UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 924,720 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 74.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 323,508 shares of the company's stock after selling 924,720 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.35% of DigitalOcean worth $11,022,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of DigitalOcean during the fourth quarter worth about $14,772,000. Jacobs Levy Equity Management Inc. increased its holdings in DigitalOcean by 16.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company's stock worth $55,500,000 after purchasing an additional 231,407 shares during the last quarter. CenterBook Partners LP acquired a new position in shares of DigitalOcean in the 4th quarter valued at approximately $7,633,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of DigitalOcean during the 4th quarter valued at approximately $5,382,000. Finally, Bank of New York Mellon Corp grew its position in shares of DigitalOcean by 19.7% during the fourth quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company's stock worth $26,979,000 after buying an additional 130,263 shares in the last quarter. Hedge funds and other institutional investors own 49.77% of the company's stock.

Insider Activity at DigitalOcean

In other news, insider Bratin Saha sold 3,461 shares of the business's stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $26.86, for a total value of $92,962.46. Following the transaction, the insider now 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 document filed with the Securities & Exchange Commission, which is accessible through this link. 0.96% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

DOCN has been the subject of a number of analyst reports. The Goldman Sachs Group reduced their target price on shares of DigitalOcean from $46.00 to $41.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Needham & Company LLC restated a "hold" rating on shares of DigitalOcean in a report on Tuesday, May 6th. Bank of America lifted their price target on DigitalOcean from $28.00 to $31.00 and gave the company an "underperform" rating in a report on Wednesday, February 26th. Cantor Fitzgerald upped their price objective on shares of DigitalOcean from $39.00 to $43.00 and gave the stock a "neutral" rating in a report on Wednesday, February 26th. Finally, Stifel Nicolaus cut their price objective on shares of DigitalOcean from $40.00 to $33.00 and set a "hold" rating for the company in a research report on Monday, April 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $39.83.

DigitalOcean Price Performance

DigitalOcean stock traded down $0.24 during mid-day trading on Wednesday, reaching $29.83. 952,357 shares of the company were exchanged, compared to its average volume of 1,256,094. DigitalOcean Holdings, Inc. has a 12 month low of $25.45 and a 12 month high of $47.02. The company has a fifty day simple moving average of $29.55 and a 200-day simple moving average of $35.44. The firm has a market cap of $2.72 billion, a PE ratio of 35.09, a PEG ratio of 3.12 and a beta of 1.78.

DigitalOcean (NYSE:DOCN - Get Free Report) last released its quarterly earnings data 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 negative return on equity of 43.11% and a net margin of 10.86%. The business had revenue of $210.70 million for the quarter, compared to analyst estimates of $208.63 million. During the same period last year, the firm posted $0.43 earnings per share. DigitalOcean's revenue was up 14.1% compared to the same quarter last year. Sell-side analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

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).