Lazard Asset Management LLC Sells 124,081 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Lazard Asset Management LLC reduced its stake in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 5.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,058,845 shares of the company's stock after selling 124,081 shares during the period. Lazard Asset Management LLC owned 2.23% of DigitalOcean worth $70,144,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Interval Partners LP bought a new position in DigitalOcean during the fourth quarter valued at about $3,690,000. Jacobs Levy Equity Management Inc. boosted its position in shares of DigitalOcean by 16.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company's stock valued at $55,500,000 after purchasing an additional 231,407 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of DigitalOcean by 30.6% in the 4th quarter. Janus Henderson Group PLC now owns 242,776 shares of the company's stock worth $8,271,000 after purchasing an additional 56,953 shares during the last quarter. Graham Capital Management L.P. bought a new stake in shares of DigitalOcean in the 4th quarter worth approximately $349,000. Finally, Focus Partners Wealth lifted its stake in DigitalOcean by 2.8% during the fourth quarter. Focus Partners Wealth now owns 12,455 shares of the company's stock valued at $424,000 after purchasing an additional 338 shares during the last quarter. 49.77% of the stock is currently owned by institutional investors.

DigitalOcean Stock Up 1.2%

Shares of NYSE:DOCN traded up $0.37 on Friday, reaching $31.05. The company had a trading volume of 1,114,824 shares, compared to its average volume of 1,243,977. The stock has a market capitalization of $2.83 billion, a P/E ratio of 36.53, a P/E/G ratio of 3.12 and a beta of 1.88. The stock has a 50-day moving average price of $31.58 and a 200 day moving average price of $36.36. DigitalOcean Holdings, Inc. has a twelve month low of $25.45 and a twelve month high of $47.02.

DigitalOcean (NYSE:DOCN - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $208.63 million. During the same quarter in the prior year, the business earned $0.43 earnings per share. The company's revenue was up 14.1% on a year-over-year basis. On average, sell-side analysts predict that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. JMP Securities boosted their target price on DigitalOcean from $47.00 to $55.00 and gave the stock a "market outperform" rating in a research report on Monday, January 27th. Citigroup decreased their target price on shares of DigitalOcean from $50.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Morgan Stanley dropped their price target on DigitalOcean from $52.00 to $41.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. The Goldman Sachs Group dropped their target price on DigitalOcean from $46.00 to $41.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Finally, Canaccord Genuity Group decreased their price target on shares of DigitalOcean from $50.00 to $45.00 and set a "buy" rating for the company in a report on Monday, April 7th. 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 company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $39.83.

Insiders Place Their Bets

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of DigitalOcean stock in a transaction on Monday, April 21st. The stock was sold at an average price of $26.86, for a total value of $92,962.46. Following the completion of the transaction, the insider now owns 394,367 shares in the company, valued at approximately $10,592,697.62. The trade was a 0.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.96% 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).