Cambridge Investment Research Advisors Inc. Increases Stake in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Cambridge Investment Research Advisors Inc. lifted its stake in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCNGet Rating) by 21.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 10,512 shares of the company’s stock after acquiring an additional 1,892 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in DigitalOcean were worth $380,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Prospera Financial Services Inc lifted its holdings in shares of DigitalOcean by 136.6% during the 2nd quarter. Prospera Financial Services Inc now owns 620 shares of the company’s stock worth $26,000 after acquiring an additional 358 shares during the period. Advisors Asset Management Inc. acquired a new stake in DigitalOcean during the 1st quarter worth approximately $42,000. Truvestments Capital LLC acquired a new stake in DigitalOcean during the 2nd quarter worth approximately $36,000. Geneos Wealth Management Inc. increased its position in DigitalOcean by 253.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,258 shares of the company’s stock worth $72,000 after purchasing an additional 902 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its position in DigitalOcean by 342.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,550 shares of the company’s stock worth $64,000 after purchasing an additional 1,200 shares in the last quarter. 52.00% of the stock is currently owned by hedge funds and other institutional investors.

DigitalOcean Stock Up 1.6 %

DOCN stock opened at $27.13 on Friday. DigitalOcean Holdings, Inc. has a twelve month low of $23.38 and a twelve month high of $72.81. The company has a current ratio of 9.19, a quick ratio of 9.19 and a debt-to-equity ratio of 48.59. The company has a market capitalization of $2.61 billion, a P/E ratio of -113.04 and a beta of 1.13. The firm has a 50 day simple moving average of $27.80 and a 200-day simple moving average of $36.19.

DigitalOcean (NASDAQ:DOCNGet Rating) last released its quarterly earnings results on Monday, November 7th. The company reported $0.16 earnings per share for the quarter. DigitalOcean had a negative net margin of 4.94% and a negative return on equity of 6.50%. The business had revenue of $152.12 million during the quarter, compared to the consensus estimate of $148.13 million. On average, equities research analysts predict that DigitalOcean Holdings, Inc. will post -0.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. downgraded shares of DigitalOcean from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $50.00 to $27.00 in a research report on Tuesday, November 8th. Barclays dropped their target price on shares of DigitalOcean from $37.00 to $32.00 and set an “overweight” rating for the company in a research report on Tuesday. KeyCorp dropped their target price on shares of DigitalOcean from $57.00 to $47.00 and set an “overweight” rating for the company in a research report on Monday, October 24th. Canaccord Genuity Group lowered their price objective on shares of DigitalOcean from $49.00 to $40.00 in a research report on Wednesday, November 9th. Finally, William Blair reaffirmed an “outperform” rating on shares of DigitalOcean in a research report on Monday, December 19th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, DigitalOcean currently has an average rating of “Hold” and a consensus target price of $41.54.

Insider Buying and Selling

In related news, CMO Carly D. Brantz sold 1,773 shares of the firm’s stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $31.60, for a total transaction of $56,026.80. Following the transaction, the chief marketing officer now directly owns 85,916 shares in the company, valued at $2,714,945.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CMO Carly D. Brantz sold 1,773 shares of the firm’s stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $31.60, for a total transaction of $56,026.80. Following the transaction, the chief marketing officer now directly owns 85,916 shares in the company, valued at $2,714,945.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Harold Matthew Norman sold 17,500 shares of the firm’s stock in a transaction on Thursday, December 1st. The stock was sold at an average price of $29.28, for a total value of $512,400.00. Following the transaction, the insider now owns 155,054 shares in the company, valued at $4,539,981.12. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by company 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.

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Institutional Ownership by Quarter for DigitalOcean (NASDAQ:DOCN)

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