SG Americas Securities LLC Acquires 1,057 Shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

SG Americas Securities LLC increased its holdings in DigitalOcean Holdings, Inc. (NASDAQ:DOCN – Get Rating) by 19.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,593 shares of the company’s stock after purchasing an additional 1,057 shares during the period. SG Americas Securities LLC’s holdings in DigitalOcean were worth $273,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Crossmark Global Holdings Inc. boosted its position in DigitalOcean by 158.5% during the first quarter. Crossmark Global Holdings Inc. now owns 6,624 shares of the company’s stock worth $383,000 after purchasing an additional 4,062 shares during the period. Kestra Private Wealth Services LLC grew its stake in DigitalOcean by 19.3% in the 1st quarter. Kestra Private Wealth Services LLC now owns 4,174 shares of the company’s stock valued at $241,000 after buying an additional 674 shares during the last quarter. Dupont Capital Management Corp grew its stake in DigitalOcean by 46.9% in the 2nd quarter. Dupont Capital Management Corp now owns 6,018 shares of the company’s stock valued at $249,000 after buying an additional 1,920 shares during the last quarter. Morse Asset Management Inc raised its holdings in DigitalOcean by 38.2% in the 1st quarter. Morse Asset Management Inc now owns 7,600 shares of the company’s stock worth $440,000 after acquiring an additional 2,100 shares during the period. Finally, Clearstead Advisors LLC lifted its position in DigitalOcean by 53.0% during the 1st quarter. Clearstead Advisors LLC now owns 2,141 shares of the company’s stock worth $124,000 after acquiring an additional 742 shares during the last quarter. 52.00% of the stock is owned by institutional investors and hedge funds.

DigitalOcean Stock Performance

Shares of NASDAQ:DOCN opened at $28.14 on Wednesday. The stock has a market capitalization of $2.73 billion, a price-to-earnings ratio of -78.16 and a beta of 1.26. The business’s fifty day moving average price is $37.97 and its two-hundred day moving average price is $40.99. DigitalOcean Holdings, Inc. has a fifty-two week low of $26.00 and a fifty-two week high of $133.40. The company has a debt-to-equity ratio of 30.38, a current ratio of 16.59 and a quick ratio of 16.59.

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DigitalOcean (NASDAQ:DOCN – Get Rating) last announced its earnings results on Monday, August 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $133.88 million during the quarter, compared to analysts’ expectations of $134.48 million. DigitalOcean had a negative net margin of 7.78% and a negative return on equity of 7.59%. The firm’s revenue for the quarter was up 29.0% on a year-over-year basis. During the same quarter last year, the company posted ($0.02) EPS. As a group, analysts predict that DigitalOcean Holdings, Inc. will post -0.15 EPS for the current fiscal year.

Insider Activity at DigitalOcean

In other DigitalOcean news, insider Gabriel Monroy sold 3,495 shares of the business’s stock in a transaction on Tuesday, October 4th. The stock was sold at an average price of $40.10, for a total value of $140,149.50. Following the transaction, the insider now owns 84,791 shares of the company’s stock, valued at $3,400,119.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Gabriel Monroy sold 3,495 shares of DigitalOcean stock in a transaction dated Tuesday, October 4th. The stock was sold at an average price of $40.10, for a total value of $140,149.50. Following the completion of the transaction, the insider now directly owns 84,791 shares of the company’s stock, valued at $3,400,119.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Carly D. Brantz sold 1,774 shares of the stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $45.97, for a total transaction of $81,550.78. Following the sale, the chief marketing officer now directly owns 100,897 shares in the company, valued at approximately $4,638,235.09. The disclosure for this sale can be found here. Insiders own 4.10% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. The Goldman Sachs Group lowered their target price on DigitalOcean from $34.00 to $29.00 and set a “sell” rating on the stock in a report on Tuesday. Morgan Stanley dropped their target price on shares of DigitalOcean from $41.00 to $28.00 and set an “underweight” rating on the stock in a research report on Tuesday. JPMorgan Chase & Co. downgraded shares of DigitalOcean from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $50.00 to $27.00 in a report on Tuesday. Bank of America dropped their price objective on shares of DigitalOcean from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, KeyCorp reduced their target price on shares of DigitalOcean from $57.00 to $47.00 and set an “overweight” rating for the company in a research note on Monday, October 24th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $46.18.

DigitalOcean Profile

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DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. Its platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and medium size businesses. The company offers infrastructure solutions across compute, storage, and networking, as well as enables developers to extend the native capabilities of its cloud with fully managed application, container, and database offerings.