |
Market Drivers
6/30/2025 to 7/25/2026| Return | Correlation | |
|---|---|---|
| DDOG | 83.8% | |
| Market (SPY) | 20.6% | 20.8% |
| Sector (XLK) | 39.5% | 28.4% |
Fundamental Drivers
The 150.9% change in DDOG stock from 6/30/2023 to 7/25/2026 was primarily driven by a 104.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7252026 | Change |
|---|---|---|---|
| Stock Price ($) | 98.38 | 246.86 | 150.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,794 | 3,672 | 104.7% |
| P/S Multiple | 17.5 | 23.7 | 35.6% |
| Shares Outstanding (Mil) | 319 | 353 | -9.6% |
| Cumulative Contribution | 150.9% |
Market Drivers
6/30/2023 to 7/25/2026| Return | Correlation | |
|---|---|---|
| DDOG | 150.9% | |
| Market (SPY) | 72.6% | 37.8% |
| Sector (XLK) | 106.1% | 42.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DDOG Return | 81% | -59% | 65% | 18% | -5% | 80% | 148% |
| Peers Return | 12% | -48% | 85% | 10% | 1% | 1% | 21% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| DDOG Win Rate | 75% | 25% | 58% | 50% | 50% | 57% | |
| Peers Win Rate | 55% | 32% | 65% | 55% | 43% | 34% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| DDOG Max Drawdown | -39% | -62% | -32% | -23% | -43% | -27% | |
| Peers Max Drawdown | -33% | -56% | -20% | -40% | -36% | -38% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DT, ESTC, NOW, SNOW, CRWD. See DDOG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/24/2026 (YTD)
How Low Can It Go
| Event | DDOG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.5% | -18.8% |
| % Gain to Breakeven | 48.1% | 23.1% |
| Time to Breakeven | 71 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -16.9% | -7.8% |
| % Gain to Breakeven | 20.3% | 8.5% |
| Time to Breakeven | 66 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.3% | -9.5% |
| % Gain to Breakeven | 45.5% | 10.5% |
| Time to Breakeven | 27 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.8% | -6.7% |
| % Gain to Breakeven | 31.2% | 7.1% |
| Time to Breakeven | 15 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -53.8% | -24.5% |
| % Gain to Breakeven | 116.4% | 32.4% |
| Time to Breakeven | 782 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.8% | -33.7% |
| % Gain to Breakeven | 63.3% | 50.9% |
| Time to Breakeven | 52 days | 140 days |
In The Past
Datadog's stock fell -32.5% during the 2025 US Tariff Shock. Such a loss loss requires a 48.1% gain to breakeven.
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Asset Allocation
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| Event | DDOG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.5% | -18.8% |
| % Gain to Breakeven | 48.1% | 23.1% |
| Time to Breakeven | 71 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.3% | -9.5% |
| % Gain to Breakeven | 45.5% | 10.5% |
| Time to Breakeven | 27 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.8% | -6.7% |
| % Gain to Breakeven | 31.2% | 7.1% |
| Time to Breakeven | 15 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -53.8% | -24.5% |
| % Gain to Breakeven | 116.4% | 32.4% |
| Time to Breakeven | 782 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.8% | -33.7% |
| % Gain to Breakeven | 63.3% | 50.9% |
| Time to Breakeven | 52 days | 140 days |
In The Past
Datadog's stock fell -32.5% during the 2025 US Tariff Shock. Such a loss loss requires a 48.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Datadog (DDOG)
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Datadog, Inc. (DDOG) provides a comprehensive, cloud-based monitoring and analytics platform, offering real-time observability into an organization's entire technology stack. The company's Software-as-a-Service (SaaS) platform helps developers, IT operations teams, and business users gain insights into the performance, health, and security of their infrastructure and applications, particularly those running in cloud environments.
The core of Datadog's offering is an integrated platform that unifies critical monitoring functions, including infrastructure monitoring, application performance monitoring (APM), log management, and security monitoring. Additionally, the platform provides specialized tools for user experience monitoring, network performance monitoring, cloud security, developer-focused observability, and incident management, all supported by shared features like dashboards, analytics, and alerting capabilities.
Datadog primarily serves businesses and organizations that operate in the cloud, targeting their internal developers, IT operations teams, and various business users. By providing a unified view and automating key monitoring tasks, Datadog enables these teams to proactively manage performance, quickly diagnose issues, and ensure the security of their digital operations across global markets.
```AI Analysis | Feedback
Here are 1-2 brief analogies for Datadog:
- Datadog is like Splunk for monitoring the performance and health of a company's entire software and infrastructure stack.
- Datadog is like a Bloomberg Terminal for IT operations, providing real-time data and analytics on software performance, logs, and security.
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- Infrastructure Monitoring: Provides real-time visibility into the performance and health of IT infrastructure components.
- Application Performance Monitoring (APM): Offers tools to monitor and troubleshoot the performance of applications and services.
- Log Management: Collects, processes, and analyzes log data from various sources for insights and troubleshooting.
- Security Monitoring: Detects and helps respond to security threats across the technology stack.
- User Experience Monitoring: Tracks and analyzes user interactions and experiences with applications and websites.
- Network Performance Monitoring: Monitors and optimizes the performance of network infrastructure.
- Cloud Security: Provides security capabilities specifically designed for cloud environments.
- Developer-Focused Observability: Offers tools and insights tailored for developers to understand their code and systems.
- Incident Management: Helps teams manage and resolve operational incidents efficiently.
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Datadog (symbol: DDOG) primarily sells its monitoring and analytics platform to other companies, rather than individuals. Its customer base consists of a wide range of businesses across various industries, from startups to large enterprises, that require real-time observability of their technology stacks.
While Datadog serves thousands of customers globally, some examples of well-known public companies that have publicly utilized or been highlighted as customers of Datadog's platform include:
- DoorDash (DASH)
- Peloton Interactive (PTON)
- S&P Global (SPGI)
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- Amazon.com, Inc. (AMZN)
- Alphabet Inc. (GOOGL)
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Olivier Pomel, Chief Executive Officer
Olivier Pomel co-founded Datadog in 2010 and has served as CEO since its inception. Before founding Datadog, he was the VP, Technology for Wireless Generation, where he developed data systems for K-12 teachers and expanded the development team until the company's acquisition by News Corp. He previously held software engineering roles at IBM Research and various internet startups. Pomel is an original author of the VLC media player.
