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

Citigroup Inc. cut its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 97.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm 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 also recently bought and sold shares of the business. Farther Finance Advisors LLC purchased a new position in DigitalOcean in the third quarter valued at about $30,000. Advisors Asset Management Inc. lifted its holdings in shares of DigitalOcean by 150.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company's stock valued at $39,000 after buying an additional 585 shares during the last quarter. Blue Trust Inc. grew its stake in shares of DigitalOcean by 380.6% in the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company's stock valued at $49,000 after buying an additional 959 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in shares of DigitalOcean by 56.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company's stock valued at $54,000 after buying an additional 483 shares in the last quarter. Finally, KBC Group NV increased its holdings in DigitalOcean by 47.6% in the third quarter. KBC Group NV now owns 2,096 shares of the company's stock worth $85,000 after buying an additional 676 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company's stock.

DigitalOcean Stock Down 0.9 %

DOCN stock opened at $38.89 on Wednesday. The business's 50-day simple moving average is $40.20 and its 200 day simple moving average is $37.16. The company has a market cap of $3.59 billion, a PE ratio of 45.76, a price-to-earnings-growth ratio of 2.52 and a beta of 1.76. DigitalOcean Holdings, Inc. has a twelve month low of $26.63 and a twelve month high of $44.80.

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

Insider Buying and Selling

In other DigitalOcean news, insider Bratin Saha sold 16,989 shares of the business's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $36.85, for a total transaction of $626,044.65. Following the sale, the insider now directly owns 390,296 shares of the company's stock, valued at $14,382,407.60. The trade was a 4.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.74% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have commented on the stock. UBS Group decreased their target price on shares of DigitalOcean from $40.00 to $34.00 and set a "neutral" rating for the company in a research report on Friday, August 9th. Stifel Nicolaus upped their price objective on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a "hold" rating in a report on Friday, August 9th. Barclays raised their target price on DigitalOcean from $38.00 to $48.00 and gave the company an "overweight" rating in a report on Friday, October 11th. Needham & Company LLC reiterated a "hold" rating on shares of DigitalOcean in a research note on Tuesday, November 5th. Finally, Canaccord Genuity Group increased their price objective on DigitalOcean from $42.00 to $48.00 and gave the company a "buy" rating in a report on Friday, October 4th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, DigitalOcean currently has an average rating of "Hold" and an average target price of $41.50.

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).