DigitalOcean Holdings, Inc. $DOCN Stock Sold by Van Berkom & Associates Inc.

Key Points

• Van Berkom & Associates reduced its DigitalOcean stake by 7.1% in the third quarter, selling 43,909 shares. It retained 570,525 shares, valued at about $76.1 million, making DOCN its ninth-largest portfolio holding.
• DigitalOcean’s latest quarterly results beat expectations: earnings were $0.45 per share versus $0.32 forecast, and revenue of $321.2 million topped estimates and rose 39.6% year over year.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $141.06. Recent insider sales were also reported, including sales by the CFO and chief accounting officer under pre-arranged plans.

Van Berkom & Associates Inc. lessened its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 7.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 570,525 shares of the company's stock after selling 43,909 shares during the period. DigitalOcean makes up approximately 2.7% of Van Berkom & Associates Inc.'s portfolio, making the stock its 9th largest position. Van Berkom & Associates Inc. owned 0.55% of DigitalOcean worth $76,102,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Parallel Advisors LLC raised its stake in shares of DigitalOcean by 66.2% in the first quarter. Parallel Advisors LLC now owns 324 shares of the company's stock valued at $28,000 after acquiring an additional 129 shares in the last quarter. Root Financial Partners LLC purchased a new position in DigitalOcean in the third quarter valued at $31,000. Optiver Holding B.V. grew its stake in DigitalOcean by 1,063.9% during the 1st quarter. Optiver Holding B.V. now owns 419 shares of the company's stock worth $36,000 after purchasing an additional 383 shares in the last quarter. SSI Investment Management LLC acquired a new position in DigitalOcean during the 2nd quarter worth $37,000. Finally, Hilltop National Bank acquired a new position in DigitalOcean during the 2nd quarter worth $38,000. Institutional investors and hedge funds own 49.77% of the company's stock.

DigitalOcean Stock Performance

Shares of DOCN stock opened at $78.19 on Tuesday. The company has a current ratio of 1.15, a quick ratio of 1.31 and a debt-to-equity ratio of 0.61. The firm has a fifty day moving average price of $115.69 and a 200 day moving average price of $111.81. The company has a market cap of $9.23 billion, a P/E ratio of 252.23, a PEG ratio of 73.25 and a beta of 1.69. DigitalOcean Holdings, Inc. has a 12 month low of $41.96 and a 12 month high of $187.50.

DigitalOcean (NYSE:DOCN - Get Free Report) last posted its quarterly earnings results on Tuesday, November 3rd. The company reported $0.45 earnings per share for the quarter, beating analysts' consensus estimates of $0.32 by $0.13. DigitalOcean had a return on equity of 15.01% and a net margin of 3.11%. The company had revenue of $321.19 million for the quarter, compared to analysts' expectations of $306.74 million. During the same period last year, the firm earned $0.54 earnings per share. DigitalOcean's quarterly revenue was up 39.6% on a year-over-year basis. Sell-side analysts predict that DigitalOcean Holdings, Inc. will post 0.65 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Matt Steinfort sold 10,000 shares of the stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $105.73, for a total value of $1,057,300.00. Following the transaction, the chief financial officer owned 503,692 shares in the company, valued at approximately $53,255,355.16. This represents a 1.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Cherie Barrett sold 4,456 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $132.37, for a total value of $589,840.72. Following the completion of the transaction, the chief accounting officer owned 65,487 shares in the company, valued at approximately $8,668,514.19. The trade was a 6.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 18,441 shares of company stock valued at $2,068,475. Insiders own 0.96% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. KeyCorp reaffirmed an "overweight" rating on shares of DigitalOcean in a research report on Tuesday, October 13th. UBS Group lowered their price objective on DigitalOcean from $105.00 to $100.00 and set a "neutral" rating for the company in a research report on Wednesday, November 4th. Truist Financial initiated coverage on shares of DigitalOcean in a research note on Thursday, August 27th. They set a "buy" rating and a $175.00 target price on the stock. Stifel Nicolaus set a $130.00 target price on shares of DigitalOcean in a research note on Tuesday, November 3rd. Finally, Barclays reduced their target price on shares of DigitalOcean from $161.00 to $140.00 and set an "overweight" rating on the stock in a report on Wednesday, November 4th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, DigitalOcean has a consensus rating of "Moderate Buy" and a consensus target price of $141.06.

DigitalOcean Company Profile

DigitalOcean Holdings, Inc provides cloud computing services designed primarily for developers, startups, and small and midsize businesses. Founded in 2011, the company focuses on making it easier for customers to build, deploy, and scale applications without managing their own physical infrastructure.

Its platform includes virtual machines known as Droplets, managed Kubernetes, an application platform, managed databases, object storage, and networking and monitoring tools. These services support tasks ranging from hosting websites and applications to developing and running cloud-native software.

DigitalOcean serves customers around the world through its cloud platform and data center infrastructure.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.