David Obstler, Chief Financial Officer
David Obstler joined Datadog as Chief Financial Officer in November 2018, bringing over three decades of operational finance experience, with more than 20 years focused on technology companies. Prior to Datadog, he served as CFO of TravelClick, leading global financial operations. His extensive background includes CFO positions at OpenLink Financial, MSCI Inc., Risk Metrics Group, and Pinnacor. Obstler also held investment banking roles at JPMorgan, Lehman Brothers, and Goldman Sachs. He was appointed to the board of Braze in 2021.
Alexis Lê-Quôc, Chief Technology Officer & Co-founder
Alexis Lê-Quôc co-founded Datadog in 2010 alongside Olivier Pomel. Before Datadog, he was the Director of Operations for Wireless Generation, where he established the team and infrastructure. His professional experience also includes roles at France Telecom R&D and IBM.
Adam Blitzer, Chief Operating Officer
Adam Blitzer's background includes significant roles at Salesforce and Pardot, where he developed expertise in marketing automation and cloud services.
Yanbing Li, Chief Product Officer
Prior to joining Datadog, Yanbing Li served as the Senior Vice President of Engineering at Aurora. Before that, she was the Vice President of Product and Engineering at Google, overseeing Google Cloud Commerce, Cloud Operations, and Service Infrastructure. Li also held multiple executive leadership positions at VMware, including Senior Vice President and General Manager for the Storage and Availability Business Unit.
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Here are the key risks to Datadog's business, listed from most significant to less significant:
- Intense Competition and the Need for Continuous Innovation: Datadog operates in highly competitive markets with numerous established players and new entrants vying for market share. To maintain its competitive position, Datadog must continuously innovate and offer superior products and services. Failure to do so could result in lost customers and reduced market share, negatively impacting the company's business and financial outcomes.
- Cybersecurity Risks: As a provider of cloud-based services, Datadog faces significant cybersecurity threats. Any security breach or incident could severely damage the company's reputation, reduce demand for its products, and lead to substantial legal liabilities. A past incident involving unauthorized access to Datadog's source code repositories highlights these ongoing risks.
- Challenges in Sustaining Profitability and Managing Operational Scale: Despite robust revenue growth, Datadog has a history of operating losses and may struggle to sustain profitability in the future. Rapid expansion can strain operational capabilities, making it difficult for the company to forecast future results and efficiently manage its growing operations while maintaining service quality and innovation.
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The increasing maturity and widespread adoption of open-source observability standards and platforms, particularly **OpenTelemetry**, could pose a clear emerging threat. By standardizing the collection of telemetry data (traces, metrics, logs) across various environments and applications, OpenTelemetry reduces vendor lock-in and allows organizations greater flexibility. This could enable companies to build robust observability stacks using open-source components (e.g., Prometheus for metrics, Grafana for visualization, Loki for logs, Tempo for traces) or to more easily switch between commercial vendors, thereby exerting downward pressure on pricing and reducing the unique value proposition of all-in-one commercial platforms like Datadog.
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Datadog (DDOG) Addressable Market Sizes
Datadog operates within several significant and expanding addressable markets globally. The company's total addressable market (TAM) is projected to reach substantial figures in the coming years, driven by the increasing need for observability, monitoring, and security solutions in complex cloud environments.
- Total Addressable Market (TAM): Datadog's total addressable market, including security, application development, and analytics, is estimated to reach approximately $187 billion by 2029 or 2034. Another estimate places the TAM at $175 billion by 2034, growing at a compound annual growth rate (CAGR) of 17.5%. Current estimates from 2025 place Datadog's TAM at $79 billion, with projections reaching $175 billion by 2034. The cloud observability sector TAM was estimated at US$51 billion as of 2023, with a CAGR of 11% over 2023-2027.
- Observability Platform Market: The global observability platform market was valued at USD 4.1 billion in 2024 and is predicted to grow to about USD 18.1 billion by 2034, at a CAGR of 16%. Other estimates place the global market at USD 3.2 billion in 2024, projected to grow to USD 8.19 billion by 2033 at an 11.0% CAGR, or USD 2.71 billion in 2023, projected to reach USD 5.40 billion by 2030 at a 10.7% CAGR. North America held a dominant market position, capturing more than a 37.9% share in 2024, and leads with approximately 46.4% of the global share in 2025.
- Infrastructure Monitoring Market: The global infrastructure monitoring market size was valued at USD 6.17 billion in 2024 and is poised to grow to USD 15.79 billion by 2033, growing at a CAGR of 11% during the forecast period (2026–2033). Another report estimates the market at USD 5.59 billion in 2024, predicted to increase to USD 15.70 billion by 2034, expanding at a CAGR of 10.88% from 2025 to 2034. North America dominated the market with a 33% revenue share in 2024.
- Application Performance Monitoring (APM) Market: The global Application Performance Monitoring market is estimated at US$9.5 billion in 2024 and is likely to reach a projected US$20.6 billion by 2030, registering a 2024-2030 CAGR of 13.8%. Another source indicates a market size of USD 9.42 billion in 2025, projected to grow to USD 24.14 billion by 2034 with a CAGR of 11.2%. North America leads the global market for Application Performance Monitoring with an estimated 2024 share of 30.2%.
- Log Management Market: The global log management market size was valued at USD 3.27 billion in 2024 and is poised to grow to USD 9.5 billion by 2033, growing at a CAGR of 12.6% during the forecast period (2026–2033). Another outlook estimates revenue from the global log management market to reach US$3.31 billion in 2024, climbing to US$11.03 billion by 2034, expanding at a CAGR of 12.8%. North America is a leading region in the industry, holding a significant log management market share of 38% in 2024.
- Cloud Security Market: The global cloud security market size was valued at USD 51.11 billion in 2025 and is projected to grow to USD 224.16 billion by 2034, registering a CAGR of 17.80% over the forecast period. Other estimates for the global cloud security market size range from USD 35.84 billion in 2024, projected to reach USD 75.26 billion by 2030 with a CAGR of 13.3%, to USD 40.81 billion in 2025, predicted to increase to USD 133.39 billion by 2035 at a CAGR of 12.57%. North America dominated the cloud security market with a market share of 38.00% in 2025.
- User Experience Monitoring (EUEM) Market: The global end user experience monitoring market size was estimated at USD 3.90 billion in 2024 and is anticipated to grow at a CAGR of 15.7% from 2025 to 2030. Another report valued the market at USD 3.88 billion in 2024 and expects it to reach USD 14.94 billion by 2032, growing at a CAGR of 18.44%. North America held a significant revenue share of over 39.0% of the end user experience monitoring industry in 2024.
