Entropy Technologies LP Invests $551,000 in DigitalOcean Holdings, Inc. $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 position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 16,490 shares of the company's stock, valued at approximately $551,000.

Several other institutional investors also recently modified their holdings of the company. Viking Fund Management LLC acquired a new stake in DigitalOcean in the 1st quarter valued at $2,170,000. Wesbanco Bank Inc. acquired a new position in DigitalOcean in the first quarter worth $808,000. Concurrent Investment Advisors LLC acquired a new position in DigitalOcean in the first quarter worth $265,000. Sumitomo Mitsui Trust Group Inc. boosted its stake in DigitalOcean by 119.6% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,729 shares of the company's stock worth $559,000 after purchasing an additional 9,110 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in DigitalOcean by 14.8% in the fourth quarter. Northern Trust Corp now owns 725,960 shares of the company's stock worth $24,733,000 after purchasing an additional 93,347 shares in the last quarter. Institutional investors and hedge funds own 49.77% of the company's stock.

Insider Activity

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of the stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $27.77, for a total value of $96,111.97. Following the completion of the sale, the insider directly owned 294,546 shares in the company, valued at $8,179,542.42. This represents a 1.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.74% of the stock is owned by company insiders.

Analysts Set New Price Targets

DOCN has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a research note on Tuesday, May 6th. UBS Group dropped their target price on DigitalOcean from $44.00 to $32.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Canaccord Genuity Group boosted their target price on DigitalOcean from $45.00 to $49.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Wall Street Zen upgraded DigitalOcean from a "hold" rating to a "buy" rating in a research report on Sunday, June 29th. Finally, Morgan Stanley boosted their target price on DigitalOcean from $41.00 to $44.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. One 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, DigitalOcean has an average rating of "Hold" and a consensus target price of $41.45.

DigitalOcean Stock Up 1.9%

NYSE DOCN traded up $0.60 on Monday, reaching $31.64. The company had a trading volume of 629,415 shares, compared to its average volume of 1,730,886. The stock's 50 day moving average is $29.13 and its 200-day moving average is $32.48. The stock has a market cap of $2.88 billion, a price-to-earnings ratio of 24.27, a PEG ratio of 1.81 and a beta of 1.75. DigitalOcean Holdings, Inc. has a 52 week low of $25.45 and a 52 week high of $47.02.

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

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).