Norges Bank purchased a new stake in DigitalOcean Holdings, Inc. (NASDAQ:DOCN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 481,337 shares of the company's stock, valued at approximately $17,660,000. Norges Bank owned approximately 0.56% of DigitalOcean at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the business. Tennessee Valley Asset Management Partners acquired a new stake in DigitalOcean during the 4th quarter valued at $35,000. Headlands Technologies LLC acquired a new position in DigitalOcean in the 4th quarter valued at about $67,000. Geneos Wealth Management Inc. lifted its holdings in DigitalOcean by 107.5% in the 4th quarter. Geneos Wealth Management Inc. now owns 2,123 shares of the company's stock valued at $78,000 after purchasing an additional 1,100 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC grew its holdings in shares of DigitalOcean by 41.0% during the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 2,399 shares of the company's stock worth $88,000 after buying an additional 698 shares in the last quarter. Finally, Alterity Financial Group LLC acquired a new position in shares of DigitalOcean in the fourth quarter valued at approximately $230,000. 49.77% of the stock is currently owned by institutional investors and hedge funds.
DigitalOcean Stock Performance
NASDAQ DOCN opened at $36.63 on Tuesday. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of 69.11, a PEG ratio of 3.63 and a beta of 1.85. DigitalOcean Holdings, Inc. has a one year low of $19.39 and a one year high of $51.69. The company's 50 day moving average price is $35.89 and its 200 day moving average price is $35.71.
DigitalOcean (NASDAQ:DOCN - Get Free Report) last issued its earnings results on Friday, May 10th. The company reported $0.24 EPS for the quarter, beating analysts' consensus estimates of $0.18 by $0.06. DigitalOcean had a net margin of 7.01% and a negative return on equity of 26.29%. The business had revenue of $184.73 million for the quarter, compared to the consensus estimate of $182.70 million. Sell-side analysts forecast that DigitalOcean Holdings, Inc. will post 0.78 EPS for the current fiscal year.
Analysts Set New Price Targets
Several analysts have commented on DOCN shares. Needham & Company LLC reaffirmed a "hold" rating on shares of DigitalOcean in a research note on Monday, May 13th. Oppenheimer upped their target price on DigitalOcean from $37.00 to $46.00 and gave the company an "outperform" rating in a research note on Thursday, February 22nd. UBS Group initiated coverage on DigitalOcean in a report on Wednesday, May 22nd. They issued a "neutral" rating and a $40.00 price target for the company. Canaccord Genuity Group increased their price objective on shares of DigitalOcean from $41.00 to $42.00 and gave the stock a "buy" rating in a report on Monday, May 13th. Finally, JMP Securities restated a "market outperform" rating and issued a $47.00 target price on shares of DigitalOcean in a report on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $38.00.
Get Our Latest Stock Analysis on DigitalOcean
DigitalOcean Company Profile
(Free Report)
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).
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