Citigroup Inc. Sells 3,404,559 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Citigroup Inc. decreased its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 97.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 100,043 shares of the company’s stock after selling 3,404,559 shares during the quarter. Citigroup Inc. owned 0.11% of DigitalOcean worth $4,041,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its stake in shares of DigitalOcean by 10.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock worth $52,568,000 after purchasing an additional 122,651 shares during the last quarter. Van Berkom & Associates Inc. boosted its holdings in DigitalOcean by 1.6% in the 2nd quarter. Van Berkom & Associates Inc. now owns 1,273,103 shares of the company’s stock valued at $44,240,000 after purchasing an additional 19,731 shares during the period. Dimensional Fund Advisors LP boosted its holdings in DigitalOcean by 23.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company’s stock valued at $37,512,000 after purchasing an additional 205,007 shares during the period. Bank of New York Mellon Corp boosted its holdings in DigitalOcean by 66.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 766,043 shares of the company’s stock valued at $26,620,000 after purchasing an additional 307,162 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of DigitalOcean by 14.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 565,763 shares of the company’s stock worth $22,851,000 after acquiring an additional 70,700 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

DigitalOcean Price Performance

NYSE:DOCN opened at $38.90 on Wednesday. DigitalOcean Holdings, Inc. has a one year low of $26.63 and a one year high of $44.80. The company’s 50-day simple moving average is $40.20 and its 200 day simple moving average is $37.16. The firm has a market capitalization of $3.59 billion, a P/E ratio of 45.75, a PEG ratio of 2.52 and a beta of 1.76.

DigitalOcean (NYSE:DOCN) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The company had revenue of $198.50 million for the quarter, compared to the consensus estimate of $196.64 million. During the same quarter in the prior year, the firm earned $0.17 earnings per share. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, equities research analysts expect that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

Insider Buying and Selling at DigitalOcean

In other news, insider Bratin Saha sold 16,989 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $36.85, for a total value of $626,044.65. Following the completion of the sale, the insider now directly owns 390,296 shares of the company’s stock, valued at $14,382,407.60. This represents a 4.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.74% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. UBS Group decreased their target price on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Canaccord Genuity Group lifted their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Barclays lifted their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Finally, Stifel Nicolaus boosted their price objective on shares of DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, DigitalOcean currently has an average rating of “Hold” and an average target price of $41.50.

DigitalOcean 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).