Tennessee Valley Asset Management Partners Acquires New Shares in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Tennessee Valley Asset Management Partners acquired a new stake in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 945 shares of the company’s stock, valued at approximately $35,000.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in DigitalOcean by 3.3% during the third quarter. Vanguard Group Inc. now owns 6,391,293 shares of the company’s stock valued at $153,583,000 after purchasing an additional 202,179 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of DigitalOcean by 36.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 901,325 shares of the company’s stock worth $33,070,000 after buying an additional 241,706 shares during the last quarter. Schroder Investment Management Group acquired a new stake in shares of DigitalOcean in the third quarter worth about $7,029,000. Seven Eight Capital LP acquired a new stake in shares of DigitalOcean in the third quarter worth about $762,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of DigitalOcean by 111.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 182,048 shares of the company’s stock worth $4,375,000 after buying an additional 95,917 shares during the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Stock Up 0.8 %

Shares of NASDAQ:DOCN opened at $32.71 on Wednesday. The business has a 50 day moving average price of $37.62 and a 200 day moving average price of $33.16. DigitalOcean Holdings, Inc. has a twelve month low of $19.39 and a twelve month high of $51.69. The company has a market cap of $2.97 billion, a price-to-earnings ratio of 3,274.27, a PEG ratio of 2.78 and a beta of 1.80.

DigitalOcean (NASDAQ:DOCN) last announced its earnings results on Wednesday, February 21st. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.23. The firm had revenue of $180.87 million during the quarter, compared to the consensus estimate of $178.26 million. DigitalOcean had a negative return on equity of 19.85% and a net margin of 0.12%. Analysts anticipate that DigitalOcean Holdings, Inc. will post 0.77 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have weighed in on DOCN. JMP Securities reaffirmed a “market outperform” rating and issued a $47.00 price target on shares of DigitalOcean in a research report on Thursday, March 21st. Barclays boosted their price target on DigitalOcean from $37.00 to $43.00 and gave the stock an “overweight” rating in a research report on Friday, January 12th. Oppenheimer boosted their price target on DigitalOcean from $37.00 to $46.00 and gave the stock an “outperform” rating in a research report on Thursday, February 22nd. Finally, Piper Sandler boosted their price target on DigitalOcean from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, DigitalOcean has an average rating of “Hold” and a consensus target price of $36.78.

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).