Citigroup Inc. Sells 3,404,559 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Citigroup Inc. decreased its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 97.1% in the third quarter, Holdings Channel.com reports. The fund owned 100,043 shares of the company’s stock after selling 3,404,559 shares during the period. Citigroup Inc.’s holdings in DigitalOcean were worth $4,041,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the business. Charles Schwab Investment Management Inc. lifted its position in DigitalOcean by 14.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 565,763 shares of the company’s stock valued at $22,851,000 after purchasing an additional 70,700 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of DigitalOcean during the 3rd quarter worth about $696,000. Advisors Asset Management Inc. boosted its stake in shares of DigitalOcean by 150.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after purchasing an additional 585 shares during the period. Thrivent Financial for Lutherans boosted its stake in shares of DigitalOcean by 11.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 49,687 shares of the company’s stock worth $2,007,000 after purchasing an additional 5,072 shares during the period. Finally, Chesapeake Capital Corp IL purchased a new position in shares of DigitalOcean during the 3rd quarter worth about $429,000. Institutional investors own 49.77% of the company’s stock.

Insider Activity

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 value of $626,044.65. Following the sale, the insider now directly owns 390,296 shares of the company’s stock, 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 accessible through the SEC website. Insiders own 0.74% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on DOCN. JPMorgan Chase & Co. lifted 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. Canaccord Genuity Group lifted 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. Barclays lifted their price objective on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th. 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 report on Friday, August 9th. Finally, UBS Group decreased their price objective on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, DigitalOcean presently has a consensus rating of “Hold” and a consensus target price of $41.50.

DigitalOcean Trading Down 0.9 %

NYSE:DOCN opened at $38.90 on Wednesday. The company has a market cap of $3.59 billion, a PE ratio of 45.75, a P/E/G ratio of 2.52 and a beta of 1.76. DigitalOcean Holdings, Inc. has a twelve month low of $26.63 and a twelve month high of $44.80. The company’s 50 day moving average is $40.20 and its two-hundred day moving average is $37.16.

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