- Network Performance Monitoring (NPM) Market: The global network performance monitoring market size was valued at USD 4.13 billion in 2025 and is projected to grow to USD 9.52 billion by 2034, exhibiting a CAGR of 9.50% during the forecast period. Another report indicates the market size was USD 2.067 billion in 2025, reaching USD 4.831 billion by 2032 and exhibiting a CAGR of 13.4%. The global network performance monitoring market size is expected to cross USD 12 billion by 2032. North America is anticipated to be the dominant market in 2025.
- Incident Management Market: The global incident and emergency management market size was valued at USD 137.48 billion in 2024 and is predicted to reach around USD 250.01 billion by 2034, expanding at a CAGR of 6.16% from 2025 to 2034. The global incident response market size was valued at USD 26.63 billion in 2025 and is expected to reach USD 358.49 billion by 2033, at a CAGR of 38.40%. North America dominated the incident and emergency management market in 2024.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Datadog (DDOG) over the next 2-3 years:
- Expanding Product Portfolio and Cross-Selling: Datadog continues to broaden its platform by launching new features and capabilities, including security solutions (e.g., unified Cloud Security Management, Cloud SIEM), developer productivity tools (e.g., CI visibility, code-level insights), FinOps add-ons (e.g., cloud cost management), and advanced observability features like Kubernetes Active Remediation and Data Observability. The company's "land-and-expand" strategy is effective, with a high percentage of existing customers adopting multiple products (over 80% use two or more, and adoption of six+ products is rising), leading to higher net revenue retention and increased average revenue per user (ARPU).
- AI-Powered Innovation and Solutions: Datadog is making significant investments in artificial intelligence (AI) and machine learning (ML) to enhance its platform's capabilities, improve automation, and deliver more actionable insights to customers. Key AI-driven initiatives such as Bits AI (for troubleshooting, remediation, and security analysis), LLM Observability, and GPU monitoring are expected to increase platform stickiness and drive the upsell of security and observability modules. The company has seen significant traction in customers' adoption of AI/ML capabilities, with AI-native customer growth significantly outpacing the rest of the business.
- Growth in Enterprise and Public Sector Customer Acquisition and Expansion: Datadog is strategically focusing on acquiring and expanding its presence within larger enterprise and public sector organizations. The number of customers generating over $1 million in annual recurring revenue (ARR) is experiencing significant growth, with 603 enterprise accounts exceeding this threshold in 2025, a 31% increase from the previous year. Datadog is deepening its public-sector and enterprise sales through cloud marketplaces, Global System Integrator (GSI) partnerships, and private-offer integrations to streamline procurement.
- International Expansion: With international clients already contributing approximately 40% of its revenue, Datadog is actively pursuing further expansion in regions like EMEA (Europe, the Middle East, and Africa) and APAC (Asia-Pacific). This involves localized data handling and establishing additional regional presences to meet data residency requirements, providing a multi-year runway for revenue growth from global markets.
AI Analysis | Feedback
Share Repurchases
- Datadog used $28.24 million for stock repurchases in Q4 2025.
Share Issuance
- In December 2024, Datadog issued $1.0 billion of 0% convertible senior notes due 2029.
- In June 2020, Datadog issued $747.5 million of 0.125% convertible senior notes due 2025.
- For the year ended December 31, 2025, Datadog issued 771,355 shares of Class A common stock as consideration in acquisitions.
Outbound Investments
- Datadog acquired Propolis in January 2026, Eppo in May 2025, and Metaplane in April 2025.
- Acquisition of subsidiaries/investments amounted to $46 million in 2024, $12 million in 2023, and $7 million in 2022.
Capital Expenditures
- Capital expenditures amounted to -$135.4 million for the year ended December 31, 2025.
- Capital expenditures were approximately $65 million in 2024, $62 million in 2023, and $96 million in 2022.
- Datadog plans to continue investing heavily in R&D, particularly in AI advancements, and expand go-to-market strategies, having delivered over 400 new features in 2025.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 141.03 |
| Mkt Cap | 29.4 |
| Rev LTM | 4,352 |
| Op Inc LTM | -29 |
| FCF LTM | 1,063 |
| FCF 3Y Avg | 860 |
| CFO LTM | 1,175 |
| CFO 3Y Avg | 959 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 22.7% |
| Rev Chg 3Y Avg | 24.7% |
| Rev Chg Q | 24.8% |
| QoQ Delta Rev Chg LTM | 5.7% |
| Op Inc Chg LTM | 16.6% |
| Op Inc Chg 3Y Avg | 29.5% |
| Op Mgn LTM | -1.3% |
| Op Mgn 3Y Avg | -1.4% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 29.1% |
| CFO/Rev 3Y Avg | 29.5% |
| FCF/Rev LTM | 26.2% |
| FCF/Rev 3Y Avg | 26.6% |
Price Behavior
