Hood River Capital Management LLC decreased its stake in DigitalOcean Holdings, Inc. (NASDAQ:DOCN – Free Report) by 2.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 823,656 shares of the company’s stock after selling 23,188 shares during the quarter. Hood River Capital Management LLC owned 0.90% of DigitalOcean worth $28,622,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also recently bought and sold shares of DOCN. FinTrust Capital Advisors LLC purchased a new position in shares of DigitalOcean in the first quarter worth approximately $36,000. Covestor Ltd grew its position in DigitalOcean by 571.4% during the 1st quarter. Covestor Ltd now owns 1,947 shares of the company’s stock worth $74,000 after purchasing an additional 1,657 shares in the last quarter. Scarborough Advisors LLC acquired a new stake in DigitalOcean during the 4th quarter valued at $98,000. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of DigitalOcean in the fourth quarter valued at $102,000. Finally, Assetmark Inc. boosted its position in shares of DigitalOcean by 16.7% in the fourth quarter. Assetmark Inc. now owns 2,809 shares of the company’s stock worth $103,000 after buying an additional 403 shares during the period. Hedge funds and other institutional investors own 49.77% of the company’s stock.
DigitalOcean Stock Up 2.4 %
NASDAQ DOCN opened at $43.23 on Monday. The stock has a market capitalization of $3.94 billion, a PE ratio of 81.57, a price-to-earnings-growth ratio of 3.15 and a beta of 1.83. DigitalOcean Holdings, Inc. has a 12-month low of $19.39 and a 12-month high of $43.88. The company has a 50 day moving average price of $35.39 and a two-hundred day moving average price of $35.85.
Analyst Ratings Changes
Several research analysts recently weighed in on the company. Stifel Nicolaus upped their price target on DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Barclays reduced their price target on shares of DigitalOcean from $43.00 to $38.00 and set an “overweight” rating for the company in a research report on Friday, August 9th. Piper Sandler lowered their price objective on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. Finally, UBS Group dropped their price objective on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $37.67.
Read Our Latest Stock Report on DigitalOcean
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).
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