Connor Clark & Lunn Investment Management Ltd. Buys New Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Key Points

• Connor Clark & Lunn Investment Management Ltd. acquired a new stake in DigitalOcean Holdings, Inc. by purchasing 60,886 shares valued at approximately $2,033,000.
• Insider Bratin Saha sold 3,461 shares of DigitalOcean's stock at an average price of $27.77, reducing their position by 1.16%.
• DigitalOcean's stock has seen fluctuations, currently trading at $30.52, with a 12-month low of $25.45 and a high of $47.02.

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 60,886 shares of the company's stock, valued at approximately $2,033,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.07% of DigitalOcean at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its stake in shares of DigitalOcean by 10.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 644,894 shares of the company's stock worth $21,533,000 after purchasing an additional 60,974 shares during the last quarter. US Bancorp DE raised its stake in shares of DigitalOcean by 7.3% during the first quarter. US Bancorp DE now owns 16,095 shares of the company's stock worth $537,000 after purchasing an additional 1,100 shares during the last quarter. Natixis Advisors LLC purchased a new stake in shares of DigitalOcean during the first quarter worth approximately $367,000. Pacer Advisors Inc. raised its position in DigitalOcean by 64.0% in the first quarter. Pacer Advisors Inc. now owns 9,369 shares of the company's stock worth $313,000 after acquiring an additional 3,657 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in DigitalOcean in the first quarter worth $1,634,000. Hedge funds and other institutional investors own 49.77% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on DOCN. Morgan Stanley increased their price objective on DigitalOcean from $41.00 to $44.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. Citigroup cut their price objective on DigitalOcean from $50.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Wall Street Zen upgraded DigitalOcean from a "hold" rating to a "buy" rating in a research report on Sunday, June 29th. UBS Group cut their price objective on DigitalOcean from $44.00 to $32.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Finally, Stifel Nicolaus set a $36.00 price objective on DigitalOcean in a research report on Tuesday, August 5th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $41.45.

DigitalOcean Stock Up 1.6%

Shares of DOCN traded up $0.49 during trading hours on Friday, reaching $31.03. 1,891,963 shares of the company traded hands, compared to its average volume of 3,736,808. The stock has a market capitalization of $2.82 billion, a PE ratio of 23.87, a price-to-earnings-growth ratio of 1.81 and a beta of 1.75. DigitalOcean Holdings, Inc. has a fifty-two week low of $25.45 and a fifty-two week high of $47.02. The stock has a fifty day simple moving average of $29.13 and a 200 day simple moving average of $32.54.

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

Insider Activity at DigitalOcean

In related news, insider Bratin Saha sold 3,461 shares of the firm's 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 sale, the insider directly 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 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.

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).