a16z Perennial Management L.P. Makes New $3.14 Million Investment in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

a16z Perennial Management L.P. acquired a new stake in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 85,580 shares of the company's stock, valued at approximately $3,140,000. DigitalOcean accounts for 0.5% of a16z Perennial Management L.P.'s investment portfolio, making the stock its 13th largest holding. a16z Perennial Management L.P. owned approximately 0.10% of DigitalOcean as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Harbor Capital Advisors Inc. boosted its holdings in DigitalOcean by 8.2% in the third quarter. Harbor Capital Advisors Inc. now owns 13,174 shares of the company's stock worth $317,000 after acquiring an additional 998 shares in the last quarter. AtonRa Partners bought a new stake in DigitalOcean during the 3rd quarter valued at $146,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in DigitalOcean by 20.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,816 shares of the company's stock worth $284,000 after buying an additional 2,023 shares during the last quarter. Knights of Columbus Asset Advisors LLC lifted its position in DigitalOcean by 2.7% in the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 40,865 shares of the company's stock valued at $982,000 after acquiring an additional 1,069 shares in the last quarter. Finally, Duality Advisers LP purchased a new position in shares of DigitalOcean during the third quarter valued at approximately $2,545,000. Institutional investors own 49.77% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Oppenheimer raised their price objective on DigitalOcean from $37.00 to $46.00 and gave the company an "outperform" rating in a research note on Thursday, February 22nd. JMP Securities reissued a "market outperform" rating and set a $47.00 target price on shares of DigitalOcean in a research report on Thursday, March 21st. Barclays increased their price target on DigitalOcean from $37.00 to $43.00 and gave the company an "overweight" rating in a research report on Friday, January 12th. Finally, Piper Sandler boosted their price objective on DigitalOcean from $35.00 to $38.00 and gave the stock a "neutral" rating in a research report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $36.78.

DigitalOcean Trading Up 8.2 %

Shares of NASDAQ DOCN traded up $2.68 during mid-day trading on Wednesday, hitting $35.54. The company had a trading volume of 3,929,689 shares, compared to its average volume of 1,027,967. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of 3,554.00, a P/E/G ratio of 2.92 and a beta of 1.80. DigitalOcean Holdings, Inc. has a 1 year low of $19.39 and a 1 year high of $51.69. The stock's 50-day moving average price is $36.98 and its 200-day moving average price is $33.50.

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

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