DigitalOcean Holdings, Inc. $DOCN Stock: Lisanti Capital Growth LLC Cuts Holdings

Lisanti Capital Growth LLC lowered its stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 13.9% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 43,440 shares of the company’s stock after selling 6,985 shares during the quarter. DigitalOcean makes up about 1.6% of Lisanti Capital Growth LLC’s holdings, making the stock its 16th biggest position. Lisanti Capital Growth LLC’s holdings in DigitalOcean were worth $5,794,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Root Financial Partners LLC acquired a new position in shares of DigitalOcean in the third quarter worth $31,000. Hilltop National Bank purchased a new stake in shares of DigitalOcean in the second quarter valued at $38,000. Rakuten Securities Inc. purchased a new stake in shares of DigitalOcean in the second quarter valued at $43,000. TD Waterhouse Canada Inc. boosted its stake in shares of DigitalOcean by 32,000.0% during the third quarter. TD Waterhouse Canada Inc. now owns 321 shares of the company’s stock valued at $45,000 after acquiring an additional 320 shares during the last quarter. Finally, Parallel Advisors LLC boosted its stake in shares of DigitalOcean by 66.2% during the first quarter. Parallel Advisors LLC now owns 324 shares of the company’s stock valued at $28,000 after acquiring an additional 129 shares during the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Trading Up 9.7%

Shares of DigitalOcean stock opened at $87.26 on Thursday. DigitalOcean Holdings, Inc. has a fifty-two week low of $41.96 and a fifty-two week high of $187.50. The firm has a market cap of $10.30 billion, a PE ratio of 281.49, a P/E/G ratio of 88.37 and a beta of 1.69. The business’s fifty day moving average is $114.64 and its two-hundred day moving average is $112.11. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.61.

DigitalOcean (NYSE:DOCN) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.13. The business had revenue of $321.19 million for the quarter, compared to analysts’ expectations of $306.74 million. DigitalOcean had a return on equity of 15.01% and a net margin of 3.11%. The business’s revenue was up 39.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.54 earnings per share. Analysts anticipate that DigitalOcean Holdings, Inc. will post 0.73 earnings per share for the current year.

Insider Activity

In other DigitalOcean news, CFO Matt Steinfort sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $105.73, for a total value of $1,057,300.00. Following the sale, the chief financial officer directly owned 503,692 shares of the company’s stock, valued at approximately $53,255,355.16. This trade represents a 1.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Cherie Barrett sold 3,985 shares of DigitalOcean stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $105.73, for a total value of $421,334.05. Following the completion of the sale, the chief accounting officer owned 58,399 shares of the company’s stock, valued at $6,174,526.27. This trade represents a 6.39% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.96% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on DOCN shares. Piper Sandler upgraded DigitalOcean from a “neutral” rating to an “overweight” rating and dropped their price objective for the stock from $142.00 to $126.00 in a research report on Wednesday, October 21st. UBS Group reduced their target price on shares of DigitalOcean from $105.00 to $100.00 and set a “neutral” rating on the stock in a report on Wednesday, November 4th. William Blair reaffirmed an “outperform” rating on shares of DigitalOcean in a research note on Wednesday, July 15th. Morgan Stanley lowered their price target on shares of DigitalOcean from $175.00 to $150.00 and set an “overweight” rating for the company in a report on Wednesday, November 4th. Finally, Stifel Nicolaus set a $130.00 price target on shares of DigitalOcean in a report on Tuesday, November 3rd. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $141.06.

DigitalOcean Profile

DigitalOcean Holdings, Inc. provides cloud computing services designed primarily for developers, startups, and small and midsize businesses. Founded in 2011, the company focuses on making it easier for customers to build, deploy, and scale applications without managing their own physical infrastructure. Its platform includes virtual machines known as Droplets, managed Kubernetes, an application platform, managed databases, object storage, and networking and monitoring tools. These services support tasks ranging from hosting websites and applications to developing and running cloud-native software.