Amalgamated Bank Raises Stock Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Amalgamated Bank grew its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 13.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,552 shares of the company’s stock after buying an additional 2,205 shares during the period. Amalgamated Bank’s holdings in DigitalOcean were worth $749,000 as of its most recent filing with the Securities & Exchange Commission.

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

DigitalOcean Stock Performance

NYSE:DOCN opened at $36.85 on Friday. DigitalOcean Holdings, Inc. has a one year low of $26.10 and a one year high of $44.80. The firm has a market cap of $3.40 billion, a P/E ratio of 43.35, a P/E/G ratio of 2.44 and a beta of 1.83. The firm has a 50-day simple moving average of $40.67 and a 200-day simple moving average of $36.93.

DigitalOcean (NYSE:DOCN) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.40 by $0.12. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The business had revenue of $198.50 million during the quarter, compared to analyst estimates of $196.64 million. During the same quarter in the previous year, the business posted $0.17 EPS. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, research analysts predict that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on DOCN shares. Canaccord Genuity Group lifted their price objective on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a report on Friday, October 4th. Stifel Nicolaus lifted their price objective on shares of DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a report on Friday, August 9th. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Barclays lifted their price objective on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Finally, 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 report on Friday, August 9th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $41.50.

DigitalOcean 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).