Balyasny Asset Management L.P. Lowers Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Balyasny Asset Management L.P. decreased its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 99.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,332 shares of the company's stock after selling 22,319,035 shares during the period. Balyasny Asset Management L.P.'s holdings in DigitalOcean were worth $591,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. increased its position in shares of DigitalOcean by 8.3% in the fourth quarter. Ameriprise Financial Inc. now owns 248,196 shares of the company's stock worth $8,456,000 after purchasing an additional 19,115 shares during the period. Schonfeld Strategic Advisors LLC acquired a new stake in shares of DigitalOcean during the fourth quarter valued at about $315,000. Northern Trust Corp boosted its stake in shares of DigitalOcean by 14.8% during the fourth quarter. Northern Trust Corp now owns 725,960 shares of the company's stock valued at $24,733,000 after purchasing an additional 93,347 shares in the last quarter. Oberweis Asset Management Inc. lifted its stake in shares of DigitalOcean by 0.8% in the fourth quarter. Oberweis Asset Management Inc. now owns 425,700 shares of the company's stock worth $14,504,000 after acquiring an additional 3,500 shares during the period. Finally, Fuller & Thaler Asset Management Inc. lifted its stake in shares of DigitalOcean by 7.3% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,545,642 shares of the company's stock worth $52,660,000 after acquiring an additional 105,235 shares during the period. Institutional investors own 49.77% of the company's stock.

Insider Buying and Selling

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of the stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $26.86, for a total value of $92,962.46. Following the completion of the sale, the insider now owns 394,367 shares in the company, valued at approximately $10,592,697.62. This trade represents a 0.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.96% of the stock is owned by corporate insiders.

DigitalOcean Price Performance

Shares of NYSE:DOCN traded down $1.07 on Wednesday, hitting $29.16. The company's stock had a trading volume of 111,201 shares, compared to its average volume of 1,238,759. The company has a market capitalization of $2.65 billion, a PE ratio of 34.58, a PEG ratio of 3.12 and a beta of 1.88. The company has a 50-day simple moving average of $31.26 and a 200 day simple moving average of $36.12. DigitalOcean Holdings, Inc. has a 1 year low of $25.45 and a 1 year high of $47.02.

DigitalOcean (NYSE:DOCN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.45 by $0.11. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The firm had revenue of $210.70 million for the quarter, compared to analyst estimates of $208.63 million. During the same period in the prior year, the company earned $0.43 EPS. The company's revenue was up 14.1% on a year-over-year basis. On average, equities research analysts expect that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

DOCN has been the subject of a number of research analyst reports. Cantor Fitzgerald lifted their target price on DigitalOcean from $39.00 to $43.00 and gave the stock a "neutral" rating in a report on Wednesday, February 26th. Stifel Nicolaus decreased their price target on DigitalOcean from $40.00 to $33.00 and set a "hold" rating for the company in a report on Monday, April 7th. JPMorgan Chase & Co. upped their price target on DigitalOcean from $40.00 to $45.00 and gave the stock a "neutral" rating in a report on Wednesday, February 26th. UBS Group reduced their price objective on DigitalOcean from $44.00 to $32.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Finally, Morgan Stanley reduced their price objective on DigitalOcean from $52.00 to $41.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $39.83.

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).