Zurcher Kantonalbank Zurich Cantonalbank Purchases 3,013 Shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 34.8% in the second quarter, HoldingsChannel.com reports. The fund owned 11,676 shares of the company’s stock after buying an additional 3,013 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in DigitalOcean were worth $406,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Ameritas Advisory Services LLC bought a new stake in shares of DigitalOcean during the 2nd quarter worth approximately $278,000. Allspring Global Investments Holdings LLC lifted its stake in DigitalOcean by 1.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 54,425 shares of the company’s stock valued at $1,891,000 after purchasing an additional 865 shares during the last quarter. Bank of New York Mellon Corp lifted its stake 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 purchasing an additional 307,162 shares during the last quarter. Louisiana State Employees Retirement System bought a new position in DigitalOcean in the 2nd quarter valued at approximately $938,000. Finally, Hennion & Walsh Asset Management Inc. bought a new position in DigitalOcean in the 2nd quarter valued at approximately $268,000. Institutional investors own 49.77% of the company’s stock.

DigitalOcean Stock Up 0.7 %

DOCN opened at $36.43 on Friday. DigitalOcean Holdings, Inc. has a twelve month low of $19.39 and a twelve month high of $41.58. The company has a fifty day moving average of $34.08 and a 200-day moving average of $35.68. The stock has a market cap of $3.32 billion, a PE ratio of 68.74, a price-to-earnings-growth ratio of 2.97 and a beta of 1.83.

DigitalOcean (NASDAQ:DOCN) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.09. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The company had revenue of $192.00 million during the quarter, compared to analysts’ expectations of $188.63 million. During the same period in the prior year, the company posted $0.11 earnings per share. DigitalOcean’s revenue for the quarter was up 13.1% compared to the same quarter last year. Sell-side analysts anticipate that DigitalOcean Holdings, Inc. will post 0.86 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on DOCN. Canaccord Genuity Group increased their price objective on shares of DigitalOcean from $41.00 to $42.00 and gave the company a “buy” rating in a research note on Monday, May 13th. UBS Group dropped their price objective on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Piper Sandler dropped their price target on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research note on Monday, May 13th. Finally, Stifel Nicolaus raised their price target on shares of DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a research note on Friday, August 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, DigitalOcean currently has a consensus rating of “Hold” and a consensus price target of $36.40.

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).