Harbor Capital Advisors Inc. Has $424,000 Stock Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Harbor Capital Advisors Inc. cut its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 68.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,458 shares of the company’s stock after selling 27,060 shares during the period. Harbor Capital Advisors Inc.’s holdings in DigitalOcean were worth $424,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of DOCN. Nordea Investment Management AB increased its position in DigitalOcean by 4.5% during the fourth quarter. Nordea Investment Management AB now owns 267,244 shares of the company’s stock worth $9,196,000 after buying an additional 11,481 shares during the last quarter. Principal Financial Group Inc. increased its holdings 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 acquiring an additional 122,651 shares during the last quarter. Franklin Resources Inc. raised its stake in DigitalOcean by 17.1% in the 3rd quarter. Franklin Resources Inc. now owns 39,078 shares of the company’s stock valued at $1,714,000 after acquiring an additional 5,718 shares during the period. Tidal Investments LLC acquired a new stake in DigitalOcean during the 3rd quarter valued at $423,000. Finally, Geode Capital Management LLC boosted its position in DigitalOcean by 7.9% during the third quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company’s stock worth $59,156,000 after purchasing an additional 106,636 shares during the period. 49.77% of the stock is currently owned by institutional investors.

DigitalOcean Stock Performance

NYSE:DOCN opened at $33.58 on Wednesday. The company has a market cap of $3.10 billion, a price-to-earnings ratio of 39.51, a PEG ratio of 2.45 and a beta of 1.78. DigitalOcean Holdings, Inc. has a fifty-two week low of $26.63 and a fifty-two week high of $44.80. The stock has a fifty day moving average price of $37.06 and a 200-day moving average price of $37.21.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. The firm had revenue of $198.50 million for the quarter, compared to the consensus estimate of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.17 earnings per share. Research analysts predict that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current fiscal year.

Insider Activity at DigitalOcean

In other news, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total value 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. This represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bratin Saha sold 3,468 shares of the firm’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 sale, the insider now owns 379,795 shares in the company, valued at approximately $14,500,573.10. The trade was a 0.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,955 shares of company stock valued at $1,258,373 over the last three months. 0.74% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus increased their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Canaccord Genuity Group raised their price objective 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. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. JPMorgan Chase & Co. lifted their price target on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Finally, Barclays upped their price objective on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $42.13.

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).