Price Behavior
| Market Price | $246.86 | |
| Market Cap ($ Bil) | 87.2 | |
| First Trading Date | 09/19/2019 | |
| Distance from 52W High | -11.0% | |
| 50 Days | 200 Days | |
| DMA Price | $237.23 | $164.17 |
| DMA Trend | up | up |
| Distance from DMA | 4.1% | 50.4% |
| 3M | 1YR | |
| Volatility | 82.0% | 65.0% |
| Downside Capture | -154.50 | 108.78 |
| Upside Capture | 176.04 | 148.24 |
| Correlation (SPY) | 6.4% | 23.0% |
DDOG Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.19 | 0.44 | 0.35 | 1.19 | 1.13 | 1.32 |
| Up Beta | 1.40 | -0.60 | -0.15 | 0.64 | 1.00 | 1.10 |
| Down Beta | 1.15 | 2.67 | 1.86 | 1.52 | 1.08 | 1.44 |
| Up Capture | 159% | 280% | 212% | 248% | 204% | 376% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 8 | 22 | 36 | 64 | 116 | 381 |
| Down Capture | 82% | -273% | -205% | 74% | 99% | 107% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 13 | 19 | 27 | 61 | 135 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DDOG | |
|---|---|---|---|---|
| DDOG | 71.8% | 64.7% | 1.07 | - |
| Sector ETF (XLK) | 35.9% | 24.8% | 1.19 | 29.8% |
| Equity (SPY) | 17.6% | 12.7% | 1.00 | 22.9% |
| Gold (GLD) | 19.2% | 28.1% | 0.61 | -2.9% |
| Commodities (DBC) | 34.7% | 19.1% | 1.42 | 0.3% |
| Real Estate (VNQ) | 13.8% | 14.1% | 0.69 | -4.5% |
| Bitcoin (BTCUSD) | -46.2% | 42.9% | -1.32 | 23.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DDOG | |
|---|---|---|---|---|
| DDOG | 15.9% | 58.1% | 0.47 | - |
| Sector ETF (XLK) | 19.4% | 25.6% | 0.68 | 53.5% |
| Equity (SPY) | 12.8% | 17.1% | 0.58 | 49.9% |
| Gold (GLD) | 17.0% | 18.4% | 0.75 | 4.1% |
| Commodities (DBC) | 9.6% | 19.5% | 0.38 | 8.4% |
| Real Estate (VNQ) | 3.0% | 18.9% | 0.06 | 30.2% |
| Bitcoin (BTCUSD) | 15.3% | 53.4% | 0.47 | 27.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DDOG | |
|---|---|---|---|---|
| DDOG | 19.3% | 59.5% | 0.68 | - |
| Sector ETF (XLK) | 24.1% | 24.8% | 0.88 | 50.1% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 43.8% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 6.3% |
| Commodities (DBC) | 7.2% | 17.9% | 0.32 | 12.0% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 27.4% |
| Bitcoin (BTCUSD) | 58.1% | 66.2% | 0.98 | 23.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/16/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 31.3% | 42.9% | 62.9% |
| 11/6/2025 | 23.1% | 23.2% | -0.5% |
| 8/7/2025 | -0.4% | -6.0% | -0.6% |
| 5/6/2025 | 0.3% | 7.3% | 13.2% |
| 2/13/2025 | -8.2% | -14.8% | -31.3% |
| 11/7/2024 | 1.1% | 0.1% | 31.4% |
| 8/8/2024 | 5.6% | 5.7% | -0.8% |
| 5/7/2024 | -11.5% | -6.9% | -13.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 9 |
| # Negative | 11 | 11 | 14 |
| Median Positive | 11.7% | 11.7% | 27.0% |
| Median Negative | -6.2% | -9.7% | -11.5% |
| Max Positive | 31.3% | 42.9% | 62.9% |
| Max Negative | -17.2% | -17.8% | -31.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 31.3% | 42.9% | 62.9% |
| 11/6/2025 | 23.1% | 23.2% | -0.5% |
| 8/7/2025 | -0.4% | -6.0% | -0.6% |
| 5/6/2025 | 0.3% | 7.3% | 13.2% |
| 2/13/2025 | -8.2% | -14.8% | -31.3% |
| 11/7/2024 | 1.1% | 0.1% | 31.4% |
| 8/8/2024 | 5.6% | 5.7% | -0.8% |
| 5/7/2024 | -11.5% | -6.9% | -13.0% |
| 2/13/2024 | -2.4% | -5.3% | -8.4% |
| 11/7/2023 | 28.5% | 31.0% | 43.7% |
| 8/8/2023 | -17.2% | -15.5% | -8.1% |
| 5/4/2023 | 14.5% | 30.6% | 50.0% |
| 2/16/2023 | -7.0% | -11.3% | -22.7% |
| 11/3/2022 | 0.7% | -9.7% | 0.3% |
| 8/4/2022 | -1.7% | 4.8% | -13.6% |
| 5/5/2022 | -6.0% | -17.8% | -11.4% |
| 2/10/2022 | 12.3% | 11.8% | -18.3% |
| 11/4/2021 | 11.1% | 14.0% | -3.3% |
| 8/5/2021 | 15.3% | 11.6% | 19.3% |
| 5/6/2021 | 8.3% | 8.5% | 27.0% |
| 2/11/2021 | -4.0% | -10.7% | -25.5% |
| 11/10/2020 | -6.2% | -4.9% | 9.6% |
| 8/6/2020 | -16.4% | -8.4% | -11.6% |
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 9 |
| # Negative | 11 | 11 | 14 |
| Median Positive | 11.7% | 11.7% | 27.0% |
| Median Negative | -6.2% | -9.7% | -11.5% |
| Max Positive | 31.3% | 42.9% | 62.9% |
| Max Negative | -17.2% | -17.8% | -31.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/12/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
| 09/30/2019 | 11/13/2019 | 10-Q |
| 06/30/2019 | 09/19/2019 | 424B4 |
Recent Forward Guidance
Updated 7/8/2026Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 1.07 Bil | 1.07 Bil | 1.08 Bil | 17.6% | Higher New | Actual: 914.00 Mil for Q4 2025 | |
| Q2 2026 Non-GAAP Operating Income | 225.00 Mil | 230.00 Mil | 235.00 Mil | 5.5% | Higher New | Actual: 218.00 Mil for Q4 2025 | |
| Q2 2026 Non-GAAP Net Income Per Share | 0.57 | 0.58 | 0.59 | 5.5% | Higher New | Actual: 0.55 for Q4 2025 | |
| 2026 Revenue | 4.30 Bil | 4.32 Bil | 4.34 Bil | 27.5% | Higher New | Actual: 3.39 Bil for 2025 | |
| 2026 Non-GAAP Operating Income | 940.00 Mil | 960.00 Mil | 980.00 Mil | 27.0% | Higher New | Actual: 756.00 Mil for 2025 | |
| 2026 Non-GAAP Net Income Per Share | 2.36 | 2.4 | 2.44 | 19.4% | Higher New | Actual: 2.01 for 2025 | |
Prior: Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 912.00 Mil | 914.00 Mil | 916.00 Mil | ||||
| Q4 2025 Non-GAAP Operating Income | 216.00 Mil | 218.00 Mil | 220.00 Mil | ||||
| Q4 2025 Non-GAAP Net Income per share | 0.54 | 0.55 | 0.56 | ||||
