Glenmede Trust Co. NA Sells 7,120 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Glenmede Trust Co. NA lowered its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 1.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 483,991 shares of the company’s stock after selling 7,120 shares during the quarter. Glenmede Trust Co. NA owned 0.52% of DigitalOcean worth $19,548,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in DOCN. 180 Wealth Advisors LLC boosted its stake in shares of DigitalOcean by 4.4% during the 2nd quarter. 180 Wealth Advisors LLC now owns 7,120 shares of the company’s stock valued at $237,000 after purchasing an additional 297 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in shares of DigitalOcean by 4.5% during the second quarter. Harbor Capital Advisors Inc. now owns 8,426 shares of the company’s stock valued at $293,000 after purchasing an additional 359 shares during the last quarter. Sei Investments Co. raised its holdings in shares of DigitalOcean by 1.5% during the second quarter. Sei Investments Co. now owns 30,834 shares of the company’s stock valued at $1,071,000 after purchasing an additional 468 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in DigitalOcean by 56.4% during the third 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 during the last quarter. Finally, Creative Financial Designs Inc. ADV increased its holdings in DigitalOcean by 17.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company’s stock valued at $151,000 after buying an additional 566 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

Insider Transactions at DigitalOcean

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Stifel Nicolaus upped their price target on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Canaccord Genuity Group increased their price objective on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, October 4th. UBS Group reduced their target price on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research note on Tuesday, November 5th. Finally, JPMorgan Chase & Co. raised their price target on shares of DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Five investment 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.com, the company currently has a consensus rating of “Hold” and a consensus price target of $41.50.

DigitalOcean Price Performance

DOCN opened at $37.88 on Thursday. The firm has a fifty day moving average price of $40.48 and a 200 day moving average price of $37.16. The stock has a market cap of $3.50 billion, a P/E ratio of 44.56, a P/E/G ratio of 2.54 and a beta of 1.83. DigitalOcean Holdings, Inc. has a 1 year low of $26.63 and a 1 year high of $44.80.

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

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).