Everence Capital Management Inc. Invests $248,000 in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Everence Capital Management Inc. acquired a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,140 shares of the company’s stock, valued at approximately $248,000.

A number of other large investors have also recently added to or reduced their stakes in DOCN. Vanguard Group Inc. grew its stake in 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 acquiring an additional 696,426 shares during the last quarter. University of Texas Texas AM Investment Management Co. acquired a new stake in DigitalOcean in the 2nd quarter valued at about $11,712,000. Bank of New York Mellon Corp grew 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 acquiring an additional 307,162 shares during the last quarter. Principal Financial Group Inc. grew its stake in 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 acquiring an additional 257,229 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in DigitalOcean by 152.6% in the 2nd quarter. Renaissance Technologies LLC now owns 375,600 shares of the company’s stock valued at $13,052,000 after acquiring an additional 226,900 shares during the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.

DigitalOcean Stock Down 1.8 %

Shares of NYSE:DOCN opened at $41.92 on Wednesday. DigitalOcean Holdings, Inc. has a 52-week low of $19.39 and a 52-week high of $44.80. The company has a 50 day moving average of $39.75 and a two-hundred day moving average of $36.30. The company has a market capitalization of $3.82 billion, a price-to-earnings ratio of 79.09, a price-to-earnings-growth ratio of 3.38 and a beta of 1.83.

DigitalOcean (NYSE:DOCN) last issued its quarterly earnings data 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. 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 the consensus estimate of $188.63 million. During the same quarter last year, the company earned $0.11 earnings per share. DigitalOcean’s revenue for the quarter was up 13.1% on a year-over-year basis. On average, equities analysts anticipate that DigitalOcean Holdings, Inc. will post 0.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

DOCN has been the topic of a number of research reports. Stifel Nicolaus increased their price objective 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. Barclays upped their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th. UBS Group reduced their target price on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Canaccord Genuity Group upped their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a report on Friday, October 4th. Finally, Piper Sandler reduced their target price on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $40.63.

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).