Allspring Global Investments Holdings LLC Makes New Investment in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Allspring Global Investments Holdings LLC bought a new position in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) during the 1st quarter, Holdings Channel reports. The firm bought 53,560 shares of the company’s stock, valued at approximately $2,045,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in DOCN. Rhumbline Advisers grew its position in DigitalOcean by 1.1% during the third quarter. Rhumbline Advisers now owns 89,640 shares of the company’s stock worth $2,154,000 after buying an additional 1,017 shares during the period. Schonfeld Strategic Advisors LLC grew its position in DigitalOcean by 95.2% during the third quarter. Schonfeld Strategic Advisors LLC now owns 57,400 shares of the company’s stock worth $1,379,000 after buying an additional 28,001 shares during the period. Alberta Investment Management Corp grew its position in DigitalOcean by 15.2% during the third quarter. Alberta Investment Management Corp now owns 86,156 shares of the company’s stock worth $2,070,000 after buying an additional 11,382 shares during the period. Seven Eight Capital LP acquired a new position in DigitalOcean during the third quarter worth about $762,000. Finally, Schroder Investment Management Group acquired a new position in DigitalOcean during the third quarter worth about $7,029,000. 49.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at DigitalOcean

In other news, Director Amy Butte sold 5,220 shares of the stock in a transaction on Friday, June 7th. The shares were sold at an average price of $37.46, for a total value of $195,541.20. Following the completion of the sale, the director now owns 36,417 shares of the company’s stock, valued at $1,364,180.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.74% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on DOCN. Canaccord Genuity Group upped their price target on shares of DigitalOcean from $41.00 to $42.00 and gave the company a “buy” rating in a report on Monday, May 13th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a report on Monday, May 13th. UBS Group began coverage on shares of DigitalOcean in a report on Wednesday, May 22nd. They issued a “neutral” rating and a $40.00 price target on the stock. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $47.00 price target on shares of DigitalOcean in a report on Monday, May 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $38.00.

DigitalOcean Stock Up 1.0 %

Shares of DOCN traded up $0.36 on Tuesday, hitting $35.03. 92,027 shares of the stock traded hands, compared to its average volume of 1,224,075. The firm has a market capitalization of $3.19 billion, a P/E ratio of 41.87, a P/E/G ratio of 3.40 and a beta of 1.82. The stock’s 50 day moving average is $35.63 and its two-hundred day moving average is $36.41. DigitalOcean Holdings, Inc. has a 1 year low of $19.39 and a 1 year high of $51.69.

DigitalOcean (NASDAQ:DOCN) last posted its quarterly earnings results on Friday, May 10th. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.06. The company had revenue of $184.73 million for 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%. Research analysts forecast that DigitalOcean Holdings, Inc. will post 0.78 EPS for the current year.

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).