| 2025 Revenue | 3.39 Bil | 3.39 Bil | 3.39 Bil | 2.1% | Raised | Guidance: 3.32 Bil for 2025 | |
| 2025 Non-GAAP Operating Income | 754.00 Mil | 756.00 Mil | 758.00 Mil | 9.7% | Raised | Guidance: 689.00 Mil for 2025 | |
| 2025 Non-GAAP Net Income per share | 2 | 2.01 | 2.02 | 10.7% | Raised | Guidance: 1.81 for 2025 | |
Insider Activity
Updated 7/22/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 7222026 | 265.23 | 43,224 | 11,464,111 | 135,213,329 | Form |
| 2 | Agarwal, Amit | Trust | Sell | 7202026 | 261.53 | 20,000 | 5,230,676 | 428,915 | Form | |
| 3 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 7152026 | 259.00 | 127,141 | 32,929,122 | 158,699,559 | Form |
| 4 | Agarwal, Amit | Trust | Sell | 7132026 | 267.41 | 20,000 | 5,348,253 | 438,557 | Form | |
| 5 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 7102026 | 257.24 | 53,912 | 13,868,384 | 131,142,812 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 7222026 | 265.23 | 43,224 | 11,464,111 | 135,213,329 | Form |
| 2 | Agarwal, Amit | Trust | Sell | 7202026 | 261.53 | 20,000 | 5,230,676 | 428,915 | Form | |
| 3 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 7152026 | 259.00 | 127,141 | 32,929,122 | 158,699,559 | Form |
| 4 | Agarwal, Amit | Trust | Sell | 7132026 | 267.41 | 20,000 | 5,348,253 | 438,557 | Form | |
| 5 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 7102026 | 257.24 | 53,912 | 13,868,384 | 131,142,812 | Form |
| 6 | Agarwal, Amit | Trust | Sell | 7072026 | 261.22 | 20,000 | 5,224,413 | 428,402 | Form | |
| 7 | Callahan, Michael James | Trust | Sell | 7062026 | 267.47 | 12,500 | 3,343,375 | 4,010,980 | Form | |
| 8 | Callahan, Michael James | Trust | Sell | 7012026 | 247.47 | 12,500 | 3,093,375 | 3,711,060 | Form | |
| 9 | Agarwal, Amit | Trust | Sell | 6292026 | 220.12 | 20,000 | 4,402,377 | 360,995 | Form | |
| 10 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 6242026 | 220.97 | 43,224 | 9,551,316 | 112,652,899 | Form |
| 11 | Agarwal, Amit | Trust | Sell | 6232026 | 220.92 | 20,000 | 4,418,365 | 362,306 | Form | |
| 12 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 6182026 | 232.30 | 84,698 | 19,675,500 | 142,342,244 | Form |
| 13 | Acocella, Kerry | General Counsel and Secretary | Direct | Sell | 6172026 | 233.91 | 5,371 | 1,256,311 | 29,908,671 | Form |
| 14 | Agarwal, Amit | Trust | Sell | 6162026 | 231.56 | 20,000 | 4,631,193 | 379,758 | Form | |
| 15 | Callahan, Michael James | Trust | Sell | 6162026 | 231.60 | 112,500 | 26,055,155 | 3,473,094 | Form | |
| 16 | Walters, Sean Michael | Chief Revenue Officer | Direct | Sell | 6152026 | 231.02 | 11,876 | 2,743,551 | 59,699,263 | Form |
| 17 | Galloreese, David | Chief People Officer | Direct | Sell | 6112026 | 228.90 | 4,013 | 918,590 | 27,969,960 | Form |
| 18 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 6102026 | 231.69 | 127,141 | 29,457,514 | 141,968,392 | Form |
| 19 | Obstler, David M | Chief Financial Officer | Direct | Sell | 6102026 | 231.69 | 75,000 | 17,376,592 | 100,689,473 | Form |
| 20 | Cole, Titilope | Direct | Sell | 6082026 | 247.87 | 5,131 | 1,271,844 | 301,415 | Form | |
| 21 | Ittycheria, Dev | Direct | Sell | 6052026 | 248.78 | 120,000 | 29,853,404 | 9,760,819 | Form | |
| 22 | Ittycheria, Dev | LLC | Sell | 6052026 | 248.78 | 18,000 | 4,478,036 | 18,135,798 | Form | |
| 23 | Blitzer, Adam | Chief Operating Officer | Direct | Sell | 6042026 | 249.29 | 12,202 | 3,041,813 | 65,754,957 | Form |
| 24 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 6042026 | 267.15 | 26,012 | 6,949,220 | 193,678,658 | Form |
| 25 | Walters, Sean Michael | Chief Revenue Officer | Direct | Sell | 6042026 | 267.15 | 13,409 | 3,582,273 | 72,210,766 | Form |
| 26 | Galloreese, David | Chief People Officer | Direct | Sell | 6042026 | 267.15 | 4,711 | 1,258,564 | 33,715,954 | Form |
| 27 | Obstler, David M | Chief Financial Officer | Direct | Sell | 6042026 | 267.15 | 16,323 | 4,360,761 | 136,139,478 | Form |
| 28 | Li, Yanbing | Chief Product Officer | Direct | Sell | 6042026 | 267.15 | 11,070 | 2,957,399 | 73,294,344 | Form |
| 29 | Acocella, Kerry | General Counsel and Secretary | Direct | Sell | 6042026 | 267.15 | 7,252 | 1,937,404 | 35,594,851 | Form |
| 30 | Blitzer, Adam | Chief Operating Officer | Direct | Sell | 6042026 | 267.15 | 13,642 | 3,644,520 | 73,727,401 | Form |
| 31 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 6032026 | 267.15 | 21,506 | 5,745,423 | 136,196,649 | Form |
| 32 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 6032026 | 271.05 | 53,912 | 14,612,581 | 144,009,216 | Form |
| 33 | Jacobson, Matthew | Direct | Sell | 6022026 | 277.46 | 18,020 | 4,999,822 | 162,073,029 | Form | |
| 34 | Jacobson, Matthew | Direct | Sell | 6022026 | 243.02 | 20,574 | 4,999,861 | 146,334,016 | Form | |
| 35 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 5282026 | 223.58 | 84,698 | 18,936,388 | 167,900,865 | Form |
| 36 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 5202026 | 208.04 | 43,224 | 8,992,461 | 110,535,657 | Form |
| 37 | Agarwal, Amit | Trust | Sell | 5132026 | 200.13 | 20,000 | 4,002,637 | 328,216 | Form | |
| 38 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 5132026 | 199.84 | 127,141 | 25,408,082 | 167,003,569 | Form |
