Harbor Capital Advisors Inc. Has $424,000 Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Harbor Capital Advisors Inc. cut its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 68.5% during the 4th quarter, Holdings Channel reports. The institutional investor owned 12,458 shares of the company’s stock after selling 27,060 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in DigitalOcean were worth $424,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Farther Finance Advisors LLC bought a new stake in DigitalOcean in the third quarter valued at approximately $30,000. Advisors Asset Management Inc. boosted its stake in shares of DigitalOcean by 150.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after purchasing an additional 585 shares during the last quarter. Blue Trust Inc. raised its stake 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 buying an additional 959 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in DigitalOcean by 56.4% in 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 period. Finally, KBC Group NV lifted its holdings in DigitalOcean by 47.6% in the third quarter. KBC Group NV now owns 2,096 shares of the company’s stock valued at $85,000 after buying an additional 676 shares during the period. 49.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Stifel Nicolaus lifted their price objective on DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Canaccord Genuity Group increased their price target on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, October 4th. JPMorgan Chase & Co. lifted their price objective 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. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research note on Tuesday, November 5th. Finally, Barclays lifted their price target on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, DigitalOcean presently has a consensus rating of “Hold” and a consensus price target of $42.13.

DigitalOcean Price Performance

Shares of NYSE DOCN opened at $33.58 on Wednesday. The company has a 50-day moving average price of $37.06 and a 200-day moving average price of $37.21. The stock has a market capitalization of $3.10 billion, a P/E ratio of 39.51, a P/E/G ratio of 2.45 and a beta of 1.78. DigitalOcean Holdings, Inc. has a 1 year low of $26.63 and a 1 year high of $44.80.

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

Insider Buying and Selling

In other news, CFO Matt Steinfort sold 12,498 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the completion of the transaction, the chief financial officer now directly owns 517,498 shares of the company’s stock, valued at $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Bratin Saha sold 16,989 shares of the stock in a transaction that occurred 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. The trade was a 4.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,955 shares of company stock worth $1,258,373. 0.74% of the stock is owned by corporate insiders.

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).