Viking Fund Management LLC reduced its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN – Free Report) by 9.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 68,000 shares of the company’s stock after selling 7,000 shares during the period. Viking Fund Management LLC owned about 0.07% of DigitalOcean worth $10,678,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC grew its stake in DigitalOcean by 14.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 551 shares of the company’s stock worth $47,000 after purchasing an additional 71 shares in the last quarter. Parallel Advisors LLC increased its stake in DigitalOcean by 66.2% in the first quarter. Parallel Advisors LLC now owns 324 shares of the company’s stock valued at $28,000 after purchasing an additional 129 shares during the last quarter. Maryland State Retirement & Pension System raised its stake in DigitalOcean by 1.9% during the 4th quarter. Maryland State Retirement & Pension System now owns 10,001 shares of the company’s stock worth $481,000 after acquiring an additional 185 shares in the last quarter. Hilltop National Bank acquired a new stake in shares of DigitalOcean during the second quarter worth about $38,000. Finally, Allworth Financial LP increased its position in DigitalOcean by 54.4% during the third quarter. Allworth Financial LP now owns 724 shares of the company’s stock worth $25,000 after buying an additional 255 shares during the period. 49.77% of the stock is owned by hedge funds and other institutional investors.
DigitalOcean Stock Performance
NYSE DOCN opened at $133.18 on Thursday. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 1.14. DigitalOcean Holdings, Inc. has a fifty-two week low of $29.62 and a fifty-two week high of $187.50. The business has a fifty day moving average of $141.53 and a 200-day moving average of $110.58. The stock has a market cap of $13.90 billion, a price-to-earnings ratio of 60.81, a price-to-earnings-growth ratio of 103.46 and a beta of 1.61.
Analyst Ratings Changes
DOCN has been the topic of a number of recent research reports. UBS Group dropped their price objective on shares of DigitalOcean from $155.00 to $140.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 5th. Canaccord Genuity Group reissued a “buy” rating and issued a $200.00 target price on shares of DigitalOcean in a report on Friday, July 10th. Oppenheimer set a $190.00 price target on DigitalOcean in a research note on Wednesday, May 6th. Citigroup boosted their price objective on shares of DigitalOcean from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Finally, Piper Sandler lifted their target price on shares of DigitalOcean from $98.00 to $155.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, DigitalOcean presently has an average rating of “Moderate Buy” and an average price target of $151.33.
Check Out Our Latest Stock Report on DOCN
Insiders Place Their Bets
In other news, Director Hilary Schneider sold 4,338 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $156.38, for a total value of $678,376.44. Following the completion of the transaction, the director owned 24,323 shares of the company’s stock, valued at $3,803,630.74. The trade was a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Warren J. Adelman sold 4,200 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $124.01, for a total transaction of $520,842.00. Following the transaction, the director directly owned 67,433 shares in the company, valued at $8,362,366.33. The trade was a 5.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 43,538 shares of company stock valued at $6,712,418 in the last ninety days. Insiders own 0.96% of the company’s stock.
DigitalOcean Profile
DigitalOcean Holdings, Inc is a cloud infrastructure provider that focuses on simplicity, performance and developer experience. The company offers a range of cloud services designed to help software developers, startups and small- to medium-sized businesses deploy, manage and scale applications. Its flagship offering, Droplets, provides virtual private servers that can be configured with various CPU, memory and storage options. In addition to compute instances, DigitalOcean’s platform includes managed Kubernetes, scalable object and block storage, managed databases, load balancers and networking capabilities such as Virtual Private Cloud (VPC) and Floating IPs.
Founded in 2011 and headquartered in New York City, DigitalOcean was created with the goal of making cloud computing more accessible to individual developers and smaller teams.
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