Natixis Advisors LLC Invests $367,000 in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Key Points

• Natixis Advisors LLC purchased 10,982 shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) in the first quarter, valued at approximately $367,000.
• Other hedge funds, including Viking Fund Management LLC and Wesbanco Bank Inc., also recently acquired new stakes in DigitalOcean, indicating increased institutional interest in the company.
• DigitalOcean reported $0.59 earnings per share for the last quarter, exceeding analysts' expectations and reflecting a year-over-year revenue growth of 13.6%.

Natixis Advisors LLC purchased a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 10,982 shares of the company's stock, valued at approximately $367,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Viking Fund Management LLC acquired a new stake in DigitalOcean during the 1st quarter worth $2,170,000. Wesbanco Bank Inc. acquired a new stake in DigitalOcean during the 1st quarter worth $808,000. Concurrent Investment Advisors LLC acquired a new stake in DigitalOcean during the 1st quarter worth $265,000. Sumitomo Mitsui Trust Group Inc. grew its position in DigitalOcean by 119.6% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,729 shares of the company's stock worth $559,000 after purchasing an additional 9,110 shares during the last quarter. Finally, Northern Trust Corp grew its position in DigitalOcean by 14.8% during the 4th quarter. Northern Trust Corp now owns 725,960 shares of the company's stock worth $24,733,000 after purchasing an additional 93,347 shares during the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

DigitalOcean Trading Up 1.6%

Shares of NYSE:DOCN traded up $0.49 during midday trading on Friday, hitting $31.03. The stock had a trading volume of 1,891,963 shares, compared to its average volume of 3,736,808. The company has a market capitalization of $2.82 billion, a PE ratio of 23.87, a P/E/G ratio of 1.81 and a beta of 1.75. The stock has a 50 day moving average price of $29.13 and a two-hundred day moving average price of $32.54. DigitalOcean Holdings, Inc. has a 1 year low of $25.45 and a 1 year high of $47.02.

DigitalOcean (NYSE:DOCN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.12. The business had revenue of $218.70 million for the quarter, compared to the consensus estimate of $216.62 million. DigitalOcean had a net margin of 15.18% and a negative return on equity of 73.19%. The business's quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.48 earnings per share. As a group, equities analysts expect that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on DOCN. Stifel Nicolaus set a $36.00 price objective on shares of DigitalOcean in a research report on Tuesday, August 5th. Wall Street Zen raised shares of DigitalOcean from a "hold" rating to a "buy" rating in a research report on Sunday, June 29th. Citigroup lowered their price objective on shares of DigitalOcean from $50.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Canaccord Genuity Group raised their price objective on shares of DigitalOcean from $45.00 to $49.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Finally, The Goldman Sachs Group lowered their price objective on shares of DigitalOcean from $46.00 to $41.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, DigitalOcean currently has a consensus rating of "Hold" and an average target price of $41.45.

Insider Buying and Selling at DigitalOcean

In other news, insider Bratin Saha sold 3,461 shares of DigitalOcean stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $27.77, for a total value of $96,111.97. Following the sale, the insider owned 294,546 shares of the company's stock, valued at $8,179,542.42. The trade was a 1.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.96% of the stock is currently owned by insiders.

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).