Intech Investment Management LLC Invests $696,000 in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Intech Investment Management LLC purchased a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) during the third quarter, HoldingsChannel.com reports. The firm purchased 17,240 shares of the company’s stock, valued at approximately $696,000.

Several other hedge funds also recently bought and sold shares of DOCN. Point72 Hong Kong Ltd bought a new stake in DigitalOcean during the second quarter worth about $877,000. Versor Investments LP acquired a new stake in DigitalOcean during the third quarter worth approximately $751,000. Public Sector Pension Investment Board bought a new position in shares of DigitalOcean in the second quarter worth $4,108,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of DigitalOcean during the 2nd quarter worth approximately $11,712,000. Finally, Victory Capital Management Inc. raised its holdings in shares of DigitalOcean by 79.8% during the 3rd quarter. Victory Capital Management Inc. now owns 31,169 shares of the company’s stock worth $1,259,000 after buying an additional 13,837 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. UBS Group reduced their target price on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Barclays raised their price target on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. JPMorgan Chase & Co. boosted 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. Finally, Canaccord Genuity Group lifted their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $41.50.

DigitalOcean Stock Up 0.7 %

NYSE DOCN opened at $38.13 on Friday. DigitalOcean Holdings, Inc. has a twelve month low of $26.63 and a twelve month high of $44.80. The firm has a market capitalization of $3.52 billion, a PE ratio of 44.86, a P/E/G ratio of 2.43 and a beta of 1.83. The stock’s 50 day moving average is $40.33 and its 200 day moving average is $37.17.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. The company had revenue of $198.50 million during the quarter, compared to analyst estimates of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.17 EPS. On average, research analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

Insiders Place Their Bets

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

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).