DigitalOcean Holdings, Inc. (NASDAQ:DOCN) Holdings Lowered by Hood River Capital Management LLC

Hood River Capital Management LLC decreased its stake in DigitalOcean Holdings, Inc. (NASDAQ:DOCN) 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.

DigitalOcean (NASDAQ:DOCN) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.09. The business had revenue of $192.00 million during the quarter, compared to analyst estimates of $188.63 million. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. DigitalOcean’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.11 EPS. As a group, equities analysts anticipate that DigitalOcean Holdings, Inc. will post 0.86 EPS for the current year.

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.

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).