DigitalOcean Holdings, Inc. (NASDAQ:DOCN) Shares Purchased by Vanguard Group Inc.

Vanguard Group Inc. raised its position in DigitalOcean Holdings, Inc. (NASDAQ:DOCN - Free Report) by 3.3% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 6,391,293 shares of the company's stock after acquiring an additional 202,179 shares during the period. Vanguard Group Inc. owned approximately 7.43% of DigitalOcean worth $153,583,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Baird Financial Group Inc. lifted its holdings in shares of DigitalOcean by 0.8% in the third quarter. Baird Financial Group Inc. now owns 38,215 shares of the company's stock valued at $1,382,000 after purchasing an additional 321 shares in the last quarter. Vident Investment Advisory LLC lifted its holdings in shares of DigitalOcean by 4.3% in the fourth quarter. Vident Investment Advisory LLC now owns 9,047 shares of the company's stock valued at $230,000 after purchasing an additional 369 shares in the last quarter. Macquarie Group Ltd. lifted its holdings in shares of DigitalOcean by 48.1% in the second quarter. Macquarie Group Ltd. now owns 1,747 shares of the company's stock valued at $72,000 after purchasing an additional 567 shares in the last quarter. State of Wyoming lifted its holdings in shares of DigitalOcean by 42.4% in the second quarter. State of Wyoming now owns 1,988 shares of the company's stock valued at $80,000 after purchasing an additional 592 shares in the last quarter. Finally, Royal Bank of Canada lifted its holdings in shares of DigitalOcean by 2.4% in the third quarter. Royal Bank of Canada now owns 30,255 shares of the company's stock valued at $1,095,000 after purchasing an additional 700 shares in the last quarter. Institutional investors and hedge funds own 49.77% of the company's stock.

Analyst Upgrades and Downgrades

DOCN has been the topic of a number of recent research reports. JMP Securities restated a "market outperform" rating and issued a $47.00 target price on shares of DigitalOcean in a report on Thursday, March 21st. Oppenheimer raised their target price on DigitalOcean from $37.00 to $46.00 and gave the company an "outperform" rating in a report on Thursday, February 22nd. Piper Sandler lifted their price target on DigitalOcean from $35.00 to $38.00 and gave the stock a "neutral" rating in a report on Thursday, February 22nd. Finally, Barclays lifted their price target on DigitalOcean from $37.00 to $43.00 and gave the stock an "overweight" rating in a report on Friday, January 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $36.78.

DigitalOcean Stock Performance

NASDAQ:DOCN traded down $0.94 during trading hours on Tuesday, reaching $37.23. The stock had a trading volume of 951,615 shares, compared to its average volume of 1,059,230. The stock has a 50 day simple moving average of $37.75 and a 200 day simple moving average of $31.96. DigitalOcean Holdings, Inc. has a 12-month low of $19.39 and a 12-month high of $51.69. The stock has a market cap of $3.38 billion, a P/E ratio of 3,726.73, a price-to-earnings-growth ratio of 3.28 and a beta of 1.80.

DigitalOcean (NASDAQ:DOCN - Get Free Report) last released its earnings results on Wednesday, February 21st. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.08 by $0.23. DigitalOcean had a negative return on equity of 19.85% and a net margin of 0.12%. The business had revenue of $180.87 million during the quarter, compared to the consensus estimate of $178.26 million. On average, equities analysts expect that DigitalOcean Holdings, Inc. will post 0.77 earnings per share for the current fiscal year.

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).