Alger Capital, an investment management company, released its “Alger Spectra Fund” fourth quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, Class A shares of the fund underperformed the Russell 3000 Growth Index. The portfolio’s largest sector overweight in the quarter was Energy and the largest sector underweight was Information Technology. Energy and Utility sectors were the significant performance contributors, while Information technology and Consumer Discretionary sectors detracted from the performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Alger Capital highlighted stocks Datadog, Inc. (NASDAQ:DDOG) in the Q4 2022 investor letter. Headquartered in New York, New York, Datadog, Inc. (NASDAQ:DDOG) is a software company that provides a monitoring and analytics platform for developers. On February 2, 2023, Datadog, Inc. (NASDAQ:DDOG) stock closed at $86.97 per share. One-month return of Datadog, Inc. (NASDAQ:DDOG) was 22.82%, and its shares lost 42.12% of their value over the last 52 weeks. Datadog, Inc. (NASDAQ:DDOG) has a market capitalization of $27.618 billion.
Alger Capital made the following comment about Datadog, Inc. (NASDAQ:DDOG) in its Q4 2022 investor letter:
“Datadog, Inc. (NASDAQ:DDOG) is as an observability software vendor that enables customers to have strong visibility into the performance of its technology stacks that drive high quality end-user experiences. The company is able to achieve this with its portfolio of 15 products that encompass infrastructure technology monitoring, application performance monitoring (APM) and security information and event management (SIEM). We believe Datadog’s platform is well positioned to take share of a large total addressable market because it provides best-in-class observability tools with smooth adoption motion that delivers immediate value to small-to-mid sized businesses. While the company reported strong fiscal third quarter results, shares underperformed due to a difficult macroeconomic environment. resulting in weak consumer discretionary demand. However. new products are ramping up and accelerating sales and marketing investments should support strong growth, in our view.”
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Datadog, Inc. (NASDAQ:DDOG) is not on our 30 Most Popular Stocks Among Hedge Funds list. As per our database, 74 hedge fund portfolios held Datadog, Inc. (NASDAQ:DDOG) at the end of the third quarter, which was 82 in the previous quarter.
We discussed Datadog, Inc. (NASDAQ:DDOG) in another article and shared the list of big data stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.