DigitalOcean Holdings, Inc. (NYSE:DOCN) Shares Sold by Hood River Capital Management LLC

Hood River Capital Management LLC cut its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 5.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 963,049 shares of the company's stock after selling 54,993 shares during the period. Hood River Capital Management LLC owned 1.04% of DigitalOcean worth $32,811,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DOCN. Harbor Investment Advisory LLC lifted its position in DigitalOcean by 380.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company's stock valued at $25,000 after buying an additional 570 shares during the last quarter. JTC Employer Solutions Trustee Ltd purchased a new position in DigitalOcean during the 4th quarter valued at about $45,000. SBI Securities Co. Ltd. acquired a new position in DigitalOcean in the 4th quarter valued at about $66,000. KBC Group NV lifted its position in shares of DigitalOcean by 37.6% during the fourth quarter. KBC Group NV now owns 2,884 shares of the company's stock worth $98,000 after purchasing an additional 788 shares in the last quarter. Finally, New Age Alpha Advisors LLC purchased a new position in shares of DigitalOcean in the fourth quarter valued at approximately $115,000. Institutional investors and hedge funds own 49.77% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on DOCN. Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a research report on Monday, April 7th. The Goldman Sachs Group reiterated a "buy" rating on shares of DigitalOcean in a report on Saturday, March 1st. Canaccord Genuity Group cut their price target on DigitalOcean from $50.00 to $45.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Citigroup started coverage on DigitalOcean in a research note on Friday, January 24th. They issued a "buy" rating and a $45.00 price objective for the company. Finally, Morgan Stanley cut their target price on shares of DigitalOcean from $52.00 to $41.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $41.27.

Insider Buying and Selling at DigitalOcean

In related news, insider Bratin Saha sold 3,948 shares of the firm's stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $36.63, for a total value of $144,615.24. Following the completion of the sale, the insider now owns 358,696 shares in the company, valued at $13,139,034.48. This trade represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.74% of the stock is owned by company insiders.

DigitalOcean Stock Performance

DigitalOcean stock traded down $0.24 during midday trading on Monday, hitting $30.51. 481,265 shares of the company's stock were exchanged, compared to its average volume of 1,300,532. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of 35.82, a price-to-earnings-growth ratio of 3.12 and a beta of 1.87. DigitalOcean Holdings, Inc. has a 12-month low of $25.45 and a 12-month high of $47.02. The firm's 50 day simple moving average is $34.42 and its 200 day simple moving average is $37.43.

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).