Bank of New York Mellon Corp Grows Holdings in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Bank of New York Mellon Corp increased its position in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 66.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 766,043 shares of the company’s stock after purchasing an additional 307,162 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.84% of DigitalOcean worth $26,620,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Global Retirement Partners LLC purchased a new position in DigitalOcean during the first quarter worth about $34,000. FinTrust Capital Advisors LLC bought a new stake in DigitalOcean in the first quarter worth about $36,000. Covestor Ltd raised its position in DigitalOcean by 571.4% in the first quarter. Covestor Ltd now owns 1,947 shares of the company’s stock worth $74,000 after acquiring an additional 1,657 shares during the period. Scarborough Advisors LLC bought a new stake in DigitalOcean in the fourth quarter worth about $98,000. Finally, Ables Iannone Moore & Associates Inc. bought a new stake in DigitalOcean in the fourth quarter worth about $102,000. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other DigitalOcean news, Director Amy Butte sold 5,220 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $37.46, for a total value of $195,541.20. Following the completion of the transaction, the director now owns 36,417 shares of the company’s stock, valued at approximately $1,364,180.82. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.74% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Stifel Nicolaus lifted their price objective on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Barclays lowered their price objective on shares of DigitalOcean from $43.00 to $38.00 and set an “overweight” rating on the stock in a research report on Friday, August 9th. Canaccord Genuity Group lifted their price objective on shares of DigitalOcean from $41.00 to $42.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Piper Sandler lowered 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. Finally, Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research report on Monday, May 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $36.40.

DigitalOcean Trading Up 1.2 %

Shares of NASDAQ:DOCN opened at $35.89 on Thursday. The company has a 50 day moving average of $34.00 and a 200 day moving average of $35.70. The stock has a market cap of $3.27 billion, a P/E ratio of 67.72, a P/E/G ratio of 2.97 and a beta of 1.81. DigitalOcean Holdings, Inc. has a 12 month low of $19.39 and a 12 month high of $41.58.

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