Cherry Creek Investment Advisors Inc. Boosts Stock Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Cherry Creek Investment Advisors Inc. boosted its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 202.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 38,603 shares of the company's stock after purchasing an additional 25,858 shares during the quarter. Cherry Creek Investment Advisors Inc.'s holdings in DigitalOcean were worth $1,289,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hillsdale Investment Management Inc. lifted its stake in shares of DigitalOcean by 0.4% in the fourth quarter. Hillsdale Investment Management Inc. now owns 84,500 shares of the company's stock worth $2,879,000 after buying an additional 300 shares in the last quarter. Focus Partners Wealth raised its holdings in DigitalOcean by 2.8% in the 4th quarter. Focus Partners Wealth now owns 12,455 shares of the company's stock worth $424,000 after acquiring an additional 338 shares during the last quarter. Summit Investment Advisors Inc. lifted its position in DigitalOcean by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 6,866 shares of the company's stock valued at $234,000 after acquiring an additional 436 shares in the last quarter. GAMMA Investing LLC boosted its stake in DigitalOcean by 336.1% during the 1st quarter. GAMMA Investing LLC now owns 1,064 shares of the company's stock valued at $36,000 after purchasing an additional 820 shares during the last quarter. Finally, Mariner LLC boosted its stake in DigitalOcean by 14.4% during the 4th quarter. Mariner LLC now owns 6,685 shares of the company's stock valued at $228,000 after purchasing an additional 839 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company's stock.

Analyst Ratings Changes

DOCN has been the topic of a number of research analyst reports. UBS Group lowered their price objective on shares of DigitalOcean from $44.00 to $32.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. JPMorgan Chase & Co. lifted their price objective on DigitalOcean from $40.00 to $45.00 and gave the stock a "neutral" rating in a report on Wednesday, February 26th. Stifel Nicolaus reduced their target price on shares of DigitalOcean from $40.00 to $33.00 and set a "hold" rating for the company in a report on Monday, April 7th. Canaccord Genuity Group reduced their price objective on DigitalOcean from $50.00 to $45.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Finally, Bank of America raised their target price on DigitalOcean from $28.00 to $31.00 and gave the stock an "underperform" rating in a report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, DigitalOcean presently has an average rating of "Hold" and an average target price of $39.83.

DigitalOcean Stock Up 1.8%

NYSE:DOCN traded up $0.50 on Monday, reaching $27.86. 1,470,165 shares of the company's stock traded hands, compared to its average volume of 1,278,860. The stock has a 50-day simple moving average of $29.12 and a 200-day simple moving average of $34.52. DigitalOcean Holdings, Inc. has a 12 month low of $25.45 and a 12 month high of $47.02. The firm has a market cap of $2.54 billion, a PE ratio of 25.10, a P/E/G ratio of 2.00 and a beta of 1.79.

DigitalOcean (NYSE:DOCN - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.11. DigitalOcean had a negative return on equity of 60.69% and a net margin of 13.46%. The firm had revenue of $210.70 million during the quarter, compared to analysts' expectations of $208.63 million. During the same quarter last year, the business posted $0.43 earnings per share. The firm's revenue was up 14.1% on a year-over-year basis. On average, equities analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of DigitalOcean stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $27.77, for a total value of $96,111.97. Following the sale, the insider now owns 294,546 shares of the company's stock, valued at $8,179,542.42. The trade was a 1.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.74% of the company's stock.

DigitalOcean Company 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).