Cetera Investment Advisers Increases Stake in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Cetera Investment Advisers increased its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 5.0% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 59,188 shares of the company’s stock after purchasing an additional 2,823 shares during the period. Cetera Investment Advisers’ holdings in DigitalOcean were worth $2,057,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in DOCN. Point72 Hong Kong Ltd purchased a new stake in shares of DigitalOcean in the 2nd quarter valued at approximately $877,000. Private Advisor Group LLC boosted its holdings in shares of DigitalOcean by 637.6% in the 1st quarter. Private Advisor Group LLC now owns 48,378 shares of the company’s stock valued at $1,847,000 after buying an additional 41,819 shares in the last quarter. Public Sector Pension Investment Board acquired a new position in shares of DigitalOcean in the 2nd quarter valued at $4,108,000. Vanguard Group Inc. boosted its holdings in shares of DigitalOcean by 11.5% in the 1st quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock valued at $256,897,000 after buying an additional 696,426 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its stake in DigitalOcean by 10.7% during the 1st quarter. Janus Henderson Group PLC now owns 205,327 shares of the company’s stock worth $7,839,000 after purchasing an additional 19,807 shares during the period. 49.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on DOCN shares. 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. Piper Sandler decreased 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. UBS Group decreased their price target 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. Canaccord Genuity Group upped their price objective on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Finally, Barclays upped their price objective on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research report on Friday. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $40.63.

DigitalOcean Trading Up 1.0 %

NYSE DOCN opened at $43.96 on Monday. The company’s fifty day simple moving average is $38.09 and its 200-day simple moving average is $36.05. DigitalOcean Holdings, Inc. has a 52 week low of $19.39 and a 52 week high of $44.45. The stock has a market cap of $4.05 billion, a P/E ratio of 61.06, a PEG ratio of 3.38 and a beta of 1.83.

DigitalOcean (NYSE:DOCN) last posted its quarterly earnings results 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 firm had revenue of $192.00 million for 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%. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.11 earnings per share. On average, research analysts expect that DigitalOcean Holdings, Inc. will post 0.86 EPS for the current fiscal year.

DigitalOcean Company 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).