DigitalOcean (NASDAQ:DOCN) Trading Down 5.1%

DigitalOcean Holdings, Inc. (NASDAQ:DOCN)’s stock price fell 5.1% on Tuesday . The stock traded as low as $32.88 and last traded at $32.89. 502,024 shares changed hands during trading, a decline of 59% from the average session volume of 1,211,450 shares. The stock had previously closed at $34.67.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research note on Monday, May 13th. JMP Securities reissued a “market outperform” rating and set a $47.00 price objective on shares of DigitalOcean in a research note on Monday, May 13th. Canaccord Genuity Group upped their target price on DigitalOcean from $41.00 to $42.00 and gave the company a “buy” rating in a report on Monday, May 13th. Finally, UBS Group started coverage on shares of DigitalOcean in a research report on Wednesday, May 22nd. They set a “neutral” rating and a $40.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $38.00.

DigitalOcean Trading Down 6.5 %

The stock has a market capitalization of $2.95 billion, a price-to-earnings ratio of 62.87, a price-to-earnings-growth ratio of 3.40 and a beta of 1.81. The company has a fifty day moving average of $35.79 and a two-hundred day moving average of $36.36.

DigitalOcean (NASDAQ:DOCN) last posted its quarterly earnings data on Friday, May 10th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.06. The business had revenue of $184.73 million during the quarter, compared to the consensus estimate of $182.70 million. DigitalOcean had a net margin of 7.01% and a negative return on equity of 26.29%. As a group, sell-side analysts predict that DigitalOcean Holdings, Inc. will post 0.78 earnings per share for the current fiscal year.

Insider Buying and Selling at DigitalOcean

In other news, Director Amy Butte sold 5,220 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $37.46, for a total value of $195,541.20. Following the completion of the sale, the director now directly owns 36,417 shares of the company’s stock, valued at $1,364,180.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

Hedge funds have recently made changes to their positions in the stock. Schroder Investment Management Group acquired a new position in DigitalOcean in the 3rd quarter valued at approximately $7,029,000. Jacobs Levy Equity Management Inc. boosted its stake in DigitalOcean by 40.1% during the third quarter. Jacobs Levy Equity Management Inc. now owns 784,046 shares of the company’s stock worth $18,841,000 after buying an additional 224,477 shares in the last quarter. Vanguard Group Inc. increased its holdings in DigitalOcean by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 6,391,293 shares of the company’s stock valued at $153,583,000 after buying an additional 202,179 shares during the period. Renaissance Capital LLC raised its stake in shares of DigitalOcean by 26.3% in the 4th quarter. Renaissance Capital LLC now owns 40,160 shares of the company’s stock valued at $1,473,000 after buying an additional 8,370 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in shares of DigitalOcean during the 4th quarter worth about $1,565,000. Institutional investors own 49.77% of the company’s stock.

About DigitalOcean

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).