Graham Capital Management L.P. Takes Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Graham Capital Management L.P. bought a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 10,233 shares of the company's stock, valued at approximately $349,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DOCN. Harbor Investment Advisory LLC grew its position in DigitalOcean by 380.0% during the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company's stock valued at $25,000 after buying an additional 570 shares during the period. SBI Securities Co. Ltd. bought a new position in shares of DigitalOcean during the 4th quarter valued at approximately $66,000. KBC Group NV increased its stake in shares of DigitalOcean by 37.6% during the 4th quarter. KBC Group NV now owns 2,884 shares of the company's stock worth $98,000 after purchasing an additional 788 shares during the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of DigitalOcean during the 4th quarter worth approximately $115,000. Finally, Canada Pension Plan Investment Board purchased a new position in DigitalOcean in the fourth quarter valued at approximately $133,000. Hedge funds and other institutional investors own 49.77% of the company's stock.

DigitalOcean Stock Up 2.3%

Shares of NYSE DOCN traded up $0.66 during trading hours on Thursday, reaching $29.44. 193,557 shares of the stock traded hands, compared to its average volume of 1,241,023. The company's 50-day simple moving average is $31.11 and its two-hundred day simple moving average is $36.07. The company has a market capitalization of $2.68 billion, a P/E ratio of 34.48, a price-to-earnings-growth ratio of 3.12 and a beta of 1.88. DigitalOcean Holdings, Inc. has a 52-week low of $25.45 and a 52-week high of $47.02.

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

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Barclays decreased their target price on DigitalOcean from $48.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Morgan Stanley cut their price objective 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. UBS Group decreased their price target on shares of DigitalOcean from $44.00 to $32.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. JMP Securities lifted their price objective on DigitalOcean from $47.00 to $55.00 and gave the company a "market outperform" rating in a research note on Monday, January 27th. Finally, Cantor Fitzgerald lifted their price target on DigitalOcean from $39.00 to $43.00 and gave the company a "neutral" rating in a research report on Wednesday, February 26th. One equities 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 stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $39.83.

Insider Buying and Selling

In related news, insider Bratin Saha sold 3,461 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $26.86, for a total transaction of $92,962.46. Following the transaction, the insider now directly owns 394,367 shares in the company, valued at $10,592,697.62. This trade represents a 0.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.96% of the stock is owned by corporate insiders.

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).