Ameriprise Financial Inc. Has $8.46 Million Stake in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Ameriprise Financial Inc. boosted its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 8.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 248,196 shares of the company's stock after purchasing an additional 19,115 shares during the period. Ameriprise Financial Inc. owned approximately 0.27% of DigitalOcean worth $8,456,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Northern Trust Corp lifted its holdings in shares of DigitalOcean by 14.8% during the 4th quarter. Northern Trust Corp now owns 725,960 shares of the company's stock valued at $24,733,000 after acquiring an additional 93,347 shares in the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of DigitalOcean during the 4th quarter valued at about $333,000. Illinois Municipal Retirement Fund bought a new stake in shares of DigitalOcean during the 4th quarter valued at about $1,139,000. Bank of New York Mellon Corp grew its position in shares of DigitalOcean by 19.7% during the 4th quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company's stock valued at $26,979,000 after buying an additional 130,263 shares during the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in DigitalOcean during the 4th quarter valued at about $5,382,000. Hedge funds and other institutional investors own 49.77% of the company's stock.

DigitalOcean Trading Down 3.8%

Shares of DigitalOcean stock traded down $1.10 during mid-day trading on Friday, reaching $28.03. 1,569,106 shares of the stock were exchanged, compared to its average volume of 1,249,702. The company has a market cap of $2.55 billion, a price-to-earnings ratio of 32.98, a price-to-earnings-growth ratio of 3.12 and a beta of 1.88. The firm has a 50-day simple moving average of $30.80 and a 200 day simple moving average of $35.97. DigitalOcean Holdings, Inc. has a fifty-two week low of $25.45 and a fifty-two week high of $47.02.

DigitalOcean (NYSE:DOCN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.11. The firm had revenue of $210.70 million during the quarter, compared to analysts' expectations of $208.63 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The company's quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.43 EPS. On average, research analysts predict that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current fiscal year.

Insider Transactions at DigitalOcean

In related news, insider Bratin Saha sold 3,461 shares of DigitalOcean stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $26.86, for a total transaction of $92,962.46. Following the transaction, the insider now owns 394,367 shares of the company's stock, valued at $10,592,697.62. This trade represents a 0.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.96% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on DOCN shares. Cantor Fitzgerald boosted their target price on shares of DigitalOcean from $39.00 to $43.00 and gave the company a "neutral" rating in a research note on Wednesday, February 26th. Stifel Nicolaus dropped their price objective on shares of DigitalOcean from $40.00 to $33.00 and set a "hold" rating on the stock in a research note on Monday, April 7th. UBS Group dropped their price target on shares of DigitalOcean from $44.00 to $32.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Citigroup lowered their target price on shares of DigitalOcean from $50.00 to $40.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Finally, Barclays decreased their price target on shares of DigitalOcean from $48.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, DigitalOcean has an average rating of "Hold" and a consensus price target of $39.83.

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).