Woodline Partners LP Sells 17,856 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Woodline Partners LP trimmed its stake in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 48.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,009 shares of the company's stock after selling 17,856 shares during the period. Woodline Partners LP's holdings in DigitalOcean were worth $648,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Hillsdale Investment Management Inc. boosted its stake in DigitalOcean by 0.4% in the fourth quarter. Hillsdale Investment Management Inc. now owns 84,500 shares of the company's stock worth $2,879,000 after purchasing an additional 300 shares in the last quarter. Focus Partners Wealth boosted its stake in DigitalOcean by 2.8% in the fourth quarter. Focus Partners Wealth now owns 12,455 shares of the company's stock worth $424,000 after purchasing an additional 338 shares in the last quarter. Summit Investment Advisors Inc. boosted its stake in DigitalOcean by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 6,866 shares of the company's stock worth $234,000 after purchasing an additional 436 shares in the last quarter. BSW Wealth Partners boosted its stake in DigitalOcean by 4.3% in the fourth quarter. BSW Wealth Partners now owns 14,556 shares of the company's stock worth $496,000 after purchasing an additional 600 shares in the last quarter. Finally, KBC Group NV boosted its stake in DigitalOcean by 37.6% in the fourth quarter. KBC Group NV now owns 2,884 shares of the company's stock worth $98,000 after purchasing an additional 788 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of the stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $36.63, for a total value of $144,615.24. Following the completion of the sale, the insider now directly owns 358,696 shares in the company, valued at $13,139,034.48. This represents a 1.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Barclays reduced their price objective on DigitalOcean from $48.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a research note on Tuesday, May 6th. Bank of America boosted their price objective on DigitalOcean from $28.00 to $31.00 and gave the stock an "underperform" rating in a research note on Wednesday, February 26th. Morgan Stanley cut their price target on DigitalOcean from $52.00 to $41.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, The Goldman Sachs Group cut their price target on DigitalOcean from $46.00 to $41.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, DigitalOcean currently has an average rating of "Hold" and an average price target of $39.83.

DigitalOcean Stock Performance

NYSE:DOCN traded up $0.43 during mid-day trading on Friday, hitting $28.35. The company had a trading volume of 1,563,258 shares, compared to its average volume of 1,254,437. DigitalOcean Holdings, Inc. has a fifty-two week low of $25.45 and a fifty-two week high of $47.02. The business's fifty day moving average is $29.92 and its two-hundred day moving average is $35.60. The firm has a market cap of $2.58 billion, a P/E ratio of 33.35, a P/E/G ratio of 3.12 and a beta of 1.88.

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

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).