Allianz Asset Management GmbH Takes Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Key Points

• Allianz Asset Management GmbH acquired a stake of 26,300 shares in DigitalOcean Holdings, valued at approximately $878,000, during the 1st quarter of the year.
• Insider Bratin Saha sold 3,461 shares of DigitalOcean stock for over $96,000, reducing their ownership by 1.16%.
• DigitalOcean's stock has experienced fluctuations, with a 1-year low of $25.45 and a high of $47.02, and is currently trading at $25.76.

Allianz Asset Management GmbH acquired a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 26,300 shares of the company's stock, valued at approximately $878,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC grew its position in shares of DigitalOcean by 336.1% in the first quarter. GAMMA Investing LLC now owns 1,064 shares of the company's stock valued at $36,000 after purchasing an additional 820 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of DigitalOcean by 135,100.0% in the first quarter. Farther Finance Advisors LLC now owns 1,352 shares of the company's stock valued at $46,000 after purchasing an additional 1,351 shares during the last quarter. New Age Alpha Advisors LLC acquired a new stake in shares of DigitalOcean in the fourth quarter valued at about $115,000. Canada Pension Plan Investment Board acquired a new stake in DigitalOcean during the fourth quarter worth about $133,000. Finally, Cerity Partners LLC acquired a new stake in DigitalOcean during the first quarter worth about $223,000. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Bratin Saha sold 3,461 shares of DigitalOcean stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $27.77, for a total value of $96,111.97. Following the completion of the transaction, the insider owned 294,546 shares in the company, valued at approximately $8,179,542.42. The trade was a 1.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.74% of the company's stock.

DigitalOcean Stock Up 26.4%

DOCN traded up $7.13 during midday trading on Tuesday, reaching $34.14. 6,620,937 shares of the company's stock were exchanged, compared to its average volume of 1,509,722. The firm has a market capitalization of $3.11 billion, a price-to-earnings ratio of 30.64, a price-to-earnings-growth ratio of 1.89 and a beta of 1.75. DigitalOcean Holdings, Inc. has a one year low of $25.45 and a one year high of $47.02. The business has a 50-day simple moving average of $28.46 and a two-hundred day simple moving average of $32.93.

DigitalOcean (NYSE:DOCN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.56 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.11. DigitalOcean had a net margin of 13.46% and a negative return on equity of 60.69%. The firm had revenue of $210.70 million during the quarter, compared to analysts' expectations of $208.63 million. During the same quarter last year, the company earned $0.43 earnings per share. The company's revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, research analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on DOCN shares. Morgan Stanley decreased their target price on DigitalOcean from $52.00 to $41.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Citigroup decreased their target price on DigitalOcean from $50.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Stifel Nicolaus decreased their target price on DigitalOcean from $40.00 to $33.00 and set a "hold" rating on the stock in a research report on Monday, April 7th. Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a research report on Tuesday, May 6th. Finally, Barclays decreased their target price on DigitalOcean from $48.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, DigitalOcean has an average rating of "Hold" and an average target price of $40.36.

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).