Hennion & Walsh Asset Management Inc. Grows Stake in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Hennion & Walsh Asset Management Inc. raised its stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 27.8% during the third quarter, HoldingsChannel reports. The fund owned 9,855 shares of the company’s stock after buying an additional 2,142 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in DigitalOcean were worth $398,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of DOCN. FinTrust Capital Advisors LLC purchased a new stake in shares of DigitalOcean in the first quarter worth $36,000. Blue Trust Inc. grew its stake in shares of DigitalOcean by 380.6% in the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after acquiring an additional 959 shares during the last quarter. Covestor Ltd grew its stake 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 acquiring an additional 1,657 shares during the last quarter. Quest Partners LLC grew its stake 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 acquiring an additional 3,423 shares during the last quarter. Finally, Tidal Investments LLC purchased a new stake in shares of DigitalOcean during the first quarter valued at $220,000. 49.77% of the stock is owned by hedge funds and other institutional investors.

DigitalOcean Stock Performance

Shares of NYSE:DOCN opened at $41.21 on Wednesday. The stock has a market capitalization of $3.75 billion, a price-to-earnings ratio of 77.75, a PEG ratio of 3.38 and a beta of 1.83. The stock’s 50-day simple moving average is $40.26 and its two-hundred day simple moving average is $36.50. DigitalOcean Holdings, Inc. has a 52-week low of $19.39 and a 52-week high of $44.80.

DigitalOcean (NYSE:DOCN) last announced its earnings results on Thursday, August 8th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $188.63 million. During the same period last year, the firm posted $0.11 earnings per share. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. As a group, equities analysts forecast that DigitalOcean Holdings, Inc. will post 0.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

DOCN has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their price objective on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Canaccord Genuity Group increased their price objective on DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Stifel Nicolaus increased their price objective on DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, August 9th. UBS Group dropped their price objective on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Finally, Barclays increased their price objective on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, DigitalOcean currently has a consensus rating of “Moderate Buy” and an average price target of $40.56.

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).