Blue Trust Inc. Acquires 959 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Blue Trust Inc. boosted its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 380.6% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,211 shares of the company’s stock after acquiring an additional 959 shares during the quarter. Blue Trust Inc.’s holdings in DigitalOcean were worth $49,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in DigitalOcean by 11.5% in the first quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock valued at $256,897,000 after purchasing an additional 696,426 shares in the last quarter. University of Texas Texas AM Investment Management Co. acquired a new stake in DigitalOcean during the 2nd quarter worth $11,712,000. Bank of New York Mellon Corp lifted its holdings in DigitalOcean by 66.9% during the second quarter. Bank of New York Mellon Corp now owns 766,043 shares of the company’s stock worth $26,620,000 after acquiring an additional 307,162 shares in the last quarter. Principal Financial Group Inc. grew its stake in DigitalOcean by 27.9% in the second 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 period. Finally, Renaissance Technologies LLC increased its holdings in shares of DigitalOcean by 152.6% in the second quarter. Renaissance Technologies LLC now owns 375,600 shares of the company’s stock worth $13,052,000 after acquiring an additional 226,900 shares in the last quarter. 49.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

DigitalOcean Stock Performance

DOCN stock opened at $39.59 on Friday. DigitalOcean Holdings, Inc. has a 52 week low of $19.39 and a 52 week high of $44.80. The company’s 50-day simple moving average is $40.39 and its 200 day simple moving average is $36.55. The company has a market capitalization of $3.64 billion, a PE ratio of 54.98, a price-to-earnings-growth ratio of 3.38 and a beta of 1.83.

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 analysts’ consensus estimates of $0.39 by $0.09. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The firm had revenue of $192.00 million for the quarter, compared to analyst estimates of $188.63 million. During the same quarter in the prior year, the business posted $0.11 EPS. The business’s revenue was up 13.1% compared to the same quarter last year. On average, analysts forecast that DigitalOcean Holdings, Inc. will post 0.86 EPS for the current year.

DigitalOcean 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).