Readystate Asset Management LP Has $4.74 Million Holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Readystate Asset Management LP lessened its stake in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 97.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 141,838 shares of the company's stock after selling 5,364,398 shares during the quarter. Readystate Asset Management LP owned about 0.16% of DigitalOcean worth $4,736,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in DOCN. Raymond James Financial Inc. bought a new position in DigitalOcean in the fourth quarter valued at approximately $2,970,000. Swiss National Bank lifted its stake in DigitalOcean by 9.6% in the fourth quarter. Swiss National Bank now owns 126,700 shares of the company's stock valued at $4,317,000 after buying an additional 11,100 shares in the last quarter. Corient Private Wealth LLC lifted its position in shares of DigitalOcean by 11.7% in the fourth quarter. Corient Private Wealth LLC now owns 11,988 shares of the company's stock worth $408,000 after purchasing an additional 1,257 shares in the last quarter. Cibc World Markets Corp bought a new stake in shares of DigitalOcean in the fourth quarter worth $209,000. Finally, Sei Investments Co. lifted its position in shares of DigitalOcean by 274.5% in the fourth quarter. Sei Investments Co. now owns 176,813 shares of the company's stock worth $6,024,000 after purchasing an additional 129,595 shares in the last quarter. Institutional investors and hedge funds own 49.77% of the company's stock.

DigitalOcean Trading Up 0.3%

Shares of NYSE:DOCN traded up $0.08 on Friday, hitting $28.82. The company had a trading volume of 1,063,645 shares, compared to its average volume of 1,491,155. DigitalOcean Holdings, Inc. has a 1-year low of $25.45 and a 1-year high of $47.02. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of 25.96, a P/E/G ratio of 2.11 and a beta of 1.76. The stock has a 50 day moving average price of $28.63 and a 200 day moving average price of $33.23.

DigitalOcean (NYSE:DOCN - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.56 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $208.63 million. During the same period in the previous year, the company earned $0.43 earnings per share. The company's quarterly revenue was up 14.1% on a year-over-year basis. Sell-side analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

Insider Activity at DigitalOcean

In related 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 value 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on DOCN shares. Canaccord Genuity Group cut their price objective on shares of DigitalOcean from $50.00 to $45.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. 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. Citigroup lowered their target price on shares of DigitalOcean from $50.00 to $40.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. The Goldman Sachs Group dropped their price target 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. Finally, Morgan Stanley dropped their price target 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. One 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 company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $40.36.

DigitalOcean Company 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).