Van Berkom & Associates Inc. Sells 43,909 Shares of DigitalOcean Holdings, Inc. $DOCN

Van Berkom & Associates Inc. cut its stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 7.1% in the third quarter, Holdings Channel.com reports. The fund owned 570,525 shares of the company’s stock after selling 43,909 shares during the quarter. DigitalOcean comprises about 2.7% of Van Berkom & Associates Inc.’s portfolio, making the stock its 9th largest holding. Van Berkom & Associates Inc.’s holdings in DigitalOcean were worth $76,102,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its holdings in shares of DigitalOcean by 14.8% during the first quarter. EverSource Wealth Advisors LLC now owns 551 shares of the company’s stock worth $47,000 after purchasing an additional 71 shares during the last quarter. Sigma Planning Corp increased its position in shares of DigitalOcean by 7.7% during the third quarter. Sigma Planning Corp now owns 1,586 shares of the company’s stock worth $212,000 after purchasing an additional 114 shares in the last quarter. Parallel Advisors LLC lifted its holdings in shares of DigitalOcean by 66.2% in the 1st quarter. Parallel Advisors LLC now owns 324 shares of the company’s stock valued at $28,000 after purchasing an additional 129 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of DigitalOcean by 16.9% in the 3rd quarter. Signaturefd LLC now owns 918 shares of the company’s stock valued at $122,000 after purchasing an additional 133 shares during the last quarter. Finally, Focus Financial Network Inc. lifted its holdings in shares of DigitalOcean by 10.0% in the 3rd quarter. Focus Financial Network Inc. now owns 1,589 shares of the company’s stock valued at $212,000 after purchasing an additional 145 shares during the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

Insider Activity

In other DigitalOcean news, CFO Matt Steinfort sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $105.73, for a total transaction of $1,057,300.00. Following the completion of the sale, the chief financial officer directly owned 503,692 shares of the company’s stock, valued at $53,255,355.16. This represents a 1.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Cherie Barrett sold 4,456 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $132.37, for a total value of $589,840.72. Following the sale, the chief accounting officer directly owned 65,487 shares of the company’s stock, valued at approximately $8,668,514.19. This represents a 6.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 18,441 shares of company stock worth $2,068,475 in the last 90 days. 0.96% of the stock is currently owned by insiders.

DigitalOcean Trading Up 7.9%

NYSE DOCN opened at $78.19 on Tuesday. The firm’s fifty day moving average is $115.69 and its two-hundred day moving average is $111.81. DigitalOcean Holdings, Inc. has a one year low of $41.96 and a one year high of $187.50. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.31 and a current ratio of 1.15. The firm has a market cap of $9.23 billion, a PE ratio of 252.23, a P/E/G ratio of 73.25 and a beta of 1.69.

DigitalOcean (NYSE:DOCN) last announced its earnings results on Tuesday, November 3rd. The company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.13. DigitalOcean had a net margin of 3.11% and a return on equity of 15.01%. The business had revenue of $321.19 million during the quarter, compared to the consensus estimate of $306.74 million. During the same quarter in the prior year, the firm earned $0.54 earnings per share. The business’s quarterly revenue was up 39.6% compared to the same quarter last year. Analysts expect that DigitalOcean Holdings, Inc. will post 0.65 earnings per share for the current year.

Analyst Ratings Changes

DOCN has been the subject of a number of research analyst reports. Zacks Research raised DigitalOcean from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 19th. Barclays cut their price target on DigitalOcean from $161.00 to $140.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 4th. Stifel Nicolaus set a $130.00 price objective on DigitalOcean in a research note on Tuesday, November 3rd. Citigroup decreased their price objective on DigitalOcean from $190.00 to $160.00 and set a “buy” rating for the company in a report on Wednesday, November 4th. Finally, Oppenheimer increased their price objective on DigitalOcean from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Wednesday, October 14th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, DigitalOcean presently has a consensus rating of “Moderate Buy” and a consensus target price of $141.06.

DigitalOcean Profile

DigitalOcean Holdings, Inc provides cloud computing services designed primarily for developers, startups, and small and midsize businesses. Founded in 2011, the company focuses on making it easier for customers to build, deploy, and scale applications without managing their own physical infrastructure.

Its platform includes virtual machines known as Droplets, managed Kubernetes, an application platform, managed databases, object storage, and networking and monitoring tools. These services support tasks ranging from hosting websites and applications to developing and running cloud-native software.

DigitalOcean serves customers around the world through its cloud platform and data center infrastructure.