18,345 Shares in DigitalOcean Holdings, Inc. (NASDAQ:DOCN) Purchased by International Assets Investment Management LLC

International Assets Investment Management LLC purchased a new position in DigitalOcean Holdings, Inc. (NASDAQ:DOCN) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 18,345 shares of the company’s stock, valued at approximately $673,000.

A number of other hedge funds have also bought and sold shares of the company. Arizona State Retirement System grew its stake in DigitalOcean by 6.4% in the fourth quarter. Arizona State Retirement System now owns 16,144 shares of the company’s stock worth $592,000 after purchasing an additional 971 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC grew its stake in DigitalOcean by 41.0% in the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 2,399 shares of the company’s stock worth $88,000 after purchasing an additional 698 shares in the last quarter. Alterity Financial Group LLC acquired a new position in DigitalOcean in the fourth quarter worth about $230,000. Assenagon Asset Management S.A. bought a new position in DigitalOcean in the fourth quarter worth about $1,565,000. Finally, Renaissance Capital LLC lifted its holdings in DigitalOcean by 26.3% in the fourth quarter. Renaissance Capital LLC now owns 40,160 shares of the company’s stock worth $1,473,000 after acquiring an additional 8,370 shares during the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DOCN has been the topic of a number of recent research reports. JMP Securities reissued a “market outperform” rating and issued a $47.00 target price on shares of DigitalOcean in a report on Thursday, March 21st. Oppenheimer lifted their price target on DigitalOcean from $37.00 to $46.00 and gave the company an “outperform” rating in a report on Thursday, February 22nd. Barclays lifted their price target on DigitalOcean from $37.00 to $43.00 and gave the company an “overweight” rating in a report on Friday, January 12th. Finally, Piper Sandler lifted their price target on DigitalOcean from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Thursday, February 22nd. 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $36.78.

DigitalOcean Stock Performance

DigitalOcean stock opened at $33.02 on Thursday. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of 3,305.31, a price-to-earnings-growth ratio of 2.78 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 firm’s 50 day moving average price is $37.49 and its two-hundred day moving average price is $33.16.

DigitalOcean (NASDAQ:DOCN) last issued its earnings results on Wednesday, February 21st. The company reported $0.31 earnings per share (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 analysts predict that DigitalOcean Holdings, Inc. will post 0.77 EPS for the current fiscal year.

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).