24,200 Shares in DigitalOcean Holdings, Inc. (NYSE:DOCN) Bought by Wesbanco Bank Inc.

Wesbanco Bank Inc. acquired a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 24,200 shares of the company's stock, valued at approximately $808,000.

A number of other hedge funds have also made changes to their positions in the company. SBI Securities Co. Ltd. acquired a new stake in DigitalOcean in the 4th quarter valued at about $66,000. New Age Alpha Advisors LLC bought a new stake in shares of DigitalOcean in the fourth quarter worth $115,000. Canada Pension Plan Investment Board bought a new stake in shares of DigitalOcean in the fourth quarter worth $133,000. Sanctuary Advisors LLC bought a new position in shares of DigitalOcean in the 4th quarter valued at about $174,000. Finally, Cibc World Markets Corp bought a new position in shares of DigitalOcean in the 4th quarter valued at about $209,000. Institutional investors and hedge funds own 49.77% of the company's stock.

DigitalOcean Trading Down 5.1%

NYSE:DOCN traded down $1.44 during mid-day trading on Friday, hitting $26.76. 1,785,962 shares of the company's stock were exchanged, compared to its average volume of 1,277,659. DigitalOcean Holdings, Inc. has a fifty-two week low of $25.45 and a fifty-two week high of $47.02. The company has a 50 day simple moving average of $29.18 and a 200-day simple moving average of $35.04. The firm has a market capitalization of $2.44 billion, a P/E ratio of 31.48, a PEG ratio of 3.12 and a beta of 1.78.

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

Insiders Place Their Bets

In related news, insider Bratin Saha sold 3,461 shares of the company'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 directly owns 394,367 shares in the company, valued at approximately $10,592,697.62. This represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.96% of the company's stock.

Wall Street Analyst Weigh In

DOCN has been the topic of several research analyst reports. Stifel Nicolaus dropped their price objective on shares of DigitalOcean from $40.00 to $33.00 and set a "hold" rating on the stock in a research report on Monday, April 7th. Cantor Fitzgerald increased their price objective on shares of DigitalOcean from $39.00 to $43.00 and gave the company a "neutral" rating in a research report on Wednesday, February 26th. Citigroup dropped their price objective on shares of DigitalOcean from $50.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Morgan Stanley dropped their price objective on shares of DigitalOcean from $52.00 to $41.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, UBS Group dropped their price objective on shares of DigitalOcean from $44.00 to $32.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $39.83.

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).