DigitalOcean Holdings, Inc. (NYSE:DOCN) Shares Sold by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp reduced its stake in DigitalOcean by 30.1%, selling 12,398 shares and holding 28,763 shares worth $960,000 at the end of the quarter.
• Several other institutional investors have modified their positions in DigitalOcean, with notable purchases including Viking Fund Management LLC investing $2.17 million.
• DigitalOcean's quarterly earnings exceeded expectations, reporting earnings per share of $0.56, surpassing the consensus estimate of $0.45, with a year-over-year revenue increase of 14.1% to $210.70 million.

Alberta Investment Management Corp decreased its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 30.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 28,763 shares of the company's stock after selling 12,398 shares during the period. Alberta Investment Management Corp's holdings in DigitalOcean were worth $960,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of DOCN. GAMMA Investing LLC increased its holdings in shares of DigitalOcean by 336.1% during the 1st quarter. GAMMA Investing LLC now owns 1,064 shares of the company's stock valued at $36,000 after purchasing an additional 820 shares in the last quarter. Farther Finance Advisors LLC boosted its position in shares of DigitalOcean by 135,100.0% during the 1st quarter. Farther Finance Advisors LLC now owns 1,352 shares of the company's stock valued at $46,000 after acquiring an additional 1,351 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of DigitalOcean during the 4th quarter valued at about $133,000. Cerity Partners LLC acquired a new position in DigitalOcean in the first quarter valued at about $223,000. Finally, Mariner LLC lifted its position in DigitalOcean by 14.4% in the fourth quarter. Mariner LLC now owns 6,685 shares of the company's stock valued at $228,000 after buying an additional 839 shares during the last quarter. 49.77% of the stock is currently owned by institutional investors.

DigitalOcean Trading Up 29.1%

Shares of NYSE:DOCN traded up $7.85 during midday trading on Tuesday, hitting $34.86. 10,651,603 shares of the stock were exchanged, compared to its average volume of 1,682,652. The stock has a market cap of $3.17 billion, a P/E ratio of 31.41, a PEG ratio of 1.98 and a beta of 1.75. DigitalOcean Holdings, Inc. has a twelve month low of $25.45 and a twelve month high of $47.02. The company has a 50 day moving average price of $28.46 and a 200-day moving average price of $32.93.

DigitalOcean (NYSE:DOCN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate 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 60.69% and a net margin of 13.46%. The business's revenue was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.43 EPS. On average, equities research analysts expect that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Wall Street Zen raised shares of DigitalOcean from a "hold" rating to a "buy" rating in a research report on Sunday, June 29th. Stifel Nicolaus cut their target price on shares of DigitalOcean from $40.00 to $33.00 and set a "hold" rating on the stock in a research note on Monday, April 7th. Needham & Company LLC restated a "hold" rating on shares of DigitalOcean in a research note on Tuesday, May 6th. Citigroup cut their target price on shares of DigitalOcean from $50.00 to $40.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. 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, five have given a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, DigitalOcean currently has an average rating of "Hold" and a consensus price target of $40.36.

Insider Buying and Selling

In related news, insider Bratin Saha sold 3,461 shares of DigitalOcean stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $27.77, for a total transaction of $96,111.97. Following the completion of the sale, the insider owned 294,546 shares in the company, valued at approximately $8,179,542.42. This trade represents a 1.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.74% of the company's stock.

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).