Snowden Capital Advisors LLC Reduces Stock Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Snowden Capital Advisors LLC trimmed its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 6.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,387 shares of the company’s stock after selling 2,133 shares during the period. Snowden Capital Advisors LLC’s holdings in DigitalOcean were worth $1,069,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of DigitalOcean in the fourth quarter worth $14,772,000. Jacobs Levy Equity Management Inc. grew its holdings in DigitalOcean by 16.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company’s stock worth $55,500,000 after acquiring an additional 231,407 shares in the last quarter. CenterBook Partners LP bought a new stake in shares of DigitalOcean in the 4th quarter worth about $7,633,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in shares of DigitalOcean in the 4th quarter valued at about $5,382,000. Finally, Bank of New York Mellon Corp lifted its position in shares of DigitalOcean by 19.7% during the fourth quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock worth $26,979,000 after purchasing an additional 130,263 shares during the last quarter. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of the business’s stock in a transaction 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 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 legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.96% of the company’s stock.

DigitalOcean Stock Performance

DOCN stock opened at $31.05 on Monday. DigitalOcean Holdings, Inc. has a 1 year low of $25.45 and a 1 year high of $47.02. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of 36.53, a PEG ratio of 3.12 and a beta of 1.88. The stock’s fifty day moving average is $31.47 and its two-hundred day moving average is $36.24.

DigitalOcean (NYSE:DOCN) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.11. The business had revenue of $210.70 million for the quarter, compared to analysts’ expectations of $208.63 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.43 EPS. As a group, analysts predict that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

DOCN has been the subject of several research analyst reports. Bank of America boosted their price objective on DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday, February 26th. UBS Group decreased their target price on DigitalOcean from $44.00 to $32.00 and set a “neutral” rating for the company in a research report on Thursday, May 8th. JMP Securities boosted their price target on DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a report on Monday, January 27th. Cantor Fitzgerald raised their price objective on DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 26th. Finally, The Goldman Sachs Group decreased their price objective on shares of DigitalOcean from $46.00 to $41.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $39.83.

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).