Belpointe Asset Management LLC Purchases New Stake in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Belpointe Asset Management LLC purchased a new stake in DigitalOcean Holdings, Inc. (NASDAQ:DOCNFree Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 7,198 shares of the company’s stock, valued at approximately $264,000.

Several other hedge funds have also recently bought and sold shares of the business. Assetmark Inc. raised its holdings in DigitalOcean by 16.7% in the fourth quarter. Assetmark Inc. now owns 2,809 shares of the company’s stock valued at $103,000 after buying an additional 403 shares during the period. Householder Group Estate & Retirement Specialist LLC raised its holdings 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 valued at $88,000 after buying an additional 698 shares during the period. Tennessee Valley Asset Management Partners purchased a new position in DigitalOcean in the fourth quarter valued at approximately $35,000. Arizona State Retirement System raised its stake in shares of DigitalOcean by 6.4% during the fourth quarter. Arizona State Retirement System now owns 16,144 shares of the company’s stock valued at $592,000 after purchasing an additional 971 shares during the period. Finally, Rhumbline Advisers raised its stake in shares of DigitalOcean by 1.1% during the third quarter. Rhumbline Advisers now owns 89,640 shares of the company’s stock valued at $2,154,000 after purchasing an additional 1,017 shares during the period. Hedge funds and other institutional investors own 49.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Canaccord Genuity Group lifted their price objective on shares of DigitalOcean from $41.00 to $42.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Piper Sandler lifted their price objective on shares of DigitalOcean from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Thursday, February 22nd. UBS Group assumed coverage on shares of DigitalOcean in a research note on Wednesday, May 22nd. They set a “neutral” rating and a $40.00 price objective on the stock. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research note on Monday, May 13th. Finally, JMP Securities reissued a “market outperform” rating and set a $47.00 price target on shares of DigitalOcean in a research report on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $38.00.

Check Out Our Latest Stock Analysis on DigitalOcean

DigitalOcean Price Performance

DigitalOcean stock opened at $37.36 on Friday. The company has a market cap of $3.40 billion, a PE ratio of 70.49, a P/E/G ratio of 3.67 and a beta of 1.85. The company has a fifty day moving average price of $35.80 and a two-hundred day moving average price of $35.86. DigitalOcean Holdings, Inc. has a 12 month low of $19.39 and a 12 month high of $51.69.

DigitalOcean (NASDAQ:DOCNGet Free Report) last released its quarterly earnings data on Friday, May 10th. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.06. The firm had revenue of $184.73 million during the quarter, compared to the consensus estimate of $182.70 million. DigitalOcean had a net margin of 7.01% and a negative return on equity of 26.29%. Equities research analysts anticipate that DigitalOcean Holdings, Inc. will post 0.78 earnings per share for the current year.

About DigitalOcean

(Free Report)

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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Institutional Ownership by Quarter for DigitalOcean (NASDAQ:DOCN)

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