Entropy Technologies LP Acquires Shares of 16,490 DigitalOcean Holdings, Inc. (NYSE:DOCN)

Key Points

• Entropy Technologies LP has acquired 16,490 shares of DigitalOcean Holdings, valued at approximately $551,000, as disclosed in their recent 13F SEC filing.
• DigitalOcean's stock has seen a rise of 5.6%, recently opening at $31.72 with a market capitalization of $2.89 billion.
• In their latest earnings report, DigitalOcean reported an earnings per share (EPS) of $0.59, exceeding expectations and showing a 13.6% increase in revenue compared to the previous year.

Entropy Technologies LP acquired a new stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 16,490 shares of the company's stock, valued at approximately $551,000.

Several other institutional investors and hedge funds have also bought and sold shares of DOCN. Envestnet Asset Management Inc. lifted its stake in DigitalOcean by 66.5% during the 4th quarter. Envestnet Asset Management Inc. now owns 82,558 shares of the company's stock valued at $2,813,000 after acquiring an additional 32,966 shares during the period. Legal & General Group Plc lifted its stake in shares of DigitalOcean by 2.1% in the 4th quarter. Legal & General Group Plc now owns 182,674 shares of the company's stock valued at $6,224,000 after purchasing an additional 3,783 shares during the period. Raymond James Financial Inc. acquired a new position in shares of DigitalOcean in the 4th quarter valued at $2,970,000. Summit Investment Advisors Inc. lifted its stake in shares of DigitalOcean by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 6,866 shares of the company's stock valued at $234,000 after purchasing an additional 436 shares during the period. Finally, Mariner LLC lifted its stake in shares of DigitalOcean by 14.4% in the 4th quarter. Mariner LLC now owns 6,685 shares of the company's stock valued at $228,000 after purchasing an additional 839 shares during the period. 49.77% of the stock is currently owned by institutional investors and hedge funds.

DigitalOcean Stock Up 5.6%

DigitalOcean stock opened at $31.72 on Thursday. DigitalOcean Holdings, Inc. has a 52-week low of $25.45 and a 52-week high of $47.02. The firm has a market capitalization of $2.89 billion, a price-to-earnings ratio of 24.40, a PEG ratio of 2.01 and a beta of 1.75. The company has a fifty day simple moving average of $29.03 and a 200-day simple moving average of $32.75.

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

Insider Activity

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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.96% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on DOCN. Morgan Stanley boosted their target price on shares of DigitalOcean from $41.00 to $44.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Stifel Nicolaus set a $36.00 target price on shares of DigitalOcean in a research note on Tuesday, August 5th. Wall Street Zen upgraded shares of DigitalOcean from a "hold" rating to a "buy" rating in a research note on Sunday, June 29th. The Goldman Sachs Group cut their price target on shares of DigitalOcean from $46.00 to $41.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Finally, Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a report on Tuesday, May 6th. 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. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $41.45.

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).

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