Wealth Effects LLC Sells 1,800 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Wealth Effects LLC decreased its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 3.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 49,100 shares of the company’s stock after selling 1,800 shares during the quarter. Wealth Effects LLC owned 0.05% of DigitalOcean worth $1,673,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Harbor Investment Advisory LLC grew its stake in shares of DigitalOcean by 380.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after acquiring an additional 570 shares during the period. Farther Finance Advisors LLC purchased a new position in DigitalOcean during the third quarter valued at approximately $30,000. Advisors Asset Management Inc. boosted its position in shares of DigitalOcean by 150.4% in the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after purchasing an additional 585 shares during the period. JTC Employer Solutions Trustee Ltd bought a new stake in shares of DigitalOcean during the 4th quarter valued at $45,000. Finally, Blue Trust Inc. lifted its position in shares of DigitalOcean by 380.6% in the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after acquiring an additional 959 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other DigitalOcean news, insider Bratin Saha sold 4,289 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total transaction of $157,835.20. Following the transaction, the insider now directly owns 372,762 shares in the company, valued at $13,717,641.60. This represents a 1.14 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matt Steinfort sold 12,498 shares of the business’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the completion of the sale, the chief financial officer now owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. This represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,244 shares of company stock worth $1,416,208 in the last three months. Corporate insiders own 0.74% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on DOCN shares. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $40.00 to $41.00 in a research report on Thursday, January 16th. JPMorgan Chase & Co. lifted their price objective on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Canaccord Genuity Group raised their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Cantor Fitzgerald initiated coverage on DigitalOcean in a research report on Friday, January 17th. They set a “neutral” rating and a $39.00 price objective for the company. Finally, Citigroup began coverage on DigitalOcean in a research report on Friday. They issued a “buy” rating and a $45.00 target price on the stock. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, DigitalOcean currently has a consensus rating of “Moderate Buy” and an average price target of $42.73.

DigitalOcean Trading Down 0.0 %

Shares of DOCN opened at $40.18 on Tuesday. The company has a market cap of $3.71 billion, a P/E ratio of 47.27, a P/E/G ratio of 2.77 and a beta of 1.78. DigitalOcean Holdings, Inc. has a twelve month low of $26.63 and a twelve month high of $44.80. The company’s fifty day simple moving average is $36.91 and its 200-day simple moving average is $37.42.

DigitalOcean (NYSE:DOCN) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.12. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The firm had revenue of $198.50 million for the quarter, compared to the consensus estimate of $196.64 million. During the same period in the prior year, the business posted $0.17 earnings per share. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. Analysts predict that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal 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).