DigitalOcean Holdings, Inc. (NASDAQ:DOCN) Shares Purchased by Quest Partners LLC

Quest Partners LLC grew its stake in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 11,041.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,454 shares of the company’s stock after purchasing an additional 3,423 shares during the quarter. Quest Partners LLC’s holdings in DigitalOcean were worth $120,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its stake in DigitalOcean by 11.5% during 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 in the last quarter. Wolf Hill Capital Management LP acquired a new stake in shares of DigitalOcean during the fourth quarter worth about $86,834,000. 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 valued at $40,965,000 after purchasing an additional 257,229 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of DigitalOcean by 8.0% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 864,514 shares of the company’s stock valued at $33,007,000 after purchasing an additional 63,771 shares during the period. Finally, Hood River Capital Management LLC grew its stake in DigitalOcean by 22.3% during the 1st quarter. Hood River Capital Management LLC now owns 846,844 shares of the company’s stock worth $32,333,000 after buying an additional 154,482 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

Analysts Set New Price Targets

DOCN has been the subject of a number of research reports. UBS Group decreased their price objective on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Stifel Nicolaus increased their price target on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Barclays dropped their price objective on shares of DigitalOcean from $43.00 to $38.00 and set an “overweight” rating on the stock in a research note on Friday, August 9th. Finally, Piper Sandler decreased their target price 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. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $37.67.

DigitalOcean Stock Up 0.4 %

Shares of DigitalOcean stock opened at $40.49 on Tuesday. The firm has a market cap of $3.69 billion, a price-to-earnings ratio of 76.39, a price-to-earnings-growth ratio of 3.15 and a beta of 1.83. DigitalOcean Holdings, Inc. has a 52-week low of $19.39 and a 52-week high of $41.58. The company’s 50-day simple moving average is $34.65 and its 200-day simple moving average is $35.75.

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