Victory Capital Management Inc. Buys 13,837 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Victory Capital Management Inc. grew its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 79.8% in the third quarter, HoldingsChannel.com reports. The firm owned 31,169 shares of the company’s stock after buying an additional 13,837 shares during the quarter. Victory Capital Management Inc.’s holdings in DigitalOcean were worth $1,259,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. 180 Wealth Advisors LLC raised its holdings in shares of DigitalOcean by 4.4% during the second quarter. 180 Wealth Advisors LLC now owns 7,120 shares of the company’s stock valued at $237,000 after acquiring an additional 297 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in shares of DigitalOcean by 4.5% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 8,426 shares of the company’s stock valued at $293,000 after purchasing an additional 359 shares during the period. Sei Investments Co. raised its holdings in DigitalOcean by 1.5% in the second quarter. Sei Investments Co. now owns 30,834 shares of the company’s stock worth $1,071,000 after purchasing an additional 468 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of DigitalOcean by 56.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock valued at $54,000 after buying an additional 483 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV boosted its holdings in shares of DigitalOcean by 17.8% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company’s stock valued at $151,000 after buying an additional 566 shares in the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

Insiders Place Their Bets

In other news, insider Bratin Saha sold 16,989 shares of DigitalOcean stock in a transaction on Monday, November 18th. The stock was sold at an average price of $36.85, for a total transaction of $626,044.65. Following the completion of the transaction, the insider now owns 390,296 shares of the company’s stock, valued at $14,382,407.60. The trade was a 4.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.74% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on DOCN shares. Barclays lifted their price objective on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Stifel Nicolaus boosted their price target on DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. increased their price objective on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Finally, Canaccord Genuity Group upped 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. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $41.50.

DigitalOcean Stock Performance

DOCN opened at $38.69 on Wednesday. The business’s 50 day moving average price is $40.53 and its 200 day moving average price is $37.14. DigitalOcean Holdings, Inc. has a one year low of $26.63 and a one year high of $44.80. The stock has a market capitalization of $3.57 billion, a PE ratio of 45.54, a P/E/G ratio of 2.54 and a beta of 1.83.

DigitalOcean (NYSE:DOCN) last issued its earnings results on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.12. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The firm had revenue of $198.50 million for the quarter, compared to analysts’ expectations of $196.64 million. During the same quarter last year, the company earned $0.17 earnings per share. The firm’s revenue was up 12.1% compared to the same quarter last year. As a group, equities research analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal 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).