Covestor Ltd Grows Stake in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Covestor Ltd raised its stake in DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 571.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,947 shares of the company’s stock after acquiring an additional 1,657 shares during the period. Covestor Ltd’s holdings in DigitalOcean were worth $74,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Global Retirement Partners LLC bought a new position in shares of DigitalOcean during the first quarter valued at $34,000. Tennessee Valley Asset Management Partners bought a new position in shares of DigitalOcean during the fourth quarter valued at $35,000. FinTrust Capital Advisors LLC bought a new position in DigitalOcean in the first quarter valued at about $36,000. Headlands Technologies LLC bought a new position in DigitalOcean in the fourth quarter valued at about $67,000. Finally, Geneos Wealth Management Inc. lifted its holdings in DigitalOcean by 107.5% in the fourth quarter. Geneos Wealth Management Inc. now owns 2,123 shares of the company’s stock valued at $78,000 after acquiring an additional 1,100 shares during the period. 49.77% of the stock is owned by hedge funds and other institutional investors.

DigitalOcean Price Performance

Shares of DOCN stock opened at $30.97 on Thursday. DigitalOcean Holdings, Inc. has a 1-year low of $19.39 and a 1-year high of $49.60. The stock’s fifty day moving average price is $35.17 and its 200 day moving average price is $36.05. The company has a market cap of $2.82 billion, a price-to-earnings ratio of 38.96, a price-to-earnings-growth ratio of 3.16 and a beta of 1.81.

DigitalOcean (NASDAQ:DOCN) last announced its earnings results on Friday, May 10th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.06. DigitalOcean had a negative return on equity of 26.29% and a net margin of 7.01%. The firm had revenue of $184.73 million for the quarter, compared to the consensus estimate of $182.70 million. As a group, equities research analysts anticipate that DigitalOcean Holdings, Inc. will post 0.78 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. JMP Securities reaffirmed a “market outperform” rating and issued a $47.00 price objective on shares of DigitalOcean in a research note on Monday, May 13th. Canaccord Genuity Group raised their price target on DigitalOcean from $41.00 to $42.00 and gave the company a “buy” rating in a report on Monday, May 13th. Piper Sandler cut their price target on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, July 15th. UBS Group began coverage on DigitalOcean in a research note on Wednesday, May 22nd. They issued a “neutral” rating and a $40.00 price objective for the company. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research note on Monday, May 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, DigitalOcean presently has a consensus rating of “Hold” and an average target price of $37.60.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, Director Amy Butte sold 5,220 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $37.46, for a total transaction of $195,541.20. Following the sale, the director now owns 36,417 shares in the company, valued at approximately $1,364,180.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.74% of the company’s stock.

DigitalOcean Company 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).