Cetera Investment Advisers Has $1.87 Million Stake in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Cetera Investment Advisers decreased its position in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 3.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 55,847 shares of the company’s stock after selling 2,029 shares during the quarter. Cetera Investment Advisers owned 0.06% of DigitalOcean worth $1,865,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Viking Fund Management LLC acquired a new stake in shares of DigitalOcean in the 1st quarter valued at about $2,170,000. Wesbanco Bank Inc. acquired a new stake in shares of DigitalOcean in the 1st quarter valued at about $808,000. Concurrent Investment Advisors LLC acquired a new stake in shares of DigitalOcean in the 1st quarter valued at about $265,000. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of DigitalOcean by 119.6% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,729 shares of the company’s stock valued at $559,000 after purchasing an additional 9,110 shares during the period. Finally, Northern Trust Corp raised its stake in shares of DigitalOcean by 14.8% in the 4th quarter. Northern Trust Corp now owns 725,960 shares of the company’s stock valued at $24,733,000 after purchasing an additional 93,347 shares during the period. Institutional investors and hedge funds own 49.77% of the company’s stock.

Insider Buying and Selling

In related news, insider Bratin Saha sold 3,461 shares of DigitalOcean stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $27.77, for a total transaction of $96,111.97. Following the completion of the transaction, the insider owned 294,546 shares in the company, valued at approximately $8,179,542.42. This trade represents a 1.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on DOCN. Wall Street Zen raised DigitalOcean from a “hold” rating to a “buy” rating in a research report on Sunday, June 29th. Canaccord Genuity Group lifted their target price on DigitalOcean from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday. Stifel Nicolaus set a $36.00 target price on DigitalOcean in a research report on Tuesday. The Goldman Sachs Group lowered their target price on DigitalOcean from $46.00 to $41.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. Finally, Morgan Stanley lifted their target price on DigitalOcean from $41.00 to $44.00 and gave the company an “overweight” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, DigitalOcean presently has an average rating of “Hold” and a consensus price target of $41.45.

DigitalOcean Stock Performance

DigitalOcean stock opened at $33.02 on Friday. DigitalOcean Holdings, Inc. has a 52 week low of $25.45 and a 52 week high of $47.02. The stock has a market capitalization of $3.01 billion, a P/E ratio of 25.40, a PEG ratio of 2.52 and a beta of 1.75. The stock has a 50-day simple moving average of $28.97 and a 200 day simple moving average of $32.92.

DigitalOcean (NYSE:DOCN) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.12. DigitalOcean had a negative return on equity of 73.19% and a net margin of 15.18%. The business had revenue of $218.70 million during the quarter, compared to analysts’ expectations of $216.62 million. During the same quarter last year, the company posted $0.48 earnings per share. DigitalOcean’s quarterly revenue was up 13.6% on a year-over-year basis. Research analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

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).