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

Harbor Capital Advisors Inc. cut its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 68.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. Geode Capital Management LLC boosted its holdings in DigitalOcean by 7.9% during the third quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company's stock valued at $59,156,000 after acquiring an additional 106,636 shares during the period. Jacobs Levy Equity Management Inc. boosted its stake in DigitalOcean by 32.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company's stock valued at $56,449,000 after purchasing an additional 345,119 shares during the period. Principal Financial Group Inc. grew its holdings in DigitalOcean by 10.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company's stock valued at $52,568,000 after buying an additional 122,651 shares during the last quarter. Dimensional Fund Advisors LP increased its position in DigitalOcean by 23.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company's stock worth $37,512,000 after buying an additional 205,007 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of DigitalOcean by 14.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 565,763 shares of the company's stock worth $22,851,000 after buying an additional 70,700 shares during the last quarter. Institutional investors own 49.77% of the company's stock.

DigitalOcean Stock Up 1.9 %

DOCN traded up $0.65 during trading on Wednesday, hitting $34.21. The company's stock had a trading volume of 787,290 shares, compared to its average volume of 769,877. The firm's 50 day moving average price is $37.06 and its two-hundred day moving average price is $37.21. The stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of 40.25, a price-to-earnings-growth ratio of 2.45 and a beta of 1.78. DigitalOcean Holdings, Inc. has a 12 month low of $26.63 and a 12 month high of $44.80.

DigitalOcean (NYSE:DOCN - Get Free Report) last announced its earnings results 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 company had revenue of $198.50 million for the quarter, compared to analyst estimates of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. DigitalOcean's quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.17 earnings per share. On average, sell-side analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on DOCN. 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 note on Friday, October 4th. Needham & Company LLC restated a "hold" rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Stifel Nicolaus upped 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. Barclays increased their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the company an "overweight" rating in a research note on Friday, October 11th. Finally, JPMorgan Chase & Co. upped their price target on DigitalOcean from $32.00 to $40.00 and gave the company a "neutral" rating in a report on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, DigitalOcean presently has an average rating of "Hold" and a consensus price target of $42.13.

Insider Activity at DigitalOcean

In other news, CFO Matt Steinfort sold 12,498 shares of the business's stock in a transaction dated Wednesday, December 4th. The stock was 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 directly owns 517,498 shares in the company, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bratin Saha sold 3,468 shares of the company's stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $38.18, for a total value of $132,408.24. Following the completion of the sale, the insider now directly owns 379,795 shares of the company's stock, valued at approximately $14,500,573.10. This trade represents a 0.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,955 shares of company stock worth $1,258,373 over the last 90 days. Insiders own 0.74% of the company's stock.

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).