DigitalOcean Holdings, Inc. (NASDAQ:DOCN) Shares Purchased by Quest Partners LLC

Quest Partners LLC boosted its holdings in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 11,041.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,454 shares of the company’s stock after acquiring an additional 3,423 shares during the quarter. Quest Partners LLC’s holdings in DigitalOcean were worth $120,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DOCN. 180 Wealth Advisors LLC grew its holdings in shares of DigitalOcean by 4.4% during the 2nd quarter. 180 Wealth Advisors LLC now owns 7,120 shares of the company’s stock worth $237,000 after purchasing an additional 297 shares during the period. Harbor Capital Advisors Inc. raised its stake in shares of DigitalOcean by 4.5% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 8,426 shares of the company’s stock valued at $293,000 after acquiring an additional 359 shares during the period. Assetmark Inc. lifted its holdings in shares of DigitalOcean by 16.7% in the 4th quarter. Assetmark Inc. now owns 2,809 shares of the company’s stock worth $103,000 after acquiring an additional 403 shares during the last quarter. Empowered Funds LLC boosted its position in shares of DigitalOcean by 10.0% during the 1st quarter. Empowered Funds LLC now owns 7,852 shares of the company’s stock worth $300,000 after purchasing an additional 711 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in DigitalOcean by 1.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 54,425 shares of the company’s stock valued at $1,891,000 after purchasing an additional 865 shares during the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on DOCN. Stifel Nicolaus raised their price target on DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. UBS Group lowered their target price on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Piper Sandler cut their price target on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a research note on Monday, July 15th. Finally, Barclays lowered their price objective on shares of DigitalOcean from $43.00 to $38.00 and set an “overweight” rating for the company in a research note on Friday, August 9th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $37.67.

DigitalOcean Stock Performance

DOCN stock opened at $40.49 on Tuesday. The company’s 50 day moving average price is $34.65 and its 200 day moving average price is $35.75. The firm has a market capitalization of $3.69 billion, a price-to-earnings ratio of 76.39, a PEG ratio of 3.15 and a beta of 1.83. DigitalOcean Holdings, Inc. has a fifty-two week low of $19.39 and a fifty-two week high of $41.58.

DigitalOcean (NASDAQ:DOCN) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.09. The company had revenue of $192.00 million for the quarter, compared to the consensus estimate of $188.63 million. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.11 EPS. Equities analysts forecast that DigitalOcean Holdings, Inc. will post 0.86 EPS for the current fiscal year.

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).