Allspring Global Investments Holdings LLC Buys 75,445 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Allspring Global Investments Holdings LLC raised its position in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 78.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 171,751 shares of the company's stock after purchasing an additional 75,445 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.19% of DigitalOcean worth $5,803,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in DOCN. BSW Wealth Partners boosted its stake in shares of DigitalOcean by 4.8% in the 1st quarter. BSW Wealth Partners now owns 15,256 shares of the company's stock valued at $509,000 after buying an additional 700 shares during the period. Cherry Creek Investment Advisors Inc. grew its position in DigitalOcean by 202.9% in the 1st quarter. Cherry Creek Investment Advisors Inc. now owns 38,603 shares of the company's stock valued at $1,289,000 after buying an additional 25,858 shares during the last quarter. GAMMA Investing LLC boosted its holdings in DigitalOcean by 336.1% in 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 in the last quarter. Farther Finance Advisors LLC raised its position in DigitalOcean by 135,100.0% in the first quarter. Farther Finance Advisors LLC now owns 1,352 shares of the company's stock worth $46,000 after acquiring an additional 1,351 shares in the last quarter. Finally, Wesbanco Bank Inc. purchased a new stake in DigitalOcean during the first quarter worth about $808,000. 49.77% of the stock is currently owned by institutional investors and hedge funds.

DigitalOcean Price Performance

Shares of NYSE DOCN traded down $0.26 during midday trading on Monday, hitting $28.94. 1,282,744 shares of the company's stock were exchanged, compared to its average volume of 1,305,384. The stock's 50 day moving average price is $29.18 and its 200-day moving average price is $33.85. The firm has a market cap of $2.63 billion, a P/E ratio of 26.07, a PEG ratio of 2.14 and a beta of 1.76. DigitalOcean Holdings, Inc. has a twelve month low of $25.45 and a twelve month 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 (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.11. DigitalOcean had a net margin of 13.46% and a negative return on equity of 60.69%. The business had revenue of $210.70 million during the quarter, compared to analysts' expectations of $208.63 million. During the same period last year, the firm posted $0.43 earnings per share. The business's revenue was up 14.1% on a year-over-year basis. On average, analysts expect that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current fiscal year.

Insider Activity 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 shares were sold at an average price of $27.77, for a total value of $96,111.97. Following the transaction, the insider owned 294,546 shares in the company, valued at approximately $8,179,542.42. The trade was a 1.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.96% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on DOCN shares. UBS Group decreased 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. Citigroup lowered their price target on DigitalOcean from $50.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a research report on Tuesday, May 6th. Morgan Stanley lowered their price objective on DigitalOcean from $52.00 to $41.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, Stifel Nicolaus decreased their price target on DigitalOcean from $40.00 to $33.00 and set a "hold" rating for the company in a research note on Monday, April 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $39.83.

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).