CenterBook Partners LP Has $1.68 Million Stake in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Key Points

• CenterBook Partners LP significantly reduced its holdings in DigitalOcean Holdings, Inc. by 77.5% in Q1, now owning 50,371 shares valued at $1.68 million.
• Institutional ownership stands at 49.77% with notable investors like Jacobs Levy Equity Management increasing their stake by 16.6% recently.
• Analysts have mixed ratings on DigitalOcean, with seven buy ratings and a new average target price of $41.45, down from previous highs.

CenterBook Partners LP trimmed its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 77.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,371 shares of the company's stock after selling 173,659 shares during the period. CenterBook Partners LP owned 0.06% of DigitalOcean worth $1,682,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. increased its holdings in DigitalOcean by 16.6% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company's stock worth $55,500,000 after buying an additional 231,407 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in DigitalOcean by 7.3% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,545,642 shares of the company's stock worth $52,660,000 after buying an additional 105,235 shares during the last quarter. First Trust Advisors LP increased its holdings in DigitalOcean by 6.2% during the fourth quarter. First Trust Advisors LP now owns 1,533,699 shares of the company's stock worth $52,253,000 after buying an additional 89,349 shares during the last quarter. Geode Capital Management LLC increased its holdings in DigitalOcean by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 1,473,421 shares of the company's stock worth $50,211,000 after buying an additional 9,088 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in DigitalOcean by 5.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,193,881 shares of the company's stock worth $40,676,000 after buying an additional 57,388 shares during the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on DOCN shares. The Goldman Sachs Group lowered their target price on shares of DigitalOcean from $46.00 to $41.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Canaccord Genuity Group upped their price objective on shares of DigitalOcean from $45.00 to $49.00 and gave the company a "buy" rating in a report on Wednesday. UBS Group decreased their price objective on shares of DigitalOcean from $44.00 to $32.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Morgan Stanley upped their price objective on shares of DigitalOcean from $41.00 to $44.00 and gave the company an "overweight" rating in a report on Wednesday. Finally, Wall Street Zen upgraded shares of DigitalOcean from a "hold" rating to a "buy" rating in a report on Sunday, June 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $41.45.

DigitalOcean Price Performance

NYSE DOCN traded down $1.31 during trading hours on Friday, reaching $33.02. The company's stock had a trading volume of 2,592,369 shares, compared to its average volume of 2,435,535. The stock has a market cap of $3.01 billion, a P/E ratio of 25.40, a P/E/G ratio of 2.52 and a beta of 1.75. The firm has a fifty day simple moving average of $28.97 and a 200-day simple moving average of $32.92. DigitalOcean Holdings, Inc. has a 52 week low of $25.45 and a 52 week high of $47.02.

DigitalOcean (NYSE:DOCN - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.59 earnings per share for the quarter, beating analysts' consensus estimates of $0.47 by $0.12. The business had revenue of $218.70 million during the quarter, compared to the consensus estimate of $216.62 million. DigitalOcean had a net margin of 15.18% and a negative return on equity of 73.19%. The company's revenue for the quarter was up 13.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.48 EPS. On average, research analysts expect that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

Insiders Place Their Bets

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were 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 of the company's stock, valued at approximately $8,179,542.42. This 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 0.96% 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).