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

Los Angeles Capital Management LLC raised its position in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 156.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 49,726 shares of the company’s stock after buying an additional 30,351 shares during the quarter. Los Angeles Capital Management LLC owned about 0.06% of DigitalOcean worth $1,824,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of DOCN. a16z Perennial Management L.P. purchased a new position in DigitalOcean in the fourth quarter worth about $3,140,000. Victory Capital Management Inc. purchased a new position in DigitalOcean in the 4th quarter worth about $240,000. Russell Investments Group Ltd. lifted its stake in DigitalOcean by 54.6% during the 4th quarter. Russell Investments Group Ltd. now owns 155,733 shares of the company’s stock valued at $5,714,000 after acquiring an additional 55,007 shares during the period. Headlands Technologies LLC purchased a new stake in shares of DigitalOcean during the 4th quarter valued at about $67,000. Finally, K.J. Harrison & Partners Inc bought a new stake in shares of DigitalOcean in the fourth quarter worth approximately $2,091,000. Institutional investors own 49.77% of the company’s stock.

DigitalOcean Stock Performance

NASDAQ DOCN opened at $34.83 on Wednesday. The business’s fifty day moving average is $36.81 and its 200 day moving average is $33.82. The company has a market capitalization of $3.18 billion, a PE ratio of 3,486.49, a price-to-earnings-growth ratio of 2.94 and a beta of 1.83. DigitalOcean Holdings, Inc. has a fifty-two week low of $19.39 and a fifty-two week high of $51.69.

DigitalOcean (NASDAQ:DOCN) last posted its quarterly earnings data on Wednesday, February 21st. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.23. The firm had revenue of $180.87 million for the quarter, compared to analysts’ expectations of $178.26 million. DigitalOcean had a negative return on equity of 19.85% and a net margin of 0.12%. On average, sell-side analysts forecast that DigitalOcean Holdings, Inc. will post 0.77 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on DOCN shares. Barclays increased their price objective on shares of DigitalOcean from $37.00 to $43.00 and gave the company an “overweight” rating in a research report on Friday, January 12th. Oppenheimer increased 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. Piper Sandler lifted their price objective on DigitalOcean from $35.00 to $38.00 and gave the stock a “neutral” rating in a report on Thursday, February 22nd. Finally, 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $36.78.

About DigitalOcean

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).