DigitalOcean Holdings, Inc. (NASDAQ:DOCN) Shares Purchased by HB Wealth Management LLC

Posted by Defense World Staff on Apr 1st, 2023

HB Wealth Management LLC raised its position in DigitalOcean Holdings, Inc. (NASDAQ:DOCN – Get Rating) by 4.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,035 shares of the company’s stock after buying an additional 928 shares during the period. HB Wealth Management LLC’s holdings in DigitalOcean were worth $536,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Lazard Asset Management LLC boosted its position in DigitalOcean by 89.7% in the 3rd quarter. Lazard Asset Management LLC now owns 2,326 shares of the company’s stock valued at $84,000 after buying an additional 1,100 shares during the last quarter. Ensign Peak Advisors Inc lifted its position in shares of DigitalOcean by 9.7% during the second quarter. Ensign Peak Advisors Inc now owns 6,810 shares of the company’s stock worth $282,000 after purchasing an additional 600 shares during the last quarter. Alliancebernstein L.P. lifted its position in shares of DigitalOcean by 43.8% during the third quarter. Alliancebernstein L.P. now owns 3,172,288 shares of the company’s stock worth $114,742,000 after purchasing an additional 966,755 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of DigitalOcean by 246.8% during the second quarter. Renaissance Technologies LLC now owns 480,600 shares of the company’s stock worth $19,878,000 after purchasing an additional 342,000 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in shares of DigitalOcean by 28.8% during the third quarter. Nisa Investment Advisors LLC now owns 1,997 shares of the company’s stock worth $72,000 after purchasing an additional 447 shares during the last quarter. 52.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on DOCN. Piper Sandler cut shares of DigitalOcean from an “overweight” rating to a “neutral” rating and set a $30.00 price target on the stock. in a research report on Tuesday, January 17th. Morgan Stanley raised their price target on shares of DigitalOcean from $28.00 to $30.00 and gave the company an “underweight” rating in a research note on Friday, February 17th. Canaccord Genuity Group upped their price target on DigitalOcean from $40.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday, February 21st. William Blair reiterated an “outperform” rating on shares of DigitalOcean in a research report on Monday, December 19th. Finally, Credit Suisse Group boosted their price target on shares of DigitalOcean from $31.00 to $34.00 and gave the company a “neutral” rating in a report on Friday, February 17th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, DigitalOcean has an average rating of “Hold” and a consensus price target of $40.54.

Insiders Place Their Bets

In other DigitalOcean news, COO Jeffrey Scott Guy sold 5,600 shares of the stock in a transaction on Tuesday, March 14th. The shares were sold at an average price of $35.00, for a total value of $196,000.00. Following the sale, the chief operating officer now directly owns 165,958 shares in the company, valued at $5,808,530. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, COO Jeffrey Scott Guy sold 5,600 shares of the stock in a transaction on Tuesday, March 14th. The shares were sold at an average price of $35.00, for a total transaction of $196,000.00. Following the completion of the sale, the chief operating officer now owns 165,958 shares of the company’s stock, valued at $5,808,530. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Carly D. Brantz sold 106,419 shares of the stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $34.42, for a total transaction of $3,662,941.98. Following the sale, the chief marketing officer now directly owns 76,358 shares of the company’s stock, valued at approximately $2,628,242.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 177,657 shares of company stock worth $6,141,092. Company insiders own 4.10% of the company’s stock.

DigitalOcean Stock Up 6.4 %

Shares of NASDAQ DOCN opened at $39.17 on Friday. The company’s 50 day simple moving average is $32.63 and its 200 day simple moving average is $32.14. DigitalOcean Holdings, Inc. has a fifty-two week low of $23.38 and a fifty-two week high of $63.17. The company has a debt-to-equity ratio of 28.78, a quick ratio of 5.76 and a current ratio of 5.76.

DigitalOcean (NASDAQ:DOCN – Get Rating) last announced its quarterly earnings data on Thursday, February 16th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.09. DigitalOcean had a negative net margin of 4.21% and a negative return on equity of 2.36%. The business had revenue of $163.00 million for the quarter, compared to analyst estimates of $161.10 million. During the same period in the prior year, the business posted ($0.11) earnings per share. DigitalOcean’s revenue was up 36.2% compared to the same quarter last year. On average, research analysts anticipate that DigitalOcean Holdings, Inc. will post 0.49 earnings per share for the current fiscal year.

About DigitalOcean

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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.

Institutional Ownership by Quarter for DigitalOcean (NASDAQ:DOCN)

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