Man Group plc Sells 54,025 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Man Group plc cut its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 33.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 107,831 shares of the company's stock after selling 54,025 shares during the quarter. Man Group plc owned 0.12% of DigitalOcean worth $3,674,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of DigitalOcean by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 8,434,555 shares of the company's stock valued at $287,365,000 after acquiring an additional 117,133 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in DigitalOcean by 16.6% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company's stock valued at $55,500,000 after purchasing an additional 231,407 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its position in DigitalOcean by 7.3% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,545,642 shares of the company's stock valued at $52,660,000 after acquiring an additional 105,235 shares during the period. First Trust Advisors LP boosted its position in DigitalOcean by 6.2% in the fourth quarter. First Trust Advisors LP now owns 1,533,699 shares of the company's stock valued at $52,253,000 after buying an additional 89,349 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in DigitalOcean by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 1,473,421 shares of the company's stock worth $50,211,000 after acquiring an additional 9,088 shares during the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at DigitalOcean

In other news, insider Bratin Saha sold 3,461 shares of DigitalOcean stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $26.86, for a total transaction of $92,962.46. Following the completion of the transaction, the insider now directly owns 394,367 shares in the company, valued at approximately $10,592,697.62. The trade was a 0.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.96% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on DOCN shares. Barclays reduced their price objective on shares of DigitalOcean from $48.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Canaccord Genuity Group dropped their price target on DigitalOcean from $50.00 to $45.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Stifel Nicolaus decreased their price objective on DigitalOcean from $40.00 to $33.00 and set a "hold" rating for the company in a research report on Monday, April 7th. Bank of America raised their target price on shares of DigitalOcean from $28.00 to $31.00 and gave the stock an "underperform" rating in a report on Wednesday, February 26th. Finally, UBS Group reduced their price target on shares of DigitalOcean from $44.00 to $32.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $39.83.

DigitalOcean Stock Performance

NYSE DOCN traded down $1.10 during trading hours on Friday, hitting $28.03. 1,569,106 shares of the company traded hands, compared to its average volume of 1,252,714. The business's 50-day moving average is $30.80 and its 200-day moving average is $35.97. The stock has a market capitalization of $2.55 billion, a price-to-earnings ratio of 32.98, a P/E/G ratio of 3.12 and a beta of 1.88. DigitalOcean Holdings, Inc. has a twelve month low of $25.45 and a twelve month high of $47.02.

DigitalOcean (NYSE:DOCN - Get Free Report) last released its 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. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The business had revenue of $210.70 million during the quarter, compared to analysts' expectations of $208.63 million. During the same period last year, the business earned $0.43 earnings per share. The firm's revenue was up 14.1% on a year-over-year basis. Analysts predict 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).