Synergy Financial Group LTD lessened its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN – Free Report) by 8.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,532 shares of the company’s stock after selling 599 shares during the quarter. Synergy Financial Group LTD’s holdings in DigitalOcean were worth $264,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Farther Finance Advisors LLC bought a new position in shares of DigitalOcean in the third quarter worth approximately $30,000. Advisors Asset Management Inc. raised its stake in shares of DigitalOcean by 150.4% during the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after acquiring an additional 585 shares during the last quarter. Blue Trust Inc. grew its stake in shares of DigitalOcean by 380.6% in the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after purchasing an additional 959 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in DigitalOcean by 56.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock valued at $54,000 after purchasing an additional 483 shares during the period. Finally, KBC Group NV raised its position in DigitalOcean by 47.6% during the 3rd quarter. KBC Group NV now owns 2,096 shares of the company’s stock valued at $85,000 after purchasing an additional 676 shares during the last quarter. 49.77% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
DOCN has been the topic of several research analyst reports. Barclays boosted their target price on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. JPMorgan Chase & Co. increased their price target on shares of DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Finally, Canaccord Genuity Group lifted their price objective on DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $41.50.
Insider Buying and Selling
In other DigitalOcean news, insider Bratin Saha sold 16,989 shares of DigitalOcean stock in a transaction dated 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 directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the sale, the chief financial officer now owns 517,498 shares in the company, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. 0.74% of the stock is currently owned by company insiders.
DigitalOcean Stock Performance
DOCN stock opened at $39.04 on Tuesday. The firm has a 50 day moving average price of $40.04 and a 200-day moving average price of $37.23. DigitalOcean Holdings, Inc. has a 52-week low of $26.63 and a 52-week high of $44.80. The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of 45.93, a PEG ratio of 2.58 and a beta of 1.76.
DigitalOcean (NYSE:DOCN – Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The business had revenue of $198.50 million during the quarter, compared to analysts’ expectations of $196.64 million. During the same quarter in the previous year, the business earned $0.17 earnings per share. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. As a group, sell-side analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.
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).
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