| 39 | Richardson, Julie | Direct | Sell | 5112026 | 185.82 | 1,930 | 358,633 | 391,337 | Form | |
| 40 | Richardson, Julie | Direct | Sell | 5112026 | 188.50 | 2,433 | 458,620 | 760,786 | Form | |
| 41 | Walters, Sean Michael | Chief Revenue Officer | Direct | Sell | 5112026 | 188.50 | 7,657 | 1,443,344 | 53,460,485 | Form |
| 42 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 5062026 | 150.00 | 10,806 | 1,620,900 | 79,696,650 | Form |
| 43 | Agarwal, Amit | Trust | Sell | 5062026 | 144.75 | 20,000 | 2,894,938 | 237,385 | Form | |
| 44 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 5062026 | 144.93 | 43,106 | 6,247,534 | 77,005,142 | Form |
| 45 | Agarwal, Amit | Trust | Sell | 4292026 | 131.47 | 20,000 | 2,629,398 | 215,611 | Form | |
| 46 | Agarwal, Amit | Trust | Sell | 4222026 | 125.98 | 20,000 | 2,519,524 | 206,601 | Form | |
| 47 | Agarwal, Amit | Trust | Sell | 4172026 | 120.00 | 20,000 | 2,400,000 | 196,800 | Form | |
| 48 | Shah, Shardul | Trust | Sell | 4172026 | 120.00 | 7,916 | 949,920 | 38,034,360 | Form | |
| 49 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 4132026 | 111.14 | 42,443 | 4,717,074 | 92,876,547 | Form |
| 50 | Agarwal, Amit | Trust | Sell | 4102026 | 122.28 | 20,000 | 2,445,600 | 200,539 | Form | |
| 51 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 4082026 | 116.46 | 32,300 | 3,761,653 | 61,876,398 | Form |
| 52 | Agarwal, Amit | Trust | Sell | 4032026 | 120.53 | 20,000 | 2,410,600 | 197,669 | Form | |
| 53 | Agarwal, Amit | Trust | Sell | 3252026 | 127.36 | 20,000 | 2,547,237 | 208,873 | Form | |
| 54 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 3252026 | 127.75 | 32,418 | 4,141,418 | 55,859,825 | Form |
| 55 | Agarwal, Amit | Trust | Sell | 3182026 | 126.73 | 20,000 | 2,534,673 | 207,843 | Form | |
| 56 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 3182026 | 126.80 | 42,443 | 5,381,599 | 89,368,425 | Form |
| 57 | Shah, Shardul | Trust | Sell | 3172026 | 127.00 | 7,916 | 1,005,344 | 41,258,867 | Form | |
| 58 | Walters, Sean Michael | Chief Revenue Officer | Direct | Sell | 3132026 | 125.68 | 22,330 | 2,806,479 | 29,960,580 | Form |
| 59 | Agarwal, Amit | Trust | Sell | 3112026 | 124.81 | 20,000 | 2,496,118 | 204,682 | Form | |
| 60 | Blitzer, Adam | Chief Operating Officer | Direct | Sell | 3042026 | 110.24 | 32,092 | 3,537,903 | 25,391,058 | Form |
| 61 | Li, Yanbing | Chief Product Officer | Direct | Sell | 3042026 | 110.54 | 23,023 | 2,544,866 | 28,076,204 | Form |
| 62 | Obstler, David M | Chief Financial Officer | Direct | Sell | 3042026 | 110.54 | 40,057 | 4,427,737 | 51,578,151 | Form |
| 63 | Acocella, Kerry | General Counsel and Secretary | Direct | Sell | 3042026 | 110.54 | 17,653 | 1,951,287 | 13,896,659 | Form |
| 64 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 3042026 | 110.54 | 53,541 | 5,918,203 | 48,332,596 | Form |
| 65 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 3042026 | 110.54 | 68,922 | 7,618,355 | 77,908,024 | Form |
| 66 | Walters, Sean Michael | Chief Revenue Officer | Direct | Sell | 3042026 | 110.54 | 32,118 | 3,550,192 | 28,818,257 | Form |
| 67 | Blitzer, Adam | Chief Operating Officer | Direct | Sell | 3042026 | 110.54 | 33,429 | 3,695,105 | 29,005,947 | Form |
| 68 | Galloreese, David | Chief People Officer | Direct | Sell | 3042026 | 110.54 | 10,708 | 1,183,617 | 11,665,064 | Form |
| 69 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 2252026 | 104.88 | 21,612 | 2,266,659 | 51,474,723 | Form |
| 70 | Shah, Shardul | Trust | Sell | 2182026 | 126.19 | 7,916 | 998,892 | 41,992,980 | Form | |
| 71 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 2132026 | 126.79 | 43,106 | 5,465,454 | 62,228,783 | Form |
| 72 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 1302026 | 140.99 | 32,418 | 4,570,511 | 42,501,607 | Form |
| 73 | Shah, Shardul | Trust | Sell | 1152026 | 124.89 | 7,916 | 988,660 | 42,551,493 | Form | |
| 74 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 12312025 | 137.85 | 32,418 | 4,468,788 | 41,555,676 | Form |
| 75 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 12192025 | 137.93 | 11,195 | 1,544,122 | 71,465,870 | Form |
| 76 | Shah, Shardul | Trust | Sell | 12162025 | 146.94 | 7,916 | 1,163,207 | 51,227,088 | Form | |
| 77 | Walters, Sean Michael | Chief Revenue Officer | Direct | Sell | 12152025 | 149.84 | 9,838 | 1,474,097 | 25,720,124 | Form |
| 78 | Acocella, Kerry | General Counsel and Secretary | Direct | Sell | 12092025 | 151.35 | 3,938 | 596,035 | 12,783,867 | Form |
| 79 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 12082025 | 154.05 | 53,912 | 8,305,201 | 45,514,077 | Form |
| 80 | Blitzer, Adam | Chief Operating Officer | Direct | Sell | 12042025 | 154.61 | 8,023 | 1,240,413 | 25,540,633 | Form |
| 81 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 12042025 | 154.63 | 32,923 | 5,090,929 | 80,119,623 | Form |
| 82 | Galloreese, David | Chief People Officer | Direct | Sell | 12042025 | 158.60 | 2,554 | 405,061 | 12,279,647 | Form |
| 83 | Li, Yanbing | Chief Product Officer | Direct | Sell | 12042025 | 158.60 | 6,715 | 1,064,989 | 31,623,589 | Form |
