Hennion & Walsh Asset Management Inc. Buys 1,990 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Hennion & Walsh Asset Management Inc. raised its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 20.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,845 shares of the company’s stock after purchasing an additional 1,990 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in DigitalOcean were worth $404,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. JTC Employer Solutions Trustee Ltd purchased a new stake in DigitalOcean in the fourth quarter worth approximately $45,000. Nordea Investment Management AB increased its holdings in DigitalOcean by 4.5% in the 4th quarter. Nordea Investment Management AB now owns 267,244 shares of the company’s stock valued at $9,196,000 after acquiring an additional 11,481 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of DigitalOcean by 10.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock worth $52,568,000 after buying an additional 122,651 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of DigitalOcean by 17.1% in the 3rd quarter. Franklin Resources Inc. now owns 39,078 shares of the company’s stock worth $1,714,000 after buying an additional 5,718 shares during the last quarter. Finally, Tidal Investments LLC bought a new stake in shares of DigitalOcean in the 3rd quarter worth about $423,000. Institutional investors own 49.77% of the company’s stock.

Insider Activity

In other DigitalOcean news, insider Bratin Saha sold 3,468 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $38.18, for a total transaction of $132,408.24. Following the completion of the transaction, the insider now owns 379,795 shares in the company, valued at $14,500,573.10. The trade was a 0.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Matt Steinfort sold 12,498 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the completion of the transaction, the chief financial officer now owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,955 shares of company stock valued at $1,258,373. Company insiders own 0.74% of the company’s stock.

DigitalOcean Stock Up 3.1 %

Shares of NYSE DOCN opened at $37.26 on Wednesday. The firm has a 50-day simple moving average of $36.76 and a 200-day simple moving average of $37.24. The stock has a market capitalization of $3.44 billion, a price-to-earnings ratio of 43.84, a price-to-earnings-growth ratio of 2.62 and a beta of 1.78. DigitalOcean Holdings, Inc. has a 52 week low of $26.63 and a 52 week high of $44.80.

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

Analyst Ratings Changes

DOCN has been the subject of a number of recent analyst reports. Morgan Stanley raised shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $40.00 to $41.00 in a research note on Thursday, January 16th. Barclays boosted their price objective on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Stifel Nicolaus upped their price target on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. JPMorgan Chase & Co. upped their price objective on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Finally, Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $41.70.

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).