Advisory Services Network LLC Buys 9,379 Shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Advisory Services Network LLC lifted its holdings in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCNGet Rating) by 47.1% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 29,280 shares of the company’s stock after purchasing an additional 9,379 shares during the period. Advisory Services Network LLC’s holdings in DigitalOcean were worth $1,694,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Baldwin Brothers LLC MA boosted its holdings in DigitalOcean by 25.0% in the first quarter. Baldwin Brothers LLC MA now owns 1,500 shares of the company’s stock valued at $87,000 after acquiring an additional 300 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in DigitalOcean by 5.9% in the first quarter. Teacher Retirement System of Texas now owns 5,668 shares of the company’s stock valued at $328,000 after buying an additional 316 shares during the period. Point72 Hong Kong Ltd acquired a new position in DigitalOcean in the fourth quarter valued at about $30,000. Rockefeller Capital Management L.P. lifted its stake in DigitalOcean by 100.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 800 shares of the company’s stock valued at $64,000 after buying an additional 400 shares during the period. Finally, Oppenheimer & Co. Inc. lifted its stake in DigitalOcean by 12.0% in the first quarter. Oppenheimer & Co. Inc. now owns 3,931 shares of the company’s stock valued at $228,000 after buying an additional 420 shares during the period. Institutional investors own 52.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on DOCN shares. Morgan Stanley lowered DigitalOcean from an “equal weight” rating to an “underweight” rating and set a $45.00 target price on the stock. in a research note on Monday, July 11th. KeyCorp raised their price target on DigitalOcean from $48.00 to $57.00 in a research report on Tuesday, August 9th. The Goldman Sachs Group lowered DigitalOcean from a “buy” rating to a “sell” rating and dropped their price target for the stock from $54.00 to $40.00 in a research report on Wednesday, July 13th. Oppenheimer dropped their price target on DigitalOcean from $80.00 to $65.00 in a research report on Tuesday, August 9th. Finally, Piper Sandler raised their price target on DigitalOcean from $56.00 to $57.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 9th. Two equities research analysts have rated the stock with a sell rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $62.70.

DigitalOcean Price Performance

DigitalOcean stock opened at $41.56 on Monday. The company has a debt-to-equity ratio of 30.38, a quick ratio of 16.59 and a current ratio of 16.59. DigitalOcean Holdings, Inc. has a 52 week low of $30.05 and a 52 week high of $133.40. The stock has a market capitalization of $4.03 billion, a P/E ratio of -115.44 and a beta of 1.40. The stock has a fifty day moving average of $42.46 and a 200-day moving average of $45.46.

DigitalOcean (NASDAQ:DOCNGet Rating) last posted its quarterly earnings results on Monday, August 8th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.10. DigitalOcean had a negative return on equity of 7.59% and a negative net margin of 7.78%. The company had revenue of $133.88 million during the quarter, compared to analysts’ expectations of $134.48 million. During the same quarter in the previous year, the firm earned ($0.02) EPS. DigitalOcean’s revenue was up 29.0% on a year-over-year basis. On average, sell-side analysts expect that DigitalOcean Holdings, Inc. will post -0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CMO Carly D. Brantz sold 1,774 shares of the business’s stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $45.97, for a total transaction of $81,550.78. Following the sale, the chief marketing officer now owns 100,897 shares in the company, valued at approximately $4,638,235.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CMO Carly D. Brantz sold 1,774 shares of the company’s stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $45.97, for a total transaction of $81,550.78. Following the sale, the chief marketing officer now owns 100,897 shares in the company, valued at approximately $4,638,235.09. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Amy Butte sold 5,000 shares of the company’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $50.00, for a total value of $250,000.00. Following the sale, the director now owns 34,760 shares in the company, valued at approximately $1,738,000. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by corporate insiders.

DigitalOcean Company Profile

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DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. Its platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and medium size businesses. The company offers infrastructure solutions across compute, storage, and networking, as well as enables developers to extend the native capabilities of its cloud with fully managed application, container, and database offerings.

See Also

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Institutional Ownership by Quarter for DigitalOcean (NASDAQ:DOCN)

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