Lisanti Capital Growth LLC Sells 6,985 Shares of DigitalOcean Holdings, Inc. $DOCN

Lisanti Capital Growth LLC cut its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 13.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 43,440 shares of the company’s stock after selling 6,985 shares during the quarter. DigitalOcean makes up 1.6% of Lisanti Capital Growth LLC’s holdings, making the stock its 16th biggest holding. Lisanti Capital Growth LLC’s holdings in DigitalOcean were worth $5,794,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Bank of America Corp DE acquired a new stake in shares of DigitalOcean during the 2nd quarter worth $241,945,000. First Trust Advisors LP raised its position in shares of DigitalOcean by 9.3% in the 1st quarter. First Trust Advisors LP now owns 1,441,151 shares of the company’s stock worth $123,622,000 after buying an additional 122,675 shares during the period. Principal Financial Group Inc. boosted its holdings in DigitalOcean by 155.3% in the first quarter. Principal Financial Group Inc. now owns 1,108,420 shares of the company’s stock valued at $95,080,000 after acquiring an additional 674,231 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in DigitalOcean by 81.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 683,707 shares of the company’s stock valued at $59,947,000 after acquiring an additional 306,529 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in DigitalOcean during the second quarter valued at about $98,011,000. 49.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on DOCN shares. Stifel Nicolaus set a $130.00 price target on DigitalOcean in a research note on Tuesday, November 3rd. Zacks Research raised DigitalOcean from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 19th. Robert W. Baird started coverage on DigitalOcean in a report on Tuesday, July 21st. They set an “outperform” rating and a $165.00 target price for the company. Morgan Stanley dropped their target price on shares of DigitalOcean from $175.00 to $150.00 and set an “overweight” rating for the company in a research report on Wednesday, November 4th. Finally, Citigroup cut their price target on shares of DigitalOcean from $190.00 to $160.00 and set a “buy” rating on the stock in a report on Wednesday, November 4th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $141.06.

DigitalOcean Stock Performance

NYSE:DOCN opened at $87.26 on Thursday. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $10.30 billion, a price-to-earnings ratio of 281.49, a PEG ratio of 88.37 and a beta of 1.69. The firm’s fifty day simple moving average is $114.64 and its 200 day simple moving average is $112.11. DigitalOcean Holdings, Inc. has a twelve month low of $41.96 and a twelve month high of $187.50.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.13. DigitalOcean had a net margin of 3.11% and a return on equity of 15.01%. The firm had revenue of $321.19 million during the quarter, compared to analysts’ expectations of $306.74 million. During the same period in the prior year, the company earned $0.54 EPS. The firm’s revenue was up 39.6% on a year-over-year basis. As a group, equities research analysts expect that DigitalOcean Holdings, Inc. will post 0.73 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Matt Steinfort sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $105.73, for a total value of $1,057,300.00. Following the completion of the sale, the chief financial officer owned 503,692 shares of the company’s stock, valued at $53,255,355.16. This represents a 1.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Cherie Barrett sold 3,985 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $105.73, for a total value of $421,334.05. Following the completion of the sale, the chief accounting officer owned 58,399 shares of the company’s stock, valued at approximately $6,174,526.27. This trade represents a 6.39% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.96% of the company’s stock.

DigitalOcean Profile

DigitalOcean Holdings, Inc. provides cloud computing services designed primarily for developers, startups, and small and midsize businesses. Founded in 2011, the company focuses on making it easier for customers to build, deploy, and scale applications without managing their own physical infrastructure. Its platform includes virtual machines known as Droplets, managed Kubernetes, an application platform, managed databases, object storage, and networking and monitoring tools. These services support tasks ranging from hosting websites and applications to developing and running cloud-native software.