MRA Advisory Group Invests $369,000 in DigitalOcean Holdings, Inc. (NYSE:DOCN)

MRA Advisory Group acquired a new position in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 11,038 shares of the company's stock, valued at approximately $369,000.

Other hedge funds have also added to or reduced their stakes in the company. Viking Fund Management LLC bought a new stake in DigitalOcean in the first quarter worth $2,170,000. Northern Trust Corp lifted its stake in shares of DigitalOcean by 14.8% in the 4th quarter. Northern Trust Corp now owns 725,960 shares of the company's stock valued at $24,733,000 after acquiring an additional 93,347 shares during the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of DigitalOcean in the 4th quarter valued at about $333,000. Bank of New York Mellon Corp lifted its position in DigitalOcean by 19.7% in the fourth quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company's stock valued at $26,979,000 after purchasing an additional 130,263 shares during the last quarter. Finally, Illinois Municipal Retirement Fund bought a new position in shares of DigitalOcean during the fourth quarter valued at about $1,139,000. 49.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have commented on DOCN. Needham & Company LLC reaffirmed a "hold" rating on shares of DigitalOcean in a research report on Tuesday, May 6th. Citigroup lowered their price target on DigitalOcean from $50.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Canaccord Genuity Group decreased their target price on DigitalOcean from $50.00 to $45.00 and set a "buy" rating for the company in a report on Monday, April 7th. UBS Group decreased their target price on DigitalOcean from $44.00 to $32.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Finally, Morgan Stanley decreased their price objective on shares of DigitalOcean from $52.00 to $41.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $39.83.

DigitalOcean Stock Down 7.0%

DOCN stock opened at $27.78 on Friday. DigitalOcean Holdings, Inc. has a twelve month low of $25.45 and a twelve month high of $47.02. The firm has a market cap of $2.53 billion, a PE ratio of 32.68, a price-to-earnings-growth ratio of 3.12 and a beta of 1.78. The business has a 50 day moving average of $29.44 and a 200 day moving average of $35.38.

DigitalOcean (NYSE:DOCN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.56 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.11. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The company had revenue of $210.70 million during the quarter, compared to analyst estimates of $208.63 million. During the same quarter last year, the company earned $0.43 EPS. The firm's revenue for the quarter was up 14.1% on a year-over-year basis. On average, research analysts expect that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of the firm's stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $36.63, for a total transaction of $144,615.24. Following the completion of the sale, the insider now directly owns 358,696 shares in the company, valued at approximately $13,139,034.48. This trade represents a 1.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.96% of the stock is owned by company insiders.

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).

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