DigitalOcean Holdings, Inc. (NASDAQ:DOCN) is IA Venture Strategies Fund II LP’s Largest Position

IA Venture Strategies Fund II LP lowered its stake in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 50.0% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,480,896 shares of the company’s stock after selling 1,480,895 shares during the quarter. DigitalOcean accounts for 93.6% of IA Venture Strategies Fund II LP’s investment portfolio, making the stock its largest position. IA Venture Strategies Fund II LP’s holdings in DigitalOcean were worth $51,461,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Global Retirement Partners LLC purchased a new stake in shares of DigitalOcean in the first quarter valued at about $34,000. FinTrust Capital Advisors LLC acquired a new stake in shares of DigitalOcean during the 1st quarter worth approximately $36,000. Covestor Ltd lifted its holdings in DigitalOcean by 571.4% in the first quarter. Covestor Ltd now owns 1,947 shares of the company’s stock valued at $74,000 after acquiring an additional 1,657 shares during the last quarter. Scarborough Advisors LLC purchased a new position in DigitalOcean in the fourth quarter worth approximately $98,000. Finally, Ables Iannone Moore & Associates Inc. purchased a new stake in DigitalOcean in the fourth quarter valued at $102,000. 49.77% of the stock is owned by institutional investors and hedge funds.

DigitalOcean Stock Up 0.4 %

NASDAQ DOCN opened at $40.34 on Friday. DigitalOcean Holdings, Inc. has a 52 week low of $19.39 and a 52 week high of $41.58. The firm has a 50 day moving average of $34.53 and a two-hundred day moving average of $35.76. The stock has a market capitalization of $3.71 billion, a PE ratio of 76.11, a price-to-earnings-growth ratio of 3.15 and a beta of 1.83.

DigitalOcean (NASDAQ:DOCN) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.09. The business had revenue of $192.00 million during the quarter, compared to analysts’ expectations of $188.63 million. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The company’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.11 EPS. On average, equities research analysts expect that DigitalOcean Holdings, Inc. will post 0.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have commented on DOCN. Piper Sandler decreased their target price on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. UBS Group decreased 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. Stifel Nicolaus lifted their target price on shares of DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a report on Friday, August 9th. Finally, Barclays decreased their price target on DigitalOcean from $43.00 to $38.00 and set an “overweight” rating on the stock in a research note on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.67.

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).