Granite Investment Partners LLC Has $14.44 Million Stock Holdings in DigitalOcean Holdings, Inc. $DOCN

Key Points

• Granite Investment Partners reduced its stake in DigitalOcean by 18.2% in the first quarter, selling 37,573 shares and leaving it with 168,311 shares worth about $14.44 million.
• Several other institutional investors also adjusted positions in DOCN, and overall institutional ownership stands at 49.77% of the company’s stock.
• DigitalOcean insiders were also sellers: Director Hilary Schneider and CFO Matt Steinfort sold shares, while the company recently reported strong quarterly results with earnings and revenue both topping expectations.

Granite Investment Partners LLC trimmed its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 18.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 168,311 shares of the company's stock after selling 37,573 shares during the period. DigitalOcean comprises about 0.9% of Granite Investment Partners LLC's holdings, making the stock its 25th biggest holding. Granite Investment Partners LLC owned 0.16% of DigitalOcean worth $14,438,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of DOCN. Oregon Public Employees Retirement Fund raised its holdings in DigitalOcean by 15.1% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 18,108 shares of the company's stock worth $1,553,000 after buying an additional 2,379 shares during the period. Baxter Bros Inc. acquired a new position in shares of DigitalOcean in the first quarter worth about $270,000. Hodges Capital Management Inc. purchased a new position in shares of DigitalOcean in the first quarter worth approximately $10,462,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in shares of DigitalOcean by 14.0% during the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 132,200 shares of the company's stock valued at $11,340,000 after acquiring an additional 16,200 shares during the period. Finally, Abel Hall LLC lifted its position in shares of DigitalOcean by 10.7% in the 1st quarter. Abel Hall LLC now owns 4,733 shares of the company's stock valued at $406,000 after acquiring an additional 457 shares in the last quarter. Institutional investors and hedge funds own 49.77% of the company's stock.

Insider Buying and Selling at DigitalOcean

In other news, Director Hilary Schneider sold 4,338 shares of the company's stock in a transaction on Friday, May 15th. The shares were sold at an average price of $156.38, for a total value of $678,376.44. Following the transaction, the director directly owned 24,323 shares of the company's stock, valued at approximately $3,803,630.74. This represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Matt Steinfort sold 25,000 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $152.50, for a total value of $3,812,500.00. Following the sale, the chief financial officer owned 573,272 shares of the company's stock, valued at approximately $87,423,980. This represents a 4.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 39,338 shares of company stock worth $6,191,576. 0.96% of the stock is currently owned by corporate insiders.

DigitalOcean Stock Performance

Shares of DOCN opened at $140.37 on Thursday. The company's 50 day moving average price is $154.76 and its 200 day moving average price is $97.62. DigitalOcean Holdings, Inc. has a 52 week low of $25.56 and a 52 week high of $187.50. The company has a market capitalization of $14.65 billion, a PE ratio of 61.30 and a beta of 1.57. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.46 and a current ratio of 1.46.

DigitalOcean (NYSE:DOCN - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.17. DigitalOcean had a net margin of 24.97% and a return on equity of 88.86%. The firm had revenue of $257.90 million for the quarter, compared to analyst estimates of $249.76 million. During the same quarter in the prior year, the business earned $0.56 EPS. The company's revenue for the quarter was up 22.4% compared to the same quarter last year. DigitalOcean has set its Q2 2026 guidance at 0.200-0.230 EPS and its FY 2026 guidance at 1.100-1.200 EPS. Research analysts expect that DigitalOcean Holdings, Inc. will post 0.54 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Bank of America raised their price objective on shares of DigitalOcean from $103.00 to $107.00 and gave the stock a "buy" rating in a research note on Thursday, April 9th. Citizens Jmp boosted their target price on shares of DigitalOcean from $83.00 to $105.00 and gave the company a "market outperform" rating in a research note on Thursday, March 26th. UBS Group reduced their target price on DigitalOcean from $175.00 to $155.00 and set a "neutral" rating for the company in a report on Wednesday. KeyCorp assumed coverage on DigitalOcean in a research report on Tuesday, June 2nd. They issued an "overweight" rating and a $200.00 target price for the company. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of DigitalOcean in a report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, DigitalOcean has a consensus rating of "Moderate Buy" and an average price target of $145.36.

About DigitalOcean

DigitalOcean Holdings, Inc is a cloud infrastructure provider that focuses on simplicity, performance and developer experience. The company offers a range of cloud services designed to help software developers, startups and small- to medium-sized businesses deploy, manage and scale applications. Its flagship offering, Droplets, provides virtual private servers that can be configured with various CPU, memory and storage options. In addition to compute instances, DigitalOcean's platform includes managed Kubernetes, scalable object and block storage, managed databases, load balancers and networking capabilities such as Virtual Private Cloud (VPC) and Floating IPs.

Founded in 2011 and headquartered in New York City, DigitalOcean was created with the goal of making cloud computing more accessible to individual developers and smaller teams.

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