CastleKnight Management LP Sells 44,400 Shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

CastleKnight Management LP trimmed its position in DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 53.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,600 shares of the company’s stock after selling 44,400 shares during the quarter. CastleKnight Management LP’s holdings in DigitalOcean were worth $1,416,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of DigitalOcean in the fourth quarter valued at approximately $17,660,000. Schroder Investment Management Group acquired a new position in DigitalOcean in the third quarter valued at about $7,029,000. Mirae Asset Global Investments Co. Ltd. lifted its position in DigitalOcean by 36.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 901,325 shares of the company’s stock worth $33,070,000 after purchasing an additional 241,706 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in DigitalOcean by 40.1% during the third quarter. Jacobs Levy Equity Management Inc. now owns 784,046 shares of the company’s stock worth $18,841,000 after buying an additional 224,477 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of DigitalOcean by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 6,391,293 shares of the company’s stock valued at $153,583,000 after buying an additional 202,179 shares in the last quarter. Institutional investors own 49.77% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on DOCN. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research report on Monday, May 13th. Piper Sandler upped their price objective on DigitalOcean from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday, February 22nd. Oppenheimer lifted their target price on DigitalOcean from $37.00 to $46.00 and gave the company an “outperform” rating in a research report on Thursday, February 22nd. JMP Securities reissued a “market outperform” rating and issued a $47.00 target price on shares of DigitalOcean in a report on Monday, May 13th. Finally, UBS Group assumed coverage on shares of DigitalOcean in a report on Wednesday, May 22nd. They set a “neutral” rating and a $40.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, DigitalOcean currently has a consensus rating of “Hold” and an average price target of $38.00.

DigitalOcean Stock Down 1.6 %

NASDAQ DOCN traded down $0.61 on Friday, hitting $37.35. The company’s stock had a trading volume of 815,283 shares, compared to its average volume of 1,332,653. The firm has a market cap of $3.40 billion, a PE ratio of 45.00, a PEG ratio of 3.66 and a beta of 1.85. The company’s 50-day moving average is $35.80 and its 200 day moving average is $35.91. DigitalOcean Holdings, Inc. has a 1-year low of $19.39 and a 1-year high of $51.69.

DigitalOcean (NASDAQ:DOCN) last announced its earnings results on Friday, May 10th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.06. DigitalOcean had a negative return on equity of 26.29% and a net margin of 7.01%. The business had revenue of $184.73 million during the quarter, compared to analyst estimates of $182.70 million. On average, equities analysts expect that DigitalOcean Holdings, Inc. will post 0.78 EPS 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).