Van Berkom & Associates Inc. Trims Stake in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Key Points

• Van Berkom & Associates Inc. reduced its holdings in DigitalOcean Holdings, Inc. (DOCN) by 15.6%, now owning approximately 1.07% of the company valued at $32.46 million.
• DigitalOcean reported $0.56 earnings per share (EPS), surpassing estimates and marking a 14.1% revenue increase compared to the previous year.
• Analyst ratings for DigitalOcean are mixed, with seven buy ratings and a consensus target price of $40.36.

Van Berkom & Associates Inc. cut its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 15.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 972,313 shares of the company's stock after selling 179,718 shares during the quarter. Van Berkom & Associates Inc. owned 1.07% of DigitalOcean worth $32,466,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in DOCN. Viking Fund Management LLC bought a new position in DigitalOcean in the first quarter valued at approximately $2,170,000. Wesbanco Bank Inc. acquired a new stake in DigitalOcean in the first quarter valued at approximately $808,000. Concurrent Investment Advisors LLC acquired a new stake in DigitalOcean in the first quarter valued at approximately $265,000. Sumitomo Mitsui Trust Group Inc. boosted its position in DigitalOcean by 119.6% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,729 shares of the company's stock valued at $559,000 after buying an additional 9,110 shares in the last quarter. Finally, Northern Trust Corp boosted its position in DigitalOcean by 14.8% in the fourth quarter. Northern Trust Corp now owns 725,960 shares of the company's stock valued at $24,733,000 after buying an additional 93,347 shares in the last quarter. 49.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Canaccord Genuity Group cut their price target on shares of DigitalOcean from $50.00 to $45.00 and set a "buy" rating on the stock in a report on Monday, April 7th. The Goldman Sachs Group dropped their target price on shares of DigitalOcean from $46.00 to $41.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Wall Street Zen upgraded shares of DigitalOcean from a "hold" rating to a "buy" rating in a report on Sunday, June 29th. Morgan Stanley decreased their target price on shares of DigitalOcean from $52.00 to $41.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Citigroup reduced their price objective on shares of DigitalOcean from $50.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $40.36.

DigitalOcean Stock Down 0.6%

Shares of DOCN traded down $0.17 during trading hours on Wednesday, reaching $28.29. 473,442 shares of the company traded hands, compared to its average volume of 1,435,276. The company's fifty day moving average price is $28.57 and its two-hundred day moving average price is $33.15. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of 25.49, a price-to-earnings-growth ratio of 2.14 and a beta of 1.76. DigitalOcean Holdings, Inc. has a 12 month low of $25.45 and a 12 month high of $47.02.

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 net margin of 13.46% and a negative return on equity of 60.69%. The firm had revenue of $210.70 million during the quarter, compared to analysts' expectations of $208.63 million. During the same period in the previous year, the company earned $0.43 earnings per share. The firm's quarterly revenue was up 14.1% on a year-over-year basis. On average, analysts expect that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current year.

Insider Buying and Selling at DigitalOcean

In related news, insider Bratin Saha sold 3,461 shares of the company's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $27.77, for a total transaction of $96,111.97. Following the completion of the transaction, the insider owned 294,546 shares in the company, valued at approximately $8,179,542.42. This represents a 1.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.74% 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).