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

PDT Partners LLC trimmed its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 19.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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.

Several other institutional investors have also modified their holdings of DOCN. 180 Wealth Advisors LLC lifted its stake in DigitalOcean by 4.4% in the 2nd quarter. 180 Wealth Advisors LLC now owns 7,120 shares of the company’s stock valued at $237,000 after buying an additional 297 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of DigitalOcean by 4.5% in the second quarter. Harbor Capital Advisors Inc. now owns 8,426 shares of the company’s stock valued at $293,000 after acquiring an additional 359 shares in the last quarter. Sei Investments Co. boosted its stake in shares of DigitalOcean by 1.5% in the second quarter. Sei Investments Co. now owns 30,834 shares of the company’s stock worth $1,071,000 after acquiring an additional 468 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of DigitalOcean by 56.4% during the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock worth $54,000 after purchasing an additional 483 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV raised its stake in DigitalOcean by 17.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company’s stock valued at $151,000 after purchasing an additional 566 shares during the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

Insider Activity

In other news, insider Bratin Saha sold 16,989 shares of DigitalOcean stock in a transaction on Monday, November 18th. The stock was sold at an average price of $36.85, for a total value of $626,044.65. Following the completion of the sale, 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 SEC, which can be accessed through this hyperlink. Insiders own 0.74% of the company’s stock.

Analysts Set New Price Targets

DOCN has been the subject of a number of research reports. Stifel Nicolaus upped their target price on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, August 9th. JPMorgan Chase & Co. increased their price objective on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research note on Tuesday, November 5th. UBS Group dropped their price target on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Finally, Canaccord Genuity Group lifted their price objective on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, DigitalOcean currently has an average rating of “Hold” and an average price target of $41.50.

DigitalOcean Stock Performance

Shares of DigitalOcean stock opened at $38.08 on Monday. The stock has a 50 day moving average of $40.23 and a 200 day moving average of $37.16. The firm has a market capitalization of $3.51 billion, a price-to-earnings ratio of 44.80, a PEG ratio of 2.45 and a beta of 1.83. DigitalOcean Holdings, Inc. has a fifty-two week low of $26.63 and a fifty-two week high of $44.80.

DigitalOcean (NYSE:DOCN) last released its quarterly earnings results on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, topping 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 period in the prior year, the business posted $0.17 EPS. The company’s revenue was up 12.1% compared to the same quarter last year. Analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current year.

About DigitalOcean

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).