Rhumbline Advisers Has $6 Million Stake in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Rhumbline Advisers increased its position in DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 94.1% during the second quarter, Holdings Channel reports. The firm owned 172,713 shares of the company’s stock after buying an additional 83,722 shares during the quarter. Rhumbline Advisers’ holdings in DigitalOcean were worth $6,002,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Global Retirement Partners LLC bought a new position in shares of DigitalOcean in the first quarter worth about $34,000. FinTrust Capital Advisors LLC bought a new position in DigitalOcean during the first quarter valued at about $36,000. Covestor Ltd raised 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 valued at $74,000 after purchasing an additional 1,657 shares during the period. Scarborough Advisors LLC bought a new position in DigitalOcean in the 4th quarter worth about $98,000. Finally, Ables Iannone Moore & Associates Inc. bought a new position in DigitalOcean in the 4th quarter worth about $102,000. 49.77% of the stock is owned by institutional investors.

DigitalOcean Trading Up 0.4 %

DigitalOcean stock opened at $40.33 on Friday. DigitalOcean Holdings, Inc. has a 12 month low of $19.39 and a 12 month high of $41.58. The firm has a market cap of $3.71 billion, a PE ratio of 76.10, a P/E/G ratio of 3.15 and a beta of 1.83. The stock’s 50 day simple moving average is $34.53 and its two-hundred day simple moving average is $35.75.

DigitalOcean (NASDAQ:DOCN) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.48 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 firm had revenue of $192.00 million during the quarter, compared to analysts’ expectations of $188.63 million. During the same period in the previous year, the business earned $0.11 earnings per share. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. On average, equities research analysts forecast that DigitalOcean Holdings, Inc. will post 0.86 EPS for the current year.

Wall Street Analysts Forecast Growth

DOCN has been the topic of a number of analyst reports. Piper Sandler decreased their target price on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. Barclays dropped their price target on shares of DigitalOcean from $43.00 to $38.00 and set an “overweight” rating on the stock in a research note on Friday, August 9th. Stifel Nicolaus upped their target price 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. Finally, UBS Group cut their price objective on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, DigitalOcean currently has a consensus rating of “Moderate Buy” and an average price target of $37.67.

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).