Choreo LLC Sells 68,891 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Choreo LLC reduced its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 83.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,108 shares of the company's stock after selling 68,891 shares during the period. Choreo LLC's holdings in DigitalOcean were worth $471,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Allianz Asset Management GmbH bought a new position in shares of DigitalOcean in the 1st quarter worth about $878,000. Financial Harvest LLC bought a new position in shares of DigitalOcean in the 1st quarter worth about $491,000. AMH Equity Ltd bought a new position in shares of DigitalOcean in the 1st quarter worth about $3,185,000. Jackson Creek Investment Advisors LLC bought a new position in shares of DigitalOcean in the 1st quarter worth about $1,194,000. Finally, CWM LLC lifted its position in shares of DigitalOcean by 4.7% in the 1st quarter. CWM LLC now owns 17,802 shares of the company's stock worth $594,000 after buying an additional 799 shares during the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.

DigitalOcean Trading Down 7.1%

NYSE DOCN traded down $1.98 during trading on Friday, reaching $25.88. The company's stock had a trading volume of 1,353,246 shares, compared to its average volume of 1,447,890. The stock has a market capitalization of $2.36 billion, a PE ratio of 23.35, a PEG ratio of 2.04 and a beta of 1.76. The business has a 50-day moving average price of $28.53 and a 200-day moving average price of $33.07. 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 posted its earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share (EPS) for the quarter, beating 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 period in the previous year, the company earned $0.43 earnings per share. The company's revenue was up 14.1% compared to the same quarter last year. As a group, analysts expect that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Bratin Saha sold 3,461 shares of the company's stock in a transaction 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 transaction, the insider directly owned 294,546 shares in the company, valued at $8,179,542.42. This represents a 1.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.96% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Citigroup cut their price objective on shares of DigitalOcean from $50.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Morgan Stanley cut their price objective on shares of DigitalOcean from $52.00 to $41.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Wall Street Zen upgraded shares of DigitalOcean from a "hold" rating to a "buy" rating in a research report on Sunday, June 29th. Barclays cut their price objective on shares of DigitalOcean from $48.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Finally, The Goldman Sachs Group cut their price objective on shares of DigitalOcean from $46.00 to $41.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. One investment 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. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $40.36.

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).