Bank of New York Mellon Corp bought a new stake in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 39,924 shares of the company’s stock, valued at approximately $2,220,000.
Several other institutional investors and hedge funds also recently made changes to their positions in DOCN. Cubist Systematic Strategies LLC bought a new stake in shares of DigitalOcean during the 1st quarter valued at about $26,000. Citigroup Inc. boosted its stake in shares of DigitalOcean by 306.5% during the 2nd quarter. Citigroup Inc. now owns 813 shares of the company’s stock valued at $45,000 after purchasing an additional 613 shares in the last quarter. Ameritas Investment Partners Inc. bought a new stake in shares of DigitalOcean during the 2nd quarter valued at about $56,000. Advisor Group Holdings Inc. boosted its stake in shares of DigitalOcean by 140.3% during the 2nd quarter. Advisor Group Holdings Inc. now owns 1,504 shares of the company’s stock valued at $83,000 after purchasing an additional 878 shares in the last quarter. Finally, Focused Wealth Management Inc bought a new stake in shares of DigitalOcean during the 2nd quarter valued at about $93,000. 30.58% of the stock is currently owned by hedge funds and other institutional investors.
In other DigitalOcean news, Director Amy Butte sold 30,000 shares of DigitalOcean stock in a transaction that occurred on Monday, August 9th. The shares were sold at an average price of $52.73, for a total transaction of $1,581,900.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Harold Matthew Norman sold 4,792 shares of the business’s stock in a transaction on Monday, October 18th. The stock was sold at an average price of $89.00, for a total transaction of $426,488.00. The disclosure for this sale can be found here. Insiders sold a total of 400,192 shares of company stock worth $24,977,114 in the last ninety days.
DigitalOcean (NASDAQ:DOCN) last issued its earnings results on Thursday, August 5th. The company reported ($0.02) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.08). The company had revenue of $103.81 million for the quarter, compared to analysts’ expectations of $98.24 million. Research analysts anticipate that DigitalOcean Holdings, Inc. will post -0.09 earnings per share for the current year.
A number of equities research analysts have recently weighed in on DOCN shares. Barclays lifted their target price on shares of DigitalOcean from $66.00 to $95.00 and gave the company an “overweight” rating in a research note on Friday, September 17th. They noted that the move was a valuation call. Zacks Investment Research cut shares of DigitalOcean from a “hold” rating to a “sell” rating in a report on Wednesday, October 6th. JMP Securities upped their target price on shares of DigitalOcean from $58.00 to $68.00 and gave the company an “outperform” rating in a report on Friday, August 6th. Canaccord Genuity increased their price objective on shares of DigitalOcean from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, August 5th. Finally, Bank of America increased their price objective on shares of DigitalOcean from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, August 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $75.30.
DigitalOcean Holdings, Inc operates a cloud computing platform that offers infrastructure and platform tools for developers, start-ups, and small and medium-sized businesses in North America, Europe, Asia, and internationally. It offers infrastructure solutions across compute, storage, and networking fields, as well as managed application, container, and database offerings to developers.
See Also: Dividend Yield
Want to see what other hedge funds are holding DOCN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DigitalOcean Holdings, Inc. (NASDAQ:DOCN).
Receive News & Ratings for DigitalOcean Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for DigitalOcean and related companies with MarketBeat.com's FREE daily email newsletter.