| 84 | Blitzer, Adam | Chief Operating Officer | Direct | Sell | 12042025 | 158.60 | 8,508 | 1,349,356 | 27,472,432 | Form |
| 85 | Obstler, David M | Chief Financial Officer | Direct | Sell | 12042025 | 158.60 | 12,513 | 1,984,543 | 59,337,726 | Form |
| 86 | Walters, Sean Michael | Chief Revenue Officer | Direct | Sell | 12042025 | 158.60 | 10,530 | 1,670,042 | 28,784,359 | Form |
| 87 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 12042025 | 158.60 | 13,765 | 2,183,108 | 53,712,871 | Form |
| 88 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 12042025 | 158.60 | 15,225 | 2,414,662 | 82,175,117 | Form |
| 89 | Acocella, Kerry | General Counsel and Secretary | Direct | Sell | 12042025 | 158.60 | 5,018 | 795,847 | 14,020,266 | Form |
| 90 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 11262025 | 158.49 | 43,224 | 6,850,776 | 55,859,409 | Form |
| 91 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 11192025 | 181.18 | 100,754 | 18,254,128 | 96,631,255 | Form |
| 92 | Shah, Shardul | Trust | Sell | 11172025 | 187.23 | 7,916 | 1,482,120 | 66,754,020 | Form | |
| 93 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 11132025 | 197.99 | 53,912 | 10,673,913 | 78,336,013 | Form |
| 94 | Jacobson, Matthew | ICONIQ Strategic Partners VI, L.P. | Sell | 11132025 | 200.14 | 12,859 | Form | |||
| 95 | Jacobson, Matthew | ICONIQ Strategic Partners VI-B, L.P. | Sell | 11132025 | 200.14 | 18,951 | Form | |||
| 96 | Jacobson, Matthew | ICONIQ Strategic Partners VI, L.P. | Sell | 11132025 | 199.60 | 163,452 | 32,625,573 | 2,566,700 | Form | |
| 97 | Jacobson, Matthew | ICONIQ Strategic Partners VI-B, L.P. | Sell | 11132025 | 199.60 | 240,854 | 48,075,452 | 3,782,698 | Form | |
| 98 | Callahan, Michael James | Trust | Sell | 11102025 | 187.47 | 12,500 | 2,343,375 | 2,342,625 | Form | |
| 99 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 11052025 | 163.90 | 62,682 | 10,273,557 | 87,417,183 | Form |
| 100 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 10242025 | 154.35 | 11,195 | 1,727,984 | 82,325,496 | Form |
| 101 | Callahan, Michael James | Trust | Sell | 10152025 | 160.55 | 8,333 | 1,337,838 | 2,006,195 | Form | |
| 102 | Shah, Shardul | Trust | Sell | 10152025 | 162.58 | 7,916 | 1,286,955 | 59,250,809 | Form | |
| 103 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 10082025 | 165.02 | 63,939 | 10,551,207 | 88,014,684 | Form |
| 104 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 10082025 | 165.01 | 25,620 | 4,227,449 | 88,007,163 | Form |
| 105 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 10082025 | 154.43 | 32,923 | 5,084,154 | 82,364,124 | Form |
| 106 | Callahan, Michael James | Trust | Sell | 10082025 | 157.60 | 91,667 | 14,446,939 | 1,969,400 | Form | |
| 107 | Agarwal, Amit | Trust | Sell | 10032025 | 150.08 | 45,444 | 6,820,140 | 246,128 | Form | |
| 108 | Walters, Sean Michael | Chief Revenue Officer | Direct | Sell | 10032025 | 150.04 | 2,924 | 438,725 | 28,801,747 | Form |
| 109 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 10032025 | 150.94 | 41,468 | 6,259,029 | 66,243,699 | Form |
| 110 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 9242025 | 137.94 | 11,195 | 1,544,269 | 73,572,885 | Form |
| 111 | Agarwal, Amit | Trust | Sell | 9192025 | 135.23 | 18 | 2,434 | 221,777 | Form | |
| 112 | Agarwal, Amit | Trust | Sell | 9192025 | 134.36 | 10,094 | 1,356,209 | 220,347 | Form | |
| 113 | Agarwal, Amit | Trust | Sell | 9162025 | 134.80 | 33,333 | 4,493,190 | 221,067 | Form | |
| 114 | Agarwal, Amit | Trust | Sell | 9162025 | 138.34 | 44,444 | 6,148,308 | 226,875 | Form | |
| 115 | Shah, Shardul | Trust | Sell | 9162025 | 137.78 | 7,916 | 1,090,673 | 51,304,761 | Form | |
| 116 | Walters, Sean Michael | Chief Revenue Officer | Direct | Sell | 9152025 | 139.62 | 6,821 | 952,344 | 27,209,159 | Form |
| 117 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 9102025 | 135.74 | 32,923 | 4,468,848 | 72,396,074 | Form |
| 118 | Acocella, Kerry | General Counsel and Secretary | Direct | Sell | 9092025 | 134.72 | 3,958 | 533,219 | 12,585,347 | Form |
| 119 | Blitzer, Adam | Chief Operating Officer | Direct | Sell | 9042025 | 132.13 | 7,950 | 1,050,470 | 24,012,566 | Form |
| 120 | Obstler, David M | Chief Financial Officer | Direct | Sell | 9042025 | 133.85 | 12,619 | 1,689,020 | 51,752,231 | Form |
| 121 | Walters, Sean Michael | Chief Revenue Officer | Direct | Sell | 9042025 | 133.85 | 10,622 | 1,421,722 | 26,997,187 | Form |
| 122 | Galloreese, David | Chief People Officer | Direct | Sell | 9042025 | 133.85 | 2,577 | 344,923 | 10,695,840 | Form |
| 123 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 9042025 | 133.85 | 15,357 | 2,055,491 | 71,388,475 | Form |
| 124 | Li, Yanbing | Chief Product Officer | Direct | Sell | 9042025 | 133.85 | 25,010 | 3,347,516 | 27,577,187 | Form |
| 125 | Blitzer, Adam | Chief Operating Officer | Direct | Sell | 9042025 | 133.85 | 8,581 | 1,148,543 | 25,387,869 | Form |
| 126 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 9032025 | 133.83 | 55,352 | 7,407,864 | 58,736,822 | Form |
| 127 | Acocella, Kerry | General Counsel and Secretary | Direct | Sell | 9032025 | 133.85 | 5,142 | 688,244 | 13,033,668 | Form |
