Fox Run Management L.L.C. Buys Shares of 68,905 DigitalOcean Holdings, Inc. (NYSE:DOCN)

Key Points

• Fox Run Management L.L.C. has acquired a new stake in DigitalOcean Holdings, purchasing 68,905 shares valued at approximately $2.3 million, making it the firm's 19th largest investment.
• DigitalOcean reported earnings of $0.59 per share for the last quarter, exceeding analysts' expectations, with revenue of $218.7 million, reflecting a 13.6% year-over-year growth.
• Analysts have mixed opinions on DigitalOcean stock, with targets ranging from $32.00 to $49.00 and a consensus rating of "Hold" with a price target of approximately $41.45.

Fox Run Management L.L.C. purchased a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 68,905 shares of the company's stock, valued at approximately $2,301,000. DigitalOcean comprises about 0.4% of Fox Run Management L.L.C.'s holdings, making the stock its 19th largest holding. Fox Run Management L.L.C. owned approximately 0.08% of DigitalOcean as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Kovitz Investment Group Partners LLC acquired a new stake in DigitalOcean during the first quarter worth $446,000. Russell Investments Group Ltd. grew its holdings in shares of DigitalOcean by 75.5% during the 1st quarter. Russell Investments Group Ltd. now owns 285,079 shares of the company's stock worth $9,519,000 after purchasing an additional 122,612 shares during the period. Public Sector Pension Investment Board increased its position in shares of DigitalOcean by 27.5% during the 1st quarter. Public Sector Pension Investment Board now owns 201,955 shares of the company's stock worth $6,743,000 after purchasing an additional 43,539 shares during the last quarter. Nuveen LLC purchased a new stake in DigitalOcean in the 1st quarter valued at about $5,737,000. Finally, Entropy Technologies LP acquired a new position in DigitalOcean in the first quarter valued at about $551,000. Hedge funds and other institutional investors own 49.77% of the company's stock.

DigitalOcean Stock Up 1.6%

DigitalOcean stock traded up $0.49 during trading on Friday, reaching $31.03. The stock had a trading volume of 1,891,963 shares, compared to its average volume of 3,736,808. The stock has a market cap of $2.82 billion, a PE ratio of 23.87, a P/E/G ratio of 1.81 and a beta of 1.75. The business has a 50 day moving average price of $29.13 and a 200 day moving average price of $32.54. 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 issued its earnings results on Tuesday, August 5th. The company reported $0.59 earnings per share 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 business had revenue of $218.70 million for the quarter, compared to analyst estimates of $216.62 million. During the same quarter last year, the company earned $0.48 EPS. The business's quarterly revenue was up 13.6% on a year-over-year basis. On average, equities analysts predict that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current fiscal year.

Analyst Ratings Changes

DOCN has been the topic of a number of research analyst reports. UBS Group reduced their price target on shares of DigitalOcean from $44.00 to $32.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Stifel Nicolaus set a $36.00 target price on shares of DigitalOcean in a report on Tuesday, August 5th. Citigroup decreased their price target on DigitalOcean from $50.00 to $40.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Barclays lifted their price objective on DigitalOcean from $38.00 to $40.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Finally, Morgan Stanley raised their target price on DigitalOcean from $41.00 to $44.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. One research 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, the company has a consensus rating of "Hold" and an average price target of $41.45.

Insider Buying and Selling at DigitalOcean

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 transaction, the insider owned 294,546 shares in the company, valued at $8,179,542.42. This trade represents a 1.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.96% of the company's stock.

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).