Creative Planning Increases Holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Creative Planning lifted its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 1,253.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,867 shares of the company’s stock after acquiring an additional 68,409 shares during the quarter. Creative Planning owned 0.08% of DigitalOcean worth $2,983,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in DigitalOcean by 11.5% in the 1st quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock valued at $256,897,000 after buying an additional 696,426 shares in the last quarter. University of Texas Texas AM Investment Management Co. purchased a new position in DigitalOcean in the 2nd quarter valued at about $11,712,000. Bank of New York Mellon Corp boosted its position in DigitalOcean by 66.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 766,043 shares of the company’s stock valued at $26,620,000 after buying an additional 307,162 shares during the last quarter. Principal Financial Group Inc. boosted its position in DigitalOcean by 27.9% in the 2nd quarter. Principal Financial Group Inc. now owns 1,178,848 shares of the company’s stock valued at $40,965,000 after buying an additional 257,229 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in DigitalOcean by 152.6% in the 2nd quarter. Renaissance Technologies LLC now owns 375,600 shares of the company’s stock valued at $13,052,000 after buying an additional 226,900 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

Wall Street Analyst Weigh In

DOCN has been the subject of a number of analyst reports. UBS Group decreased their price objective on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Canaccord Genuity Group increased their price target on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Barclays increased their price target on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. JPMorgan Chase & Co. increased their price target on shares of DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Piper Sandler reduced their price target 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. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $40.56.

DigitalOcean Trading Down 0.4 %

NYSE:DOCN opened at $41.04 on Friday. DigitalOcean Holdings, Inc. has a 52 week low of $19.39 and a 52 week high of $44.80. The stock has a 50 day moving average of $40.12 and a 200-day moving average of $36.42. The firm has a market capitalization of $3.74 billion, a PE ratio of 77.43, a price-to-earnings-growth ratio of 3.38 and a beta of 1.83.

DigitalOcean (NYSE:DOCN) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.09. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The business had revenue of $192.00 million for the quarter, compared to analysts’ expectations of $188.63 million. During the same quarter last year, the company earned $0.11 EPS. The company’s revenue for the quarter was up 13.1% compared to the same quarter last year. As a group, analysts predict 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).