Bayesian Capital Management LP Sells 16,400 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Bayesian Capital Management LP reduced its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 69.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,300 shares of the company's stock after selling 16,400 shares during the period. Bayesian Capital Management LP's holdings in DigitalOcean were worth $249,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Ameriprise Financial Inc. raised its position in shares of DigitalOcean by 8.3% during 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 DigitalOcean in the fourth quarter valued at approximately $315,000. Northern Trust Corp increased its position in DigitalOcean by 14.8% during the fourth quarter. Northern Trust Corp now owns 725,960 shares of the company's stock worth $24,733,000 after buying an additional 93,347 shares during the last quarter. Oberweis Asset Management Inc. raised its stake in shares of DigitalOcean by 0.8% in the 4th quarter. Oberweis Asset Management Inc. now owns 425,700 shares of the company's stock valued at $14,504,000 after acquiring an additional 3,500 shares in the last quarter. 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 buying an additional 105,235 shares during the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of the stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $26.86, for a total transaction of $92,962.46. Following the sale, the insider now owns 394,367 shares of the company's stock, valued at $10,592,697.62. This represents a 0.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.96% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

DOCN has been the topic of several research analyst reports. Stifel Nicolaus lowered their price target on DigitalOcean from $40.00 to $33.00 and set a "hold" rating on the stock in a research report on Monday, April 7th. Cantor Fitzgerald lifted their price target on DigitalOcean from $39.00 to $43.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 26th. 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 report on Wednesday, April 16th. Citigroup dropped their target price on shares of DigitalOcean from $50.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday. Finally, JMP Securities increased their price target on shares of DigitalOcean from $47.00 to $55.00 and gave the company a "market outperform" rating in a report on Monday, January 27th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, DigitalOcean has an average rating of "Hold" and an average price target of $39.83.

DigitalOcean Trading Down 2.4 %

NYSE:DOCN traded down $0.72 during mid-day trading on Friday, hitting $29.17. The company's stock had a trading volume of 1,719,903 shares, compared to its average volume of 1,254,391. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of 34.32, a P/E/G ratio of 3.12 and a beta of 1.88. DigitalOcean Holdings, Inc. has a fifty-two week low of $25.45 and a fifty-two week high of $47.02. The stock has a fifty day moving average of $32.25 and a 200-day moving average of $36.57.

DigitalOcean (NYSE:DOCN - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.45 by $0.11. The company had revenue of $210.70 million for the quarter, compared to the consensus estimate of $208.63 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The firm's revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.43 EPS. On average, equities analysts anticipate 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).