HB Wealth Management LLC Sells 7,643 Shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

HB Wealth Management LLC trimmed its position in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 43.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,898 shares of the company’s stock after selling 7,643 shares during the quarter. HB Wealth Management LLC’s holdings in DigitalOcean were worth $363,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Bank of New York Mellon Corp increased its stake in shares of DigitalOcean by 113.0% in the first quarter. Bank of New York Mellon Corp now owns 422,843 shares of the company’s stock valued at $24,461,000 after buying an additional 224,357 shares in the last quarter. US Bancorp DE bought a new stake in shares of DigitalOcean during the first quarter valued at approximately $308,000. Cambridge Investment Research Advisors Inc. increased its holdings in shares of DigitalOcean by 20.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 7,978 shares of the company’s stock valued at $462,000 after purchasing an additional 1,333 shares in the last quarter. Citigroup Inc. raised its position in DigitalOcean by 2.4% in the 1st quarter. Citigroup Inc. now owns 55,300 shares of the company’s stock worth $3,198,000 after purchasing an additional 1,287 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in DigitalOcean by 77.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 5,414 shares of the company’s stock worth $313,000 after buying an additional 2,356 shares in the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

Analyst Ratings Changes

DOCN has been the subject of several recent research reports. JMP Securities reissued a “market outperform” rating and set a $47.00 price objective on shares of DigitalOcean in a report on Thursday, March 21st. Oppenheimer lifted their target price on shares of DigitalOcean from $37.00 to $46.00 and gave the stock an “outperform” rating in a report on Thursday, February 22nd. Piper Sandler increased their price target on DigitalOcean from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Thursday, February 22nd. Finally, Barclays increased their target price on DigitalOcean from $37.00 to $43.00 and gave the company an “overweight” rating in a research note on Friday, January 12th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $37.60.

DigitalOcean Stock Performance

NASDAQ:DOCN opened at $39.08 on Thursday. The stock’s 50-day simple moving average is $37.48 and its 200 day simple moving average is $31.55. DigitalOcean Holdings, Inc. has a 52-week low of $19.39 and a 52-week high of $51.69. The company has a market cap of $3.55 billion, a P/E ratio of 3,911.91, a P/E/G ratio of 3.32 and a beta of 1.81.

DigitalOcean (NASDAQ:DOCN) last announced its quarterly earnings results on Wednesday, February 21st. The company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.23. The firm had revenue of $180.87 million during the quarter, compared to analysts’ expectations of $178.26 million. DigitalOcean had a net margin of 0.12% and a negative return on equity of 19.85%. As a group, equities analysts predict that DigitalOcean Holdings, Inc. will post 0.77 earnings per share for the current fiscal year.

About DigitalOcean

DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. The company's platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and growing digital businesses. It also offers infrastructure-as-a-service (IaaS) solutions comprising compute and storage services, as well as networking projects, including Cloud Firewalls software, Managed Load Balancers software, and Virtual Private Cloud (VPC).