Prosperity Wealth Management Inc. Cuts Stake in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Prosperity Wealth Management Inc. cut its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 3.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,150 shares of the company’s stock after selling 370 shares during the quarter. Prosperity Wealth Management Inc.’s holdings in DigitalOcean were worth $306,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. GAMMA Investing LLC increased its stake in DigitalOcean by 336.1% during the 1st quarter. GAMMA Investing LLC now owns 1,064 shares of the company’s stock valued at $36,000 after purchasing an additional 820 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of DigitalOcean by 135,100.0% during the first quarter. Farther Finance Advisors LLC now owns 1,352 shares of the company’s stock valued at $46,000 after buying an additional 1,351 shares during the last quarter. Wesbanco Bank Inc. bought a new stake in shares of DigitalOcean during the first quarter valued at approximately $808,000. MRA Advisory Group purchased a new position in DigitalOcean in the 1st quarter worth approximately $369,000. Finally, Viking Fund Management LLC purchased a new position in DigitalOcean in the 1st quarter worth approximately $2,170,000. Hedge funds and other institutional investors own 49.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on DOCN. Morgan Stanley reduced their target price on DigitalOcean from $52.00 to $41.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Stifel Nicolaus dropped their price objective on DigitalOcean from $40.00 to $33.00 and set a “hold” rating on the stock in a research report on Monday, April 7th. Bank of America boosted their target price on DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday, February 26th. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research note on Tuesday, May 6th. Finally, Cantor Fitzgerald lifted their price target on shares of DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $39.83.

DigitalOcean Trading Down 0.3%

DOCN opened at $27.83 on Thursday. The company’s 50 day moving average is $29.12 and its 200 day moving average is $34.75. The company has a market cap of $2.53 billion, a price-to-earnings ratio of 25.08, a PEG ratio of 2.04 and a beta of 1.78. DigitalOcean Holdings, Inc. has a 12-month low of $25.45 and a 12-month high of $47.02.

DigitalOcean (NYSE:DOCN) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.11. The business had revenue of $210.70 million for the quarter, compared to analysts’ expectations of $208.63 million. DigitalOcean had a net margin of 13.46% and a negative return on equity of 60.69%. The company’s revenue was up 14.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.43 EPS. As a group, analysts predict that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current fiscal year.

Insider Activity

In other news, insider Bratin Saha sold 3,461 shares of the stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $27.77, for a total value of $96,111.97. Following the completion of the sale, the insider now directly owns 294,546 shares of the company’s stock, valued at $8,179,542.42. This represents a 1.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.96% of the company’s stock.

About DigitalOcean

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).