DigitalOcean Holdings, Inc. (NASDAQ:DOCN) Shares Sold by Dark Forest Capital Management LP

Dark Forest Capital Management LP reduced its stake in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 85.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,029 shares of the company’s stock after selling 53,577 shares during the period. Dark Forest Capital Management LP’s holdings in DigitalOcean were worth $314,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Point72 Hong Kong Ltd acquired a new stake in DigitalOcean during the 2nd quarter worth about $877,000. Public Sector Pension Investment Board acquired a new stake in shares of DigitalOcean during the second quarter worth about $4,108,000. Thrivent Financial for Lutherans purchased a new stake in DigitalOcean in the second quarter valued at approximately $1,550,000. Sei Investments Co. increased its holdings in DigitalOcean by 1.5% in the 2nd quarter. Sei Investments Co. now owns 30,834 shares of the company’s stock worth $1,071,000 after buying an additional 468 shares during the period. Finally, Hsbc Holdings PLC raised its position in DigitalOcean by 47.3% during the 2nd quarter. Hsbc Holdings PLC now owns 10,022 shares of the company’s stock worth $343,000 after buying an additional 3,219 shares during the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

DigitalOcean Price Performance

Shares of NASDAQ:DOCN opened at $41.01 on Friday. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of 77.38, a price-to-earnings-growth ratio of 3.26 and a beta of 1.83. The business’s 50 day moving average price is $36.13 and its 200-day moving average price is $35.93. DigitalOcean Holdings, Inc. has a 1 year low of $19.39 and a 1 year high of $43.88.

DigitalOcean (NASDAQ:DOCN) last announced its earnings results on Thursday, August 8th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.09. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The business had revenue of $192.00 million for the quarter, compared to analyst estimates of $188.63 million. During the same quarter last year, the business earned $0.11 earnings per share. The company’s revenue for the quarter was up 13.1% compared to the same quarter last year. On average, sell-side analysts expect that DigitalOcean Holdings, Inc. will post 0.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on DOCN shares. Barclays cut their price objective on shares of DigitalOcean from $43.00 to $38.00 and set an “overweight” rating on the stock in a research note on Friday, August 9th. Stifel Nicolaus lifted their price objective on DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a research note on Friday, August 9th. UBS Group lowered their target price on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Finally, Piper Sandler reduced their price target on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a research report on Monday, July 15th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, DigitalOcean currently has a consensus rating of “Moderate Buy” and an average target price of $37.67.

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).