PDT Partners LLC Cuts Stock Holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN)

PDT Partners LLC lessened its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 19.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 38,103 shares of the company’s stock after selling 8,958 shares during the period. PDT Partners LLC’s holdings in DigitalOcean were worth $1,539,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DOCN. Principal Financial Group Inc. boosted its position in DigitalOcean by 10.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock valued at $52,568,000 after acquiring an additional 122,651 shares in the last quarter. Van Berkom & Associates Inc. lifted its stake in shares of DigitalOcean by 1.6% during the 2nd quarter. Van Berkom & Associates Inc. now owns 1,273,103 shares of the company’s stock worth $44,240,000 after purchasing an additional 19,731 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in DigitalOcean by 23.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company’s stock valued at $37,512,000 after purchasing an additional 205,007 shares in the last quarter. Bank of New York Mellon Corp grew its stake in DigitalOcean by 66.9% in the second quarter. Bank of New York Mellon Corp now owns 766,043 shares of the company’s stock valued at $26,620,000 after purchasing an additional 307,162 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in DigitalOcean by 14.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 565,763 shares of the company’s stock worth $22,851,000 after purchasing an additional 70,700 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors.

Insider Activity at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 16,989 shares of DigitalOcean stock in a transaction on Monday, November 18th. The shares were sold at an average price of $36.85, for a total value of $626,044.65. Following the completion of the transaction, the insider now owns 390,296 shares of the company’s stock, valued at approximately $14,382,407.60. The trade was a 4.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.74% of the stock is owned by company insiders.

DigitalOcean Price Performance

NYSE:DOCN opened at $38.08 on Monday. The company’s fifty day moving average price is $40.23 and its 200-day moving average price is $37.16. DigitalOcean Holdings, Inc. has a 1-year low of $26.63 and a 1-year high of $44.80. The firm has a market capitalization of $3.51 billion, a P/E ratio of 44.80, a PEG ratio of 2.45 and a beta of 1.83.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.12. The company had revenue of $198.50 million for the quarter, compared to the consensus estimate of $196.64 million. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period last year, the firm earned $0.17 EPS. Equities analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on DOCN shares. Canaccord Genuity Group lifted their price objective on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Barclays upped their price target on DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Stifel Nicolaus raised their price objective on DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. UBS Group reduced their target price on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Finally, Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, DigitalOcean has a consensus rating of “Hold” and a consensus target price of $41.50.

DigitalOcean 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).