Assenagon Asset Management S.A. Buys Shares of 42,658 DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Assenagon Asset Management S.A. purchased a new position in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 42,658 shares of the company's stock, valued at approximately $1,565,000.

Several other large investors also recently bought and sold shares of DOCN. Householder Group Estate & Retirement Specialist LLC purchased a new position in shares of DigitalOcean in the 3rd quarter valued at about $41,000. Advisors Asset Management Inc. purchased a new position in shares of DigitalOcean in the 1st quarter valued at about $42,000. Macquarie Group Ltd. increased its holdings in shares of DigitalOcean by 48.1% in the 2nd quarter. Macquarie Group Ltd. now owns 1,747 shares of the company's stock valued at $72,000 after acquiring an additional 567 shares during the last quarter. Geneos Wealth Management Inc. raised its position in DigitalOcean by 253.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,258 shares of the company's stock valued at $72,000 after purchasing an additional 902 shares during the last quarter. Finally, State of Wyoming raised its position in DigitalOcean by 42.4% in the 2nd quarter. State of Wyoming now owns 1,988 shares of the company's stock valued at $80,000 after purchasing an additional 592 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company's stock.

Analyst Upgrades and Downgrades

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

DigitalOcean Trading Up 1.5 %

Shares of NASDAQ:DOCN traded up $0.55 on Friday, reaching $37.32. 814,044 shares of the company were exchanged, compared to its average volume of 1,043,989. DigitalOcean Holdings, Inc. has a 1-year low of $19.39 and a 1-year high of $51.69. The firm has a market cap of $3.39 billion, a price-to-earnings ratio of 3,735.74, a price-to-earnings-growth ratio of 3.15 and a beta of 1.80. The company has a 50-day moving average of $38.00 and a 200-day moving average of $32.12.

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

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).