DigitalOcean Holdings, Inc. (NYSE:DOCN) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 4.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 755,520 shares of the company's stock after selling 36,341 shares during the quarter. Bank of New York Mellon Corp owned 0.82% of DigitalOcean worth $25,227,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Viking Fund Management LLC purchased a new stake in DigitalOcean during the 1st quarter valued at about $2,170,000. Wesbanco Bank Inc. bought a new position in DigitalOcean during the 1st quarter valued at approximately $808,000. Sumitomo Mitsui Trust Group Inc. increased its position in DigitalOcean by 119.6% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,729 shares of the company's stock valued at $559,000 after buying an additional 9,110 shares in the last quarter. Northern Trust Corp increased its position in DigitalOcean by 14.8% during the 4th quarter. Northern Trust Corp now owns 725,960 shares of the company's stock valued at $24,733,000 after buying an additional 93,347 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its position in DigitalOcean by 16.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company's stock valued at $55,500,000 after buying an additional 231,407 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors.

Insider Activity

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $27.77, for a total transaction of $96,111.97. Following the transaction, the insider directly owned 294,546 shares in the company, valued at approximately $8,179,542.42. This represents a 1.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.96% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on DOCN. Morgan Stanley dropped their price target on DigitalOcean from $52.00 to $41.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Barclays decreased their price target on DigitalOcean from $48.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Stifel Nicolaus decreased their price target on DigitalOcean from $40.00 to $33.00 and set a "hold" rating on the stock in a report on Monday, April 7th. UBS Group reduced their target price on DigitalOcean from $44.00 to $32.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Finally, Needham & Company LLC restated a "hold" rating on shares of DigitalOcean in a research report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $40.36.

DigitalOcean Trading Up 1.2%

DOCN traded up $0.34 during midday trading on Friday, hitting $29.48. 1,444,151 shares of the company were exchanged, compared to its average volume of 1,312,316. The company's 50 day simple moving average is $28.86 and its 200 day simple moving average is $33.43. The firm has a market capitalization of $2.68 billion, a price-to-earnings ratio of 26.56, a price-to-earnings-growth ratio of 2.16 and a beta of 1.76. DigitalOcean Holdings, Inc. has a 1-year low of $25.45 and a 1-year high of $47.02.

DigitalOcean (NYSE:DOCN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share (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 business had revenue of $210.70 million during the quarter, compared to the consensus estimate of $208.63 million. During the same quarter last year, the firm earned $0.43 EPS. The business's revenue was up 14.1% compared to the same quarter last year. On average, equities analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current 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).