KBC Group NV Purchases 676 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

KBC Group NV raised its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 47.6% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,096 shares of the company’s stock after purchasing an additional 676 shares during the quarter. KBC Group NV’s holdings in DigitalOcean were worth $85,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Point72 Hong Kong Ltd bought a new position in shares of DigitalOcean during the second quarter valued at $877,000. Versor Investments LP bought a new position in DigitalOcean during the 3rd quarter valued at about $751,000. Public Sector Pension Investment Board purchased a new stake in shares of DigitalOcean during the 2nd quarter valued at about $4,108,000. University of Texas Texas AM Investment Management Co. bought a new stake in shares of DigitalOcean in the second quarter worth approximately $11,712,000. Finally, Vanguard Group Inc. raised its holdings in shares of DigitalOcean by 11.5% during 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 during the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

DigitalOcean Stock Up 1.9 %

DOCN stock opened at $39.62 on Friday. The business’s 50-day moving average price is $40.54 and its 200-day moving average price is $37.06. The stock has a market cap of $3.66 billion, a P/E ratio of 46.61, a PEG ratio of 2.44 and a beta of 1.83. DigitalOcean Holdings, Inc. has a twelve month low of $26.63 and a twelve month high of $44.80.

DigitalOcean (NYSE:DOCN) last issued its quarterly 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. The business had revenue of $198.50 million for the quarter, compared to the consensus estimate of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.17 earnings per share. On average, equities research analysts expect that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on DOCN shares. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. JPMorgan Chase & Co. lifted their price objective on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Canaccord Genuity Group increased their target price on DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a report on Friday, October 4th. Barclays boosted their price target on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Finally, Stifel Nicolaus increased their price objective on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, DigitalOcean presently has an average rating of “Hold” and a consensus price target of $41.50.

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).