DigitalOcean Holdings, Inc. (NYSE:DOCN) Shares Sold by Balyasny Asset Management L.P.

Balyasny Asset Management L.P. lessened its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 99.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,332 shares of the company's stock after selling 22,319,035 shares during the quarter. Balyasny Asset Management L.P.'s holdings in DigitalOcean were worth $591,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Harbor Investment Advisory LLC lifted its position in DigitalOcean by 380.0% during the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company's stock valued at $25,000 after purchasing an additional 570 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of DigitalOcean in the 4th quarter valued at about $66,000. KBC Group NV boosted its stake in shares of DigitalOcean by 37.6% in the fourth quarter. KBC Group NV now owns 2,884 shares of the company's stock worth $98,000 after buying an additional 788 shares during the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of DigitalOcean in the fourth quarter worth about $115,000. Finally, Canada Pension Plan Investment Board acquired a new stake in DigitalOcean during the fourth quarter worth about $133,000. Hedge funds and other institutional investors own 49.77% of the company's stock.

Insider Buying and Selling at DigitalOcean

In other news, insider Bratin Saha sold 3,948 shares of the company's stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $36.63, for a total value of $144,615.24. Following the transaction, the insider now owns 358,696 shares of the company's stock, valued at $13,139,034.48. This represents a 1.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.96% of the stock is currently owned by company insiders.

DigitalOcean Stock Down 2.5%

Shares of DigitalOcean stock traded down $0.78 on Monday, hitting $30.32. 1,190,358 shares of the company were exchanged, compared to its average volume of 1,242,857. DigitalOcean Holdings, Inc. has a 1-year low of $25.45 and a 1-year high of $47.02. The stock has a market capitalization of $2.76 billion, a price-to-earnings ratio of 35.67, a price-to-earnings-growth ratio of 3.12 and a beta of 1.88. The company has a 50-day moving average price of $31.47 and a 200 day moving average price of $36.24.

DigitalOcean (NYSE:DOCN - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.11. The business had revenue of $210.70 million during the quarter, compared to the consensus estimate of $208.63 million. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The company's revenue for the quarter was up 14.1% on a year-over-year basis. During the same period last year, the company earned $0.43 EPS. Research analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Cantor Fitzgerald upped their price objective on DigitalOcean from $39.00 to $43.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 26th. Stifel Nicolaus lowered their price target on shares of DigitalOcean from $40.00 to $33.00 and set a "hold" rating on the stock in a report on Monday, April 7th. UBS Group cut their price objective on shares of DigitalOcean from $44.00 to $32.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. JPMorgan Chase & Co. increased their target price on shares of DigitalOcean from $40.00 to $45.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 26th. Finally, Bank of America increased their price target on DigitalOcean from $28.00 to $31.00 and gave the stock an "underperform" rating in a research report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $39.83.

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).