CastleKnight Management LP reduced its stake in DigitalOcean Holdings, Inc. (NASDAQ:DOCN – Free Report) by 53.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,600 shares of the company’s stock after selling 44,400 shares during the quarter. CastleKnight Management LP’s holdings in DigitalOcean were worth $1,416,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in the stock. Tennessee Valley Asset Management Partners purchased a new position in shares of DigitalOcean during the 4th quarter worth $35,000. Headlands Technologies LLC acquired a new position in shares of DigitalOcean in the 4th quarter valued at about $67,000. Geneos Wealth Management Inc. lifted its position in DigitalOcean by 107.5% during the fourth quarter. Geneos Wealth Management Inc. now owns 2,123 shares of the company’s stock valued at $78,000 after buying an additional 1,100 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC grew its stake in DigitalOcean by 41.0% during the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 2,399 shares of the company’s stock worth $88,000 after buying an additional 698 shares during the period. Finally, Assetmark Inc. increased its position in shares of DigitalOcean by 16.7% in the fourth quarter. Assetmark Inc. now owns 2,809 shares of the company’s stock worth $103,000 after acquiring an additional 403 shares in the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.
DigitalOcean Price Performance
DOCN traded down $0.61 during trading hours on Friday, hitting $37.35. 815,283 shares of the stock were exchanged, compared to its average volume of 1,332,653. The stock has a market cap of $3.40 billion, a price-to-earnings ratio of 70.47, a price-to-earnings-growth ratio of 3.66 and a beta of 1.85. The stock has a 50-day simple moving average of $35.80 and a 200-day simple moving average of $35.91. DigitalOcean Holdings, Inc. has a 12 month low of $19.39 and a 12 month high of $51.69.
DigitalOcean (NASDAQ:DOCN – Get Free Report) last posted its earnings results on Friday, May 10th. The company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.18 by $0.06. DigitalOcean had a negative return on equity of 26.29% and a net margin of 7.01%. The company had revenue of $184.73 million during the quarter, compared to analyst estimates of $182.70 million. Sell-side analysts expect that DigitalOcean Holdings, Inc. will post 0.78 EPS for the current year.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on DOCN. JMP Securities reaffirmed a “market outperform” rating and set a $47.00 price target on shares of DigitalOcean in a research report on Monday, May 13th. UBS Group assumed coverage on shares of DigitalOcean in a report on Wednesday, May 22nd. They set a “neutral” rating and a $40.00 price target for the company. Piper Sandler boosted their price objective on shares of DigitalOcean from $35.00 to $38.00 and gave the stock a “neutral” rating in a report on Thursday, February 22nd. Oppenheimer increased their price target on DigitalOcean from $37.00 to $46.00 and gave the company an “outperform” rating in a report on Thursday, February 22nd. Finally, Canaccord Genuity Group lifted their price objective on DigitalOcean from $41.00 to $42.00 and gave the stock a “buy” rating in a report on Monday, May 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $38.00.
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).