Los Angeles Capital Management LLC Acquires 30,351 Shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Los Angeles Capital Management LLC lifted its position in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN - Free Report) by 156.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,726 shares of the company's stock after purchasing an additional 30,351 shares during the period. Los Angeles Capital Management LLC owned 0.06% of DigitalOcean worth $1,824,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in DOCN. Tennessee Valley Asset Management Partners bought a new position in DigitalOcean during the 4th quarter worth $35,000. Headlands Technologies LLC bought a new position in DigitalOcean during the fourth quarter worth about $67,000. Geneos Wealth Management Inc. raised its stake in DigitalOcean by 107.5% in the 4th quarter. Geneos Wealth Management Inc. now owns 2,123 shares of the company's stock worth $78,000 after purchasing an additional 1,100 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC boosted its holdings in DigitalOcean by 41.0% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 2,399 shares of the company's stock valued at $88,000 after purchasing an additional 698 shares during the period. Finally, Alterity Financial Group LLC bought a new stake in DigitalOcean in the 4th quarter valued at about $230,000. 49.77% of the stock is owned by institutional investors and hedge funds.

DigitalOcean Stock Down 3.3 %

Shares of DOCN stock traded down $1.16 on Wednesday, reaching $33.67. The company had a trading volume of 1,785,565 shares, compared to its average volume of 1,192,321. The business's 50-day moving average is $36.76 and its 200 day moving average is $33.92. DigitalOcean Holdings, Inc. has a one year low of $19.39 and a one year high of $51.69. The stock has a market capitalization of $3.07 billion, a PE ratio of 3,486.49, a price-to-earnings-growth ratio of 2.94 and a beta of 1.83.

DigitalOcean (NASDAQ:DOCN - Get Free Report) last released its quarterly earnings data 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 net margin of 0.12% and a negative return on equity of 19.85%. The business had revenue of $180.87 million during the quarter, compared to analysts' expectations of $178.26 million. On average, sell-side analysts forecast that DigitalOcean Holdings, Inc. will post 0.77 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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).