Viking Fund Management LLC Makes New Investment in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Viking Fund Management LLC acquired a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 65,000 shares of the company's stock, valued at approximately $2,170,000. Viking Fund Management LLC owned approximately 0.07% of DigitalOcean at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of DOCN. GAMMA Investing LLC raised its stake in DigitalOcean by 14,460.2% in the 1st quarter. GAMMA Investing LLC now owns 35,527 shares of the company's stock valued at $1,186,000 after purchasing an additional 35,283 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of DigitalOcean by 6.9% during the 4th quarter. California State Teachers Retirement System now owns 60,357 shares of the company's stock worth $2,056,000 after purchasing an additional 3,880 shares during the last quarter. Twinbeech Capital LP purchased a new stake in shares of DigitalOcean during the fourth quarter worth about $398,000. ProShare Advisors LLC raised its position in shares of DigitalOcean by 42.4% in the fourth quarter. ProShare Advisors LLC now owns 20,384 shares of the company's stock valued at $694,000 after buying an additional 6,073 shares during the last quarter. Finally, Interval Partners LP purchased a new position in shares of DigitalOcean during the fourth quarter valued at approximately $3,690,000. 49.77% of the stock is currently owned by institutional investors and hedge funds.

DigitalOcean Price Performance

DOCN stock traded down $2.09 during midday trading on Thursday, reaching $27.78. 3,489,586 shares of the company's stock traded hands, compared to its average volume of 1,265,000. DigitalOcean Holdings, Inc. has a fifty-two week low of $25.45 and a fifty-two week high of $47.02. The business has a 50-day moving average price of $29.55 and a two-hundred day moving average price of $35.44. The company has a market capitalization of $2.53 billion, a P/E ratio of 32.68, a PEG ratio of 3.12 and a beta of 1.78.

DigitalOcean (NYSE:DOCN - Get Free Report) last posted 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 for the quarter, compared to analyst estimates of $208.63 million. During the same quarter in the previous year, the business posted $0.43 EPS. The business's quarterly revenue was up 14.1% on a year-over-year basis. As a group, research analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

Analyst Ratings Changes

DOCN has been the subject of several analyst reports. UBS Group cut their price target on DigitalOcean from $44.00 to $32.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Needham & Company LLC reiterated a "hold" rating on shares of DigitalOcean in a research note on Tuesday, May 6th. JPMorgan Chase & Co. increased their target price on DigitalOcean from $40.00 to $45.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 26th. The Goldman Sachs Group lowered their price target on DigitalOcean from $46.00 to $41.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Finally, Citigroup cut their price objective on shares of DigitalOcean from $50.00 to $40.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. One 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. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $39.83.

Insider Activity

In related news, insider Bratin Saha sold 3,461 shares of the firm's stock in a transaction on Monday, April 21st. The shares were sold at an average price of $26.86, for a total transaction of $92,962.46. Following the completion of the sale, the insider now directly owns 394,367 shares of the company's stock, valued at approximately $10,592,697.62. This trade represents a 0.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.96% of the company's stock.

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).