14,704 Shares in DigitalOcean Holdings, Inc. (NYSE:DOCN) Purchased by Financial Harvest LLC

Financial Harvest LLC bought a new position in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 14,704 shares of the company's stock, valued at approximately $491,000. DigitalOcean comprises 0.3% of Financial Harvest LLC's portfolio, making the stock its 24th biggest holding.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Raymond James Financial Inc. acquired a new stake in DigitalOcean during the 4th quarter valued at approximately $2,970,000. Swiss National Bank lifted its holdings in shares of DigitalOcean by 9.6% in the 4th quarter. Swiss National Bank now owns 126,700 shares of the company's stock worth $4,317,000 after purchasing an additional 11,100 shares in the last quarter. Corient Private Wealth LLC lifted its stake in DigitalOcean by 11.7% during the 4th quarter. Corient Private Wealth LLC now owns 11,988 shares of the company's stock valued at $408,000 after acquiring an additional 1,257 shares in the last quarter. Cibc World Markets Corp bought a new position in DigitalOcean during the 4th quarter valued at $209,000. Finally, Intech Investment Management LLC lifted its stake in DigitalOcean by 43.7% during the 4th quarter. Intech Investment Management LLC now owns 24,774 shares of the company's stock valued at $844,000 after acquiring an additional 7,534 shares in the last quarter. Institutional investors own 49.77% of the company's stock.

Insider Activity

In related news, insider Bratin Saha sold 3,461 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $27.77, for a total transaction of $96,111.97. Following the completion of the sale, the insider directly owned 294,546 shares of the company's stock, valued at approximately $8,179,542.42. This trade represents a 1.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.96% of the stock is owned by insiders.

DigitalOcean Stock Up 1.2%

DOCN traded up $0.34 during midday trading on Friday, reaching $29.48. The company had a trading volume of 1,444,151 shares, compared to its average volume of 1,312,316. The business has a 50-day moving average of $28.86 and a two-hundred day moving average of $33.43. The company has a market cap of $2.68 billion, a P/E ratio of 26.56, a P/E/G ratio of 2.16 and a beta of 1.76. DigitalOcean Holdings, Inc. has a 1 year low of $25.45 and a 1 year high of $47.02.

DigitalOcean (NYSE:DOCN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.11. The business had revenue of $210.70 million during the quarter, compared to analysts' expectations of $208.63 million. DigitalOcean had a negative return on equity of 60.69% and a net margin of 13.46%. The firm's revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.43 EPS. On average, equities research analysts predict that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on DOCN shares. Stifel Nicolaus decreased their price objective on DigitalOcean from $40.00 to $33.00 and set a "hold" rating for the company in a report on Monday, April 7th. Citigroup dropped their target price on DigitalOcean from $50.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. UBS Group lowered 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. Barclays reduced their target price on DigitalOcean from $48.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Finally, Canaccord Genuity Group reduced their target price on DigitalOcean from $50.00 to $45.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $40.36.

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).