DigitalOcean Holdings, Inc. (NYSE:DOCN) Stock Position Increased by GAMMA Investing LLC

GAMMA Investing LLC boosted its position in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 14,460.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 35,527 shares of the company’s stock after purchasing an additional 35,283 shares during the quarter. GAMMA Investing LLC’s holdings in DigitalOcean were worth $1,186,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of DOCN. SBI Securities Co. Ltd. bought a new stake in DigitalOcean in the 4th quarter valued at about $66,000. New Age Alpha Advisors LLC bought a new stake in shares of DigitalOcean during the 4th quarter worth about $115,000. Canada Pension Plan Investment Board bought a new stake in shares of DigitalOcean during the 4th quarter worth about $133,000. Sanctuary Advisors LLC bought a new stake in shares of DigitalOcean during the 4th quarter worth about $174,000. Finally, Cibc World Markets Corp bought a new stake in shares of DigitalOcean during the 4th quarter worth about $209,000. 49.77% of the stock is currently owned by institutional investors.

Insider Transactions at DigitalOcean

In other news, insider Bratin Saha sold 3,948 shares of DigitalOcean stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $36.63, for a total value of $144,615.24. Following the transaction, the insider now directly owns 358,696 shares of the company’s stock, valued at $13,139,034.48. This trade represents a 1.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.96% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have commented on DOCN. Bank of America boosted their price target on shares of DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday, February 26th. UBS Group dropped their price target on shares of DigitalOcean from $44.00 to $32.00 and set a “neutral” rating on the stock in a research report on Thursday, May 8th. Cantor Fitzgerald boosted their price target on shares of DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 26th. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research report on Tuesday, May 6th. Finally, Barclays dropped their price target on shares of DigitalOcean from $48.00 to $38.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, DigitalOcean currently has a consensus rating of “Hold” and a consensus target price of $39.83.

DigitalOcean Price Performance

NYSE DOCN opened at $26.76 on Monday. The company’s 50 day simple moving average is $29.20 and its 200 day simple moving average is $34.92. DigitalOcean Holdings, Inc. has a 12 month low of $25.45 and a 12 month high of $47.02. The company has a market capitalization of $2.44 billion, a P/E ratio of 31.48, a PEG ratio of 3.12 and a beta of 1.78.

DigitalOcean (NYSE:DOCN) last released its 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. The business had revenue of $210.70 million for the quarter, compared to the consensus estimate of $208.63 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The business’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.43 EPS. On average, analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current 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).