DigitalOcean Holdings, Inc. (NYSE:DOCN) Position Boosted by Empowered Funds LLC

Empowered Funds LLC grew its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 8.2% in the third quarter, HoldingsChannel reports. The fund owned 9,245 shares of the company’s stock after buying an additional 697 shares during the period. Empowered Funds LLC’s holdings in DigitalOcean were worth $373,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Farther Finance Advisors LLC acquired a new stake in shares of DigitalOcean in the third quarter valued at $30,000. Blue Trust Inc. increased its position in shares of DigitalOcean by 380.6% in the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after acquiring an additional 959 shares in the last quarter. Nisa Investment Advisors LLC grew its position in DigitalOcean by 56.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock worth $54,000 after purchasing an additional 483 shares in the last quarter. KBC Group NV grew its holdings in shares of DigitalOcean by 47.6% during the third quarter. KBC Group NV now owns 2,096 shares of the company’s stock valued at $85,000 after buying an additional 676 shares in the last quarter. Finally, Quest Partners LLC boosted its position in DigitalOcean by 11,041.9% during the 2nd quarter. Quest Partners LLC now owns 3,454 shares of the company’s stock worth $120,000 after acquiring an additional 3,423 shares during the period. Institutional investors own 49.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on DOCN shares. Canaccord Genuity Group increased their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Stifel Nicolaus raised their target price on DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a report on Friday, August 9th. Barclays boosted their target price on DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. raised their target price on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $41.50.

DigitalOcean Price Performance

DOCN opened at $39.52 on Tuesday. DigitalOcean Holdings, Inc. has a fifty-two week low of $26.63 and a fifty-two week high of $44.80. The company has a market capitalization of $3.65 billion, a P/E ratio of 46.49, a P/E/G ratio of 2.54 and a beta of 1.83. The firm’s fifty day moving average price is $40.53 and its two-hundred day moving average price is $37.14.

DigitalOcean (NYSE:DOCN) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.12. The firm had revenue of $198.50 million during the quarter, compared to analyst estimates of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.17 earnings per share. On average, equities research analysts expect that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current fiscal year.

Insider Activity

In other DigitalOcean news, insider Bratin Saha sold 16,989 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $36.85, for a total value of $626,044.65. Following the transaction, the insider now owns 390,296 shares of the company’s stock, valued at approximately $14,382,407.60. The trade was a 4.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.74% of the stock is owned by corporate insiders.

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).