Castleark Management LLC acquired a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 35,537 shares of the company's stock, valued at approximately $5,580,000.
A number of other institutional investors and hedge funds have also modified their holdings of DOCN. Osterweis Capital Management Inc. purchased a new position in shares of DigitalOcean in the second quarter worth $14,374,000. Nicholas Investment Partners LP bought a new stake in DigitalOcean in the 2nd quarter worth about $2,983,000. Legal & General Group Plc bought a new stake in DigitalOcean in the 2nd quarter worth about $16,502,000. The Manufacturers Life Insurance Company purchased a new position in DigitalOcean in the 2nd quarter worth about $10,015,000. Finally, Algert Global LLC purchased a new position in DigitalOcean in the 2nd quarter worth about $7,979,000. Institutional investors own 49.77% of the company's stock.
DigitalOcean Price Performance
NYSE DOCN opened at $112.32 on Wednesday. DigitalOcean Holdings, Inc. has a 12 month low of $30.36 and a 12 month high of $187.50. The stock has a market cap of $11.72 billion, a price-to-earnings ratio of 51.29, a PEG ratio of 95.48 and a beta of 1.61. The company's 50 day moving average is $132.23 and its two-hundred day moving average is $114.62. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 1.14.
DigitalOcean (NYSE:DOCN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.19. The business had revenue of $281.18 million for the quarter, compared to the consensus estimate of $279.03 million. DigitalOcean had a net margin of 23.26% and a return on equity of 31.01%. The company's revenue for the quarter was up 28.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.39 earnings per share. DigitalOcean has set its FY 2026 guidance at 1.350-1.400 EPS and its Q3 2026 guidance at 0.280-0.300 EPS. As a group, research analysts anticipate that DigitalOcean Holdings, Inc. will post 0.63 earnings per share for the current year.
Insider Activity at DigitalOcean
In related news, CAO Cherie Barrett sold 4,456 shares of the company's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $132.37, for a total value of $589,840.72. Following the completion of the transaction, the chief accounting officer owned 65,487 shares of the company's stock, valued at approximately $8,668,514.19. This represents a 6.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Matt Steinfort sold 10,000 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $170.07, for a total value of $1,700,700.00. Following the completion of the sale, the chief financial officer owned 538,414 shares of the company's stock, valued at $91,568,068.98. The trade was a 1.82% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 18,656 shares of company stock worth $2,811,383. 0.96% of the stock is owned by corporate insiders.
Analyst Ratings Changes
A number of analysts have recently issued reports on DOCN shares. Barclays raised their price target on shares of DigitalOcean from $160.00 to $161.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. Oppenheimer set a $190.00 target price on shares of DigitalOcean in a report on Wednesday, May 6th. Stifel Nicolaus upgraded shares of DigitalOcean from a "hold" rating to a "buy" rating and increased their price target for the stock from $135.00 to $160.00 in a research report on Tuesday, July 21st. Canaccord Genuity Group reiterated a "buy" rating and set a $200.00 price target on shares of DigitalOcean in a research note on Friday, July 10th. Finally, Piper Sandler boosted their price objective on shares of DigitalOcean from $98.00 to $155.00 and gave the company a "neutral" rating in a research report on Tuesday, May 5th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, DigitalOcean presently has a consensus rating of "Buy" and a consensus target price of $151.33.
View Our Latest Report on DigitalOcean
About DigitalOcean
(
Free Report)
DigitalOcean Holdings, Inc is a cloud infrastructure provider that focuses on simplicity, performance and developer experience. The company offers a range of cloud services designed to help software developers, startups and small- to medium-sized businesses deploy, manage and scale applications. Its flagship offering, Droplets, provides virtual private servers that can be configured with various CPU, memory and storage options. In addition to compute instances, DigitalOcean's platform includes managed Kubernetes, scalable object and block storage, managed databases, load balancers and networking capabilities such as Virtual Private Cloud (VPC) and Floating IPs.
Founded in 2011 and headquartered in New York City, DigitalOcean was created with the goal of making cloud computing more accessible to individual developers and smaller teams.
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