| 128 | Acocella, Kerry | General Counsel and Secretary | Direct | Sell | 9032025 | 139.96 | 12,971 | 1,815,421 | 14,348,559 | Form |
| 129 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 8292025 | 130.00 | 11,195 | 1,455,350 | 71,332,950 | Form |
| 130 | Jacobson, Matthew | ICONIQ Strategic Partners VI, L.P. | Sell | 8282025 | 130.01 | 43,520 | 5,658,142 | 22,922,624 | Form | |
| 131 | Jacobson, Matthew | ICONIQ Strategic Partners VI-B, L.P. | Sell | 8282025 | 130.01 | 64,128 | 8,337,582 | 33,778,465 | Form | |
| 132 | Jacobson, Matthew | ICONIQ Strategic Partners VI, L.P. | Sell | 8282025 | 126.96 | 232,809 | 29,557,355 | 27,909,672 | Form | |
| 133 | Jacobson, Matthew | ICONIQ Strategic Partners VI-B, L.P. | Sell | 8282025 | 126.96 | 343,054 | 43,553,918 | 41,126,328 | Form | |
| 134 | Jacobson, Matthew | ICONIQ Strategic Partners VI, L.P. | Sell | 8262025 | 128.60 | 24,243 | 3,117,754 | 58,211,450 | Form | |
| 135 | Jacobson, Matthew | ICONIQ Strategic Partners VI-B, L.P. | Sell | 8262025 | 128.60 | 35,722 | 4,594,003 | 85,777,396 | Form | |
| 136 | Jacobson, Matthew | ICONIQ Strategic Partners VI, L.P. | Sell | 8262025 | 132.01 | 19,859 | 2,621,589 | 62,953,373 | Form | |
| 137 | Jacobson, Matthew | ICONIQ Strategic Partners VI-B, L.P. | Sell | 8262025 | 132.01 | 29,264 | 3,863,144 | 92,764,685 | Form | |
| 138 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 8122025 | 130.38 | 32,923 | 4,292,337 | 71,538,733 | Form |
| 139 | Cole, Titilope | Direct | Sell | 8122025 | 136.59 | 2,210 | 301,864 | 866,937 | Form | |
| 140 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 8072025 | 134.47 | 41,468 | 5,576,005 | 60,881,692 | Form |
| 141 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 7302025 | 150.82 | 11,195 | 1,688,462 | 82,758,767 | Form |
| 142 | Shah, Shardul | Trust | Sell | 7172025 | 140.80 | 7,924 | 1,115,703 | 53,543,747 | Form | |
| 143 | Le-Quoc, Alexis | Chief Technology Officer | Direct | Sell | 7162025 | 139.27 | 41,468 | 5,775,377 | 63,058,547 | Form |
| 144 | Pomel, Olivier | Chief Executive Officer | Direct | Sell | 7102025 | 146.05 | 32,924 | 4,808,516 | 80,139,254 | Form |
| 145 | Walters, Sean Michael | Chief Revenue Officer | Direct | Sell | 7082025 | 150.00 | 9,469 | 1,420,350 | 31,848,600 | Form |
| 146 | Obstler, David M | Chief Financial Officer | Direct | Sell | 7082025 | 147.43 | 15,000 | 2,211,450 | 58,864,376 | Form |
| 147 | Obstler, David M | Chief Financial Officer | Direct | Sell | 7022025 | 135.25 | 15,000 | 2,028,750 | 54,001,268 | Form |
Investor Activity (13F)
Updated Jul 26, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Ashe Capital Management, LP | $86.9 Mil | 10.9% | 7 | Hold | 13F |
| Strategy Capital LLC | $86.3 Mil | 7.1% | 11 | Hold | 13F |
| RDST Capital LLC | $70.5 Mil | 6.8% | 20 | ADD +60.4% | 13F |
| Cypress Point Investment Management LP | $13.6 Mil | 3.2% | 32 | ADD +70.8% | 13F |
| Crosslink Capital Inc | $25.9 Mil | 2.5% | 21 | ADD +137.9% | 13F |
| Sands Capital Alternatives, LLC | $10.1 Mil | 2.4% | 21 | Hold | 13F |
| Oribel Capital Management, LP | $14.4 Mil | 2.2% | 41 | New | 13F |
| Exane Asset Management | $10.1 Mil | 2.1% | 32 | New | 13F |
| One Madison Group LLC | $16.6 Mil | 1.9% | 28 | TRIM -21.7% | 13F |
| Benchstone Capital Management LP | $15.5 Mil | 1.8% | 38 | New | 13F |
| KR Capital LP | $6.3 Mil | 1.3% | 49 | New | 13F |
| Dragoneer Investment Group, LLC | $32.1 Mil | 1.1% | 17 | Hold | 13F |
| Kinetic Partners Management, LP | $18.4 Mil | 1.0% | 49 | New | 13F |
| Stony Point Capital LLC | $11.2 Mil | 0.9% | 31 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Kinetic Partners Management, LP | $18.4 Mil | 1.0% | 49 | New | 13F |
| Benchstone Capital Management LP | $15.5 Mil | 1.8% | 38 | New | 13F |
| Oribel Capital Management, LP | $14.4 Mil | 2.2% | 41 | New | 13F |
| Exane Asset Management | $10.1 Mil | 2.1% | 32 | New | 13F |
| KR Capital LP | $6.3 Mil | 1.3% | 49 | New | 13F |
| Crosslink Capital Inc | $25.9 Mil | 2.5% | 21 | ADD +137.9% | 13F |
| Cypress Point Investment Management LP | $13.6 Mil | 3.2% | 32 | ADD +70.8% | 13F |
| RDST Capital LLC | $70.5 Mil | 6.8% | 20 | ADD +60.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Ashe Capital Management, LP | $86.9 Mil | 10.9% | 7 | Hold | 13F |
| Strategy Capital LLC | $86.3 Mil | 7.1% | 11 | Hold | 13F |
| RDST Capital LLC | $70.5 Mil | 6.8% | 20 | ADD +60.4% | 13F |
| Dragoneer Investment Group, LLC | $32.1 Mil | 1.1% | 17 | Hold | 13F |
| Crosslink Capital Inc | $25.9 Mil | 2.5% | 21 | ADD +137.9% | 13F |
| Kinetic Partners Management, LP | $18.4 Mil | 1.0% | 49 | New | 13F |
| One Madison Group LLC | $16.6 Mil | 1.9% | 28 | TRIM -21.7% | 13F |
| Benchstone Capital Management LP | $15.5 Mil | 1.8% | 38 | New | 13F |
| Oribel Capital Management, LP | $14.4 Mil | 2.2% | 41 | New | 13F |
| Cypress Point Investment Management LP | $13.6 Mil | 3.2% | 32 | ADD +70.8% | 13F |
| Stony Point Capital LLC | $11.2 Mil | 0.9% | 31 | Hold | 13F |
| Sands Capital Alternatives, LLC | $10.1 Mil | 2.4% | 21 | Hold | 13F |
| Exane Asset Management | $10.1 Mil | 2.1% | 32 | New | 13F |
| KR Capital LP | $6.3 Mil | 1.3% | 49 | New | 13F |
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