DigitalOcean Holdings, Inc. (NASDAQ:DOCN) Shares Sold by Total Clarity Wealth Management Inc.

Total Clarity Wealth Management Inc. lessened its stake in DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 19.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,750 shares of the company’s stock after selling 1,600 shares during the quarter. Total Clarity Wealth Management Inc.’s holdings in DigitalOcean were worth $235,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. FinTrust Capital Advisors LLC acquired a new position in DigitalOcean in the first quarter valued at $36,000. Covestor Ltd lifted its stake in shares of DigitalOcean by 571.4% in the 1st quarter. Covestor Ltd now owns 1,947 shares of the company’s stock valued at $74,000 after purchasing an additional 1,657 shares in the last quarter. Scarborough Advisors LLC purchased a new stake in shares of DigitalOcean during the 4th quarter worth about $98,000. Ables Iannone Moore & Associates Inc. acquired a new stake in DigitalOcean during the 4th quarter worth approximately $102,000. Finally, Assetmark Inc. increased its position in DigitalOcean by 16.7% during the 4th quarter. Assetmark Inc. now owns 2,809 shares of the company’s stock worth $103,000 after purchasing an additional 403 shares in the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

DigitalOcean Price Performance

NASDAQ:DOCN opened at $40.49 on Tuesday. DigitalOcean Holdings, Inc. has a 1-year low of $19.39 and a 1-year high of $41.58. The stock has a market cap of $3.69 billion, a P/E ratio of 76.39, a PEG ratio of 3.15 and a beta of 1.83. The firm has a 50-day moving average of $34.65 and a two-hundred day moving average of $35.75.

DigitalOcean (NASDAQ:DOCN) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.09. The firm had revenue of $192.00 million during the quarter, compared to analyst estimates of $188.63 million. DigitalOcean had a negative return on equity of 31.71% and a net margin of 9.30%. DigitalOcean’s quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.11 EPS. As a group, equities analysts expect that DigitalOcean Holdings, Inc. will post 0.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Piper Sandler reduced their price target 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. Barclays decreased their price target on shares of DigitalOcean from $43.00 to $38.00 and set an “overweight” rating for the company in a research report on Friday, August 9th. UBS Group cut their price objective on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Finally, Stifel Nicolaus boosted their price objective on DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.67.

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).