Versor Investments LP Buys New Stake in DigitalOcean Holdings, Inc. $DOCN

Versor Investments LP bought a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) during the second quarter, according to its most recent filing with the SEC. The firm bought 19,900 shares of the company’s stock, valued at approximately $568,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. CX Institutional grew its stake in DigitalOcean by 780.5% in the 2nd quarter. CX Institutional now owns 1,039 shares of the company’s stock valued at $30,000 after buying an additional 921 shares during the last quarter. GAMMA Investing LLC raised 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 during the last quarter. SVB Wealth LLC acquired a new position in DigitalOcean during the 1st quarter valued at $48,000. Farther Finance Advisors LLC raised its stake in DigitalOcean by 42.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,924 shares of the company’s stock valued at $55,000 after purchasing an additional 572 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its stake in DigitalOcean by 39.6% during the 1st quarter. Advisors Asset Management Inc. now owns 2,229 shares of the company’s stock valued at $74,000 after purchasing an additional 632 shares during the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

DigitalOcean Stock Performance

NYSE:DOCN opened at $39.11 on Wednesday. The company has a 50-day moving average of $37.15 and a 200-day moving average of $32.16. The company has a market capitalization of $3.56 billion, a price-to-earnings ratio of 30.08, a PEG ratio of 2.35 and a beta of 1.78. DigitalOcean Holdings, Inc. has a 52 week low of $25.45 and a 52 week high of $47.02.

DigitalOcean (NYSE:DOCN) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.12. DigitalOcean had a net margin of 15.18% and a negative return on equity of 73.19%. The company had revenue of $218.70 million during the quarter, compared to the consensus estimate of $216.62 million. During the same period last year, the firm earned $0.48 EPS. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. Sell-side analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current year.

Insider Buying and Selling at DigitalOcean

In other news, insider Bratin Saha sold 13,010 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $31.87, for a total value of $414,628.70. Following the sale, the insider owned 269,465 shares of the company’s stock, valued at approximately $8,587,849.55. This represents a 4.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.74% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on DOCN. Wall Street Zen upgraded shares of DigitalOcean from a “hold” rating to a “buy” rating in a research note on Saturday. Canaccord Genuity Group upped their target price on shares of DigitalOcean from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of DigitalOcean in a research note on Wednesday, October 8th. Stifel Nicolaus set a $36.00 target price on shares of DigitalOcean in a research note on Tuesday, August 5th. Finally, Barclays upped their target price on shares of DigitalOcean from $38.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday, August 6th. Six analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, DigitalOcean has a consensus rating of “Hold” and an average price target of $42.73.

DigitalOcean Company 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).