Verition Fund Management LLC increased its position in DigitalOcean Holdings, Inc. (NASDAQ:DOCN – Get Rating) by 28.8% during the 1st quarter, Holdings Channel reports. The firm owned 11,645 shares of the company’s stock after acquiring an additional 2,601 shares during the quarter. Verition Fund Management LLC’s holdings in DigitalOcean were worth $674,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Point72 Hong Kong Ltd bought a new position in DigitalOcean in the fourth quarter worth approximately $30,000. Signaturefd LLC grew its stake in DigitalOcean by 706.7% in the first quarter. Signaturefd LLC now owns 484 shares of the company’s stock worth $28,000 after purchasing an additional 424 shares in the last quarter. Advisors Asset Management Inc. bought a new position in DigitalOcean in the first quarter worth approximately $42,000. Mascoma Wealth Management LLC bought a new position in DigitalOcean in the first quarter worth approximately $43,000. Finally, Rockefeller Capital Management L.P. grew 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 worth $64,000 after purchasing an additional 400 shares in the last quarter. Institutional investors own 52.00% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts have issued reports on DOCN shares. Piper Sandler increased their target price on DigitalOcean from $56.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, August 9th. Oppenheimer dropped their target price on DigitalOcean from $80.00 to $65.00 in a research report on Tuesday, August 9th. KeyCorp increased their target price on DigitalOcean from $48.00 to $57.00 in a research report on Tuesday, August 9th. The Goldman Sachs Group cut DigitalOcean from a “buy” rating to a “sell” rating and dropped their target price for the company from $54.00 to $40.00 in a research report on Wednesday, July 13th. Finally, Morgan Stanley cut DigitalOcean from an “equal weight” rating to an “underweight” rating and set a $45.00 target price on the stock. in a research report on Monday, July 11th. Two analysts have rated the stock with a sell rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $62.70.
DigitalOcean Stock Performance
DigitalOcean (NASDAQ:DOCN – Get Rating) last issued its earnings results on Monday, August 8th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.10. The company had revenue of $133.88 million during the quarter, compared to analyst estimates of $134.48 million. DigitalOcean had a negative return on equity of 7.59% and a negative net margin of 7.78%. The firm’s quarterly revenue was up 29.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.02) EPS. As a group, research analysts expect that DigitalOcean Holdings, Inc. will post -0.13 earnings per share for the current year.
Insider Buying and Selling
In related news, CMO Carly D. Brantz sold 1,774 shares of the firm’s stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $45.97, for a total value of $81,550.78. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Amy Butte sold 5,000 shares of DigitalOcean stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $50.00, for a total value of $250,000.00. Following the sale, the director now directly owns 34,760 shares in the company, valued at approximately $1,738,000. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CMO Carly D. Brantz sold 1,774 shares of the business’s stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $45.97, for a total value of $81,550.78. Following the transaction, the chief marketing officer now owns 100,897 shares in the company, valued at $4,638,235.09. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by company insiders.
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.
- Get a free copy of the StockNews.com research report on DigitalOcean (DOCN)
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