Geode Capital Management LLC decreased its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN – Free Report) by 1.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,613,015 shares of the company’s stock after selling 17,975 shares during the quarter. Geode Capital Management LLC’s holdings in DigitalOcean were worth $77,630,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. NBC Securities Inc. purchased a new stake in shares of DigitalOcean during the 4th quarter worth $32,000. Allworth Financial LP lifted its stake in shares of DigitalOcean by 54.4% during the 3rd quarter. Allworth Financial LP now owns 724 shares of the company’s stock worth $25,000 after purchasing an additional 255 shares during the last quarter. Hantz Financial Services Inc. lifted its stake in shares of DigitalOcean by 164.9% during the 4th quarter. Hantz Financial Services Inc. now owns 898 shares of the company’s stock worth $43,000 after purchasing an additional 559 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of DigitalOcean during the 3rd quarter worth $37,000. Finally, GAMMA Investing LLC lifted its stake in shares of DigitalOcean by 33.8% during the 4th quarter. GAMMA Investing LLC now owns 1,581 shares of the company’s stock worth $76,000 after purchasing an additional 399 shares during the last quarter. 49.77% of the stock is currently owned by hedge funds and other institutional investors.
DigitalOcean Stock Up 0.0%
Shares of DOCN opened at $169.92 on Monday. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.92. DigitalOcean Holdings, Inc. has a 12 month low of $25.56 and a 12 month high of $184.46. The stock’s 50 day moving average is $122.61 and its two-hundred day moving average is $79.65. The firm has a market cap of $17.73 billion, a P/E ratio of 74.20 and a beta of 1.59.
Wall Street Analyst Weigh In
A number of research firms have commented on DOCN. KeyCorp began coverage on DigitalOcean in a research note on Tuesday, June 2nd. They issued an “overweight” rating and a $200.00 price target for the company. The Goldman Sachs Group increased their price target on DigitalOcean from $78.00 to $179.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Barclays increased their price target on DigitalOcean from $105.00 to $183.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Citigroup increased their price target on DigitalOcean from $115.00 to $180.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Finally, Piper Sandler increased their price target on DigitalOcean from $98.00 to $155.00 and gave the company a “neutral” rating in a research note on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $146.36.
Read Our Latest Stock Report on DigitalOcean
Insiders Place Their Bets
In other DigitalOcean news, Director Hilary Schneider sold 4,338 shares of the business’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $156.38, for a total transaction of $678,376.44. Following the transaction, the director owned 24,323 shares of the company’s stock, valued at approximately $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 accessible through the SEC website. Also, CFO Matt Steinfort sold 25,000 shares of the business’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $152.50, for a total value of $3,812,500.00. Following the transaction, the chief financial officer directly owned 573,272 shares in the company, valued at $87,423,980. This trade represents a 4.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 39,338 shares of company stock worth $6,191,576 in the last three months. 0.96% of the stock is currently owned by corporate insiders.
DigitalOcean Company 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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