Healthcare of Ontario Pension Plan Trust Fund Sells 3,007,790 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Healthcare of Ontario Pension Plan Trust Fund reduced its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 99.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,801 shares of the company's stock after selling 3,007,790 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund's holdings in DigitalOcean were worth $97,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Wolf Hill Capital Management LP bought a new stake in DigitalOcean during the 4th quarter worth approximately $86,834,000. Clearfield Capital Management LP bought a new position in shares of DigitalOcean in the fourth quarter valued at approximately $868,000. Scarborough Advisors LLC bought a new position in shares of DigitalOcean in the fourth quarter valued at approximately $98,000. Vima LLC bought a new position in shares of DigitalOcean in the fourth quarter valued at approximately $1,127,000. Finally, Mubadala Investment Co PJSC bought a new position in shares of DigitalOcean in the fourth quarter valued at approximately $21,881,000. 49.77% of the stock is owned by institutional investors and hedge funds.

DigitalOcean Price Performance

Shares of DOCN traded up $1.02 during midday trading on Wednesday, hitting $42.63. 1,012,754 shares of the company traded hands, compared to its average volume of 1,283,378. The stock has a 50-day moving average of $37.34 and a 200-day moving average of $35.96. DigitalOcean Holdings, Inc. has a one year low of $19.39 and a one year high of $43.88. The firm has a market cap of $3.88 billion, a P/E ratio of 80.42, a PEG ratio of 3.26 and a beta of 1.83.

DigitalOcean (NYSE:DOCN - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.09. DigitalOcean had a negative return on equity of 31.71% and a net margin of 9.30%. The firm had revenue of $192.00 million for the quarter, compared to analysts' expectations of $188.63 million. During the same period in the prior year, the business posted $0.11 earnings per share. The company's revenue was up 13.1% on a year-over-year basis. Sell-side analysts forecast that DigitalOcean Holdings, Inc. will post 0.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on DOCN. Barclays decreased their target price on DigitalOcean from $43.00 to $38.00 and set an "overweight" rating for the company in a research report on Friday, August 9th. Piper Sandler lowered their price objective on DigitalOcean from $38.00 to $34.00 and set a "neutral" rating on the stock in a research note on Monday, July 15th. Stifel Nicolaus upped their price objective on shares of DigitalOcean from $32.00 to $35.00 and gave the company a "hold" rating in a report on Friday, August 9th. Canaccord Genuity Group upped their price objective on shares of DigitalOcean from $42.00 to $48.00 and gave the company a "buy" rating in a report on Friday, October 4th. Finally, UBS Group dropped their price objective on shares of DigitalOcean from $40.00 to $34.00 and set a "neutral" rating on the stock in a report on Friday, August 9th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, DigitalOcean presently has a consensus rating of "Moderate Buy" and a consensus price target of $38.33.

DigitalOcean 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).