Glenmede Trust Co. NA Reduces Stock Holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Glenmede Trust Co. NA lessened its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 1.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 483,991 shares of the company’s stock after selling 7,120 shares during the quarter. Glenmede Trust Co. NA’s holdings in DigitalOcean were worth $19,548,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Farther Finance Advisors LLC acquired a new stake in shares of DigitalOcean during the third quarter worth about $30,000. Advisors Asset Management Inc. raised its holdings in DigitalOcean by 150.4% during the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after purchasing an additional 585 shares in the last quarter. Blue Trust Inc. raised its holdings in DigitalOcean by 380.6% during the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after purchasing an additional 959 shares in the last quarter. Nisa Investment Advisors LLC grew its position in shares of DigitalOcean by 56.4% during the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock worth $54,000 after acquiring an additional 483 shares during the last quarter. Finally, KBC Group NV grew its position in shares of DigitalOcean by 47.6% during the third quarter. KBC Group NV now owns 2,096 shares of the company’s stock worth $85,000 after acquiring an additional 676 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

Analyst Ratings Changes

DOCN has been the topic of a number of analyst reports. Stifel Nicolaus lifted their price objective on shares of DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Canaccord Genuity Group lifted their price target on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Barclays lifted their price target on DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Finally, JPMorgan Chase & Co. boosted their target price on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research note 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 data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $41.50.

Insider Transactions at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 16,989 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $36.85, for a total value of $626,044.65. Following the completion of the transaction, the insider now owns 390,296 shares in the company, valued at $14,382,407.60. This represents a 4.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.74% of the company’s stock.

DigitalOcean Price Performance

DOCN opened at $37.88 on Thursday. The stock has a market capitalization of $3.50 billion, a price-to-earnings ratio of 44.56, a price-to-earnings-growth ratio of 2.54 and a beta of 1.83. The business has a 50-day moving average of $40.48 and a two-hundred day moving average of $37.16. DigitalOcean Holdings, Inc. has a 12 month low of $26.63 and a 12 month high of $44.80.

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

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).