Tower Research Capital LLC TRC Sells 1,530 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Tower Research Capital LLC TRC reduced its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 38.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 2,409 shares of the company’s stock after selling 1,530 shares during the quarter. Tower Research Capital LLC TRC’s holdings in DigitalOcean were worth $82,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DOCN. Harbor Investment Advisory LLC increased its position in DigitalOcean by 380.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after purchasing an additional 570 shares during the period. JTC Employer Solutions Trustee Ltd bought a new position in DigitalOcean in the fourth quarter worth about $45,000. SBI Securities Co. Ltd. purchased a new stake in DigitalOcean in the fourth quarter worth about $66,000. KBC Group NV boosted its position in DigitalOcean by 37.6% during the 4th quarter. KBC Group NV now owns 2,884 shares of the company’s stock valued at $98,000 after acquiring an additional 788 shares in the last quarter. Finally, New Age Alpha Advisors LLC purchased a new position in shares of DigitalOcean during the 4th quarter worth approximately $115,000. Institutional investors own 49.77% of the company’s stock.

Insider Activity

In related news, insider Bratin Saha sold 3,461 shares of the business’s stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $26.86, for a total transaction of $92,962.46. Following the completion of the sale, the insider now directly owns 394,367 shares in the company, valued at approximately $10,592,697.62. The trade was a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.96% of the company’s stock.

DigitalOcean Price Performance

DigitalOcean stock opened at $29.17 on Friday. DigitalOcean Holdings, Inc. has a one year low of $25.45 and a one year high of $47.02. The business’s fifty day moving average is $32.25 and its 200 day moving average is $36.60. The stock has a market capitalization of $2.66 billion, a PE ratio of 34.32, a price-to-earnings-growth ratio of 3.12 and a beta of 1.88.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.11. The firm had revenue of $210.70 million during the quarter, compared to analyst estimates of $208.63 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The business’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.43 earnings per share. As a group, sell-side analysts expect that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on DigitalOcean from $40.00 to $45.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. UBS Group reduced their target price on shares of DigitalOcean from $44.00 to $32.00 and set a “neutral” rating on the stock in a research report on Thursday. Cantor Fitzgerald lifted their price target on shares of DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. Stifel Nicolaus cut their price objective on shares of DigitalOcean from $40.00 to $33.00 and set a “hold” rating on the stock in a report on Monday, April 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, DigitalOcean presently has an average rating of “Hold” and an average price target of $39.83.

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).