Bayesian Capital Management LP Sells 16,400 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Bayesian Capital Management LP lessened its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 69.2% during the 4th quarter, HoldingsChannel.com reports. The fund owned 7,300 shares of the company’s stock after selling 16,400 shares during the period. Bayesian Capital Management LP’s holdings in DigitalOcean were worth $249,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of DOCN. Norges Bank acquired a new stake in DigitalOcean in the 4th quarter valued at about $14,772,000. CenterBook Partners LP bought a new stake in DigitalOcean in the 4th quarter valued at $7,633,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in DigitalOcean during the 4th quarter valued at $5,382,000. Bank of New York Mellon Corp boosted its position in DigitalOcean by 19.7% during the fourth quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock worth $26,979,000 after purchasing an additional 130,263 shares during the period. Finally, Sei Investments Co. increased its holdings in shares of DigitalOcean by 274.5% in the fourth quarter. Sei Investments Co. now owns 176,813 shares of the company’s stock valued at $6,024,000 after purchasing an additional 129,595 shares during the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on DOCN shares. Morgan Stanley reduced their target price on shares of DigitalOcean from $52.00 to $41.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. UBS Group lowered their target price on DigitalOcean from $44.00 to $32.00 and set a “neutral” rating on the stock in a research note on Thursday. Barclays decreased their price objective on DigitalOcean from $48.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research report on Tuesday. Finally, Citigroup lowered their price target on shares of DigitalOcean from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, DigitalOcean presently has an average rating of “Hold” and an average price target of $39.83.

DigitalOcean Trading Up 4.4 %

NYSE DOCN opened at $29.89 on Friday. The firm’s 50 day simple moving average is $32.47 and its 200 day simple moving average is $36.72. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of 35.16, a P/E/G ratio of 3.12 and a beta of 1.88. DigitalOcean Holdings, Inc. has a 1 year low of $25.45 and a 1 year high of $47.02.

DigitalOcean (NYSE:DOCN) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.11. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The company had revenue of $210.70 million for the quarter, compared to analyst estimates of $208.63 million. During the same quarter last year, the company posted $0.43 EPS. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, equities research analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Bratin Saha sold 3,461 shares of the company’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 transaction, the insider now directly owns 394,367 shares in the company, valued at $10,592,697.62. This represents a 0.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.74% of the company’s stock.

DigitalOcean Company Profile

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).