Royce & Associates LP Buys New Position in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Royce & Associates LP bought a new stake in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCNGet Rating) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 22,000 shares of the company’s stock, valued at approximately $1,273,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Allianz Asset Management GmbH bought a new position in shares of DigitalOcean during the fourth quarter valued at approximately $10,917,000. Difesa Capital Management LP bought a new position in shares of DigitalOcean during the fourth quarter valued at approximately $474,000. CENTRAL TRUST Co bought a new position in shares of DigitalOcean during the fourth quarter valued at approximately $54,000. Clearstead Advisors LLC raised its holdings in shares of DigitalOcean by 53.0% during the first quarter. Clearstead Advisors LLC now owns 2,141 shares of the company’s stock valued at $124,000 after acquiring an additional 742 shares in the last quarter. Finally, National Asset Management Inc. bought a new position in DigitalOcean in the fourth quarter worth $214,000. Institutional investors own 61.99% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on DOCN shares. The Goldman Sachs Group downgraded DigitalOcean from a “buy” rating to a “sell” rating and decreased their price objective for the stock from $54.00 to $40.00 in a report on Wednesday, July 13th. JMP Securities decreased their price objective on DigitalOcean from $94.00 to $63.00 in a report on Thursday, May 5th. Piper Sandler decreased their price objective on DigitalOcean from $59.00 to $56.00 and set an “overweight” rating for the company in a report on Wednesday, July 13th. KeyCorp decreased their price objective on DigitalOcean from $69.00 to $54.00 and set an “overweight” rating for the company in a report on Monday, April 25th. Finally, Barclays decreased their price objective on DigitalOcean from $70.00 to $55.00 in a report on Thursday, May 5th. Two investment analysts have rated the stock with a sell rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $63.91.

DigitalOcean Price Performance

Shares of NASDAQ:DOCN opened at $45.81 on Friday. DigitalOcean Holdings, Inc. has a 1-year low of $30.05 and a 1-year high of $133.40. The company has a debt-to-equity ratio of 3.42, a current ratio of 25.81 and a quick ratio of 25.81. The business has a fifty day moving average price of $42.93 and a 200-day moving average price of $48.33. The company has a market capitalization of $4.86 billion, a PE ratio of -143.15, a PEG ratio of 107.87 and a beta of 1.48.

DigitalOcean (NASDAQ:DOCNGet Rating) last released its quarterly earnings data on Wednesday, May 4th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.12). DigitalOcean had a negative net margin of 7.42% and a negative return on equity of 5.00%. The business had revenue of $127.33 million for the quarter, compared to analysts’ expectations of $126.22 million. During the same period last year, the business earned $0.06 earnings per share. The company’s quarterly revenue was up 35.9% on a year-over-year basis. As a group, equities analysts expect that DigitalOcean Holdings, Inc. will post 0.01 EPS for the current fiscal year.

Insider Activity at DigitalOcean

In related news, CMO Carly D. Brantz sold 16,610 shares of the stock in a transaction on Thursday, June 16th. The stock was sold at an average price of $40.40, for a total transaction of $671,044.00. Following the sale, the chief marketing officer now directly owns 102,671 shares of the company’s stock, valued at $4,147,908.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CMO Carly D. Brantz sold 16,610 shares of the stock in a transaction on Thursday, June 16th. The stock was sold at an average price of $40.40, for a total transaction of $671,044.00. Following the sale, the chief marketing officer now directly owns 102,671 shares of the company’s stock, valued at $4,147,908.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Alan Shapiro sold 14,107 shares of the stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of $49.99, for a total value of $705,208.93. Following the sale, the general counsel now directly owns 282,048 shares in the company, valued at $14,099,579.52. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by insiders.

DigitalOcean 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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