Cetera Investment Advisers Reduces Stock Holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Cetera Investment Advisers lowered its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 1.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 57,876 shares of the company’s stock after selling 829 shares during the quarter. Cetera Investment Advisers owned about 0.06% of DigitalOcean worth $1,972,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Hillsdale Investment Management Inc. increased its stake in shares of DigitalOcean by 0.4% in the 4th quarter. Hillsdale Investment Management Inc. now owns 84,500 shares of the company’s stock worth $2,879,000 after acquiring an additional 300 shares in the last quarter. Summit Investment Advisors Inc. increased its stake in shares of DigitalOcean by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 6,866 shares of the company’s stock worth $234,000 after acquiring an additional 436 shares in the last quarter. Harbor Investment Advisory LLC increased its stake in shares of DigitalOcean by 380.0% in the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock worth $25,000 after acquiring an additional 570 shares in the last quarter. BSW Wealth Partners increased its stake in shares of DigitalOcean by 4.3% in the 4th quarter. BSW Wealth Partners now owns 14,556 shares of the company’s stock worth $496,000 after acquiring an additional 600 shares in the last quarter. Finally, KBC Group NV increased its stake in shares of DigitalOcean by 37.6% in the 4th quarter. KBC Group NV now owns 2,884 shares of the company’s stock worth $98,000 after acquiring an additional 788 shares in the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

DigitalOcean Stock Down 2.5%

Shares of DOCN stock opened at $30.32 on Tuesday. The company has a 50 day moving average price of $31.36 and a 200-day moving average price of $36.16. DigitalOcean Holdings, Inc. has a 52 week low of $25.45 and a 52 week high of $47.02. The firm has a market capitalization of $2.76 billion, a PE ratio of 35.67, a P/E/G ratio of 3.12 and a beta of 1.88.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.11. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The firm had revenue of $210.70 million during the quarter, compared to analyst estimates of $208.63 million. During the same period in the previous year, the business posted $0.43 earnings per share. The business’s revenue for the quarter was up 14.1% on a year-over-year basis. Analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Morgan Stanley decreased their price target on shares of DigitalOcean from $52.00 to $41.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. JPMorgan Chase & Co. increased their price target on shares of DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 26th. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research note on Tuesday, May 6th. Canaccord Genuity Group reduced their price objective on shares of DigitalOcean from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Finally, Citigroup reduced their price objective on shares of DigitalOcean from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. One investment 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’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $39.83.

Insider Transactions at DigitalOcean

In related news, insider Bratin Saha sold 3,461 shares of the firm’s stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $26.86, for a total value of $92,962.46. Following the transaction, the insider now owns 394,367 shares of the company’s stock, valued at approximately $10,592,697.62. This trade represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.96% 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).