DigitalOcean Holdings, Inc. (NASDAQ:DOCN) Position Increased by Amalgamated Bank

Amalgamated Bank raised its position in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 670.7% in the second quarter, Holdings Channel.com reports. The institutional investor owned 16,347 shares of the company’s stock after buying an additional 14,226 shares during the period. Amalgamated Bank’s holdings in DigitalOcean were worth $568,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of DOCN. FinTrust Capital Advisors LLC purchased a new stake in shares of DigitalOcean in the first quarter worth approximately $36,000. Covestor Ltd lifted its position in shares of DigitalOcean by 571.4% in the first 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 purchased a new stake in shares of DigitalOcean in the fourth quarter worth approximately $98,000. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of DigitalOcean in the fourth quarter worth approximately $102,000. Finally, Quest Partners LLC lifted its position in shares of DigitalOcean by 11,041.9% in the second quarter. Quest Partners LLC now owns 3,454 shares of the company’s stock worth $120,000 after purchasing an additional 3,423 shares in the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DOCN has been the topic of a number of research reports. Barclays dropped their price objective on DigitalOcean from $43.00 to $38.00 and set an “overweight” rating on the stock in a report on Friday, August 9th. Stifel Nicolaus increased their price objective on DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Piper Sandler dropped their price objective on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Finally, UBS Group dropped their price objective on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. 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, the company presently has a consensus rating of “Moderate Buy” and an average target price of $37.67.

DigitalOcean Stock Down 2.0 %

NASDAQ:DOCN opened at $41.01 on Friday. DigitalOcean Holdings, Inc. has a 12 month low of $19.39 and a 12 month high of $43.88. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of 77.38, a P/E/G ratio of 3.26 and a beta of 1.83. The company’s 50 day moving average is $36.13 and its 200-day moving average is $35.93.

DigitalOcean (NASDAQ:DOCN) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $188.63 million. During the same quarter last year, the firm posted $0.11 earnings per share. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. Research analysts predict that DigitalOcean Holdings, Inc. will post 0.86 EPS for the current fiscal year.

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).