Zurcher Kantonalbank Zurich Cantonalbank Has $353,000 Stock Position in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Zurcher Kantonalbank Zurich Cantonalbank lessened its position in DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 18.6% in the fourth quarter, HoldingsChannel reports. The fund owned 9,622 shares of the company’s stock after selling 2,194 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in DigitalOcean were worth $353,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tennessee Valley Asset Management Partners acquired a new stake in DigitalOcean in the 4th quarter valued at $35,000. Geneos Wealth Management Inc. lifted its stake in shares of DigitalOcean by 107.5% in the fourth quarter. Geneos Wealth Management Inc. now owns 2,123 shares of the company’s stock valued at $78,000 after buying an additional 1,100 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC grew its holdings in shares of DigitalOcean by 41.0% during 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 last quarter. Alterity Financial Group LLC bought a new stake in shares of DigitalOcean during the fourth quarter worth about $230,000. Finally, Vontobel Holding Ltd. acquired a new stake in shares of DigitalOcean in the 4th quarter worth about $249,000. Institutional investors own 49.77% of the company’s stock.

DigitalOcean Stock Performance

Shares of NASDAQ:DOCN opened at $34.24 on Friday. DigitalOcean Holdings, Inc. has a fifty-two week low of $19.39 and a fifty-two week high of $51.69. The company’s 50-day moving average is $36.84 and its 200 day moving average is $33.60. The company has a market capitalization of $3.12 billion, a P/E ratio of 3,427.43, a price-to-earnings-growth ratio of 3.03 and a beta of 1.83.

DigitalOcean (NASDAQ:DOCN) last released its earnings results 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. DigitalOcean had a net margin of 0.12% and a negative return on equity of 19.85%. The firm had revenue of $180.87 million during the quarter, compared to the consensus estimate of $178.26 million. As a group, research analysts predict that DigitalOcean Holdings, Inc. will post 0.77 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Oppenheimer lifted their target price on DigitalOcean from $37.00 to $46.00 and gave the company an “outperform” rating in a research report on Thursday, February 22nd. JMP Securities restated a “market outperform” rating and set a $47.00 price objective on shares of DigitalOcean in a research note on Thursday, March 21st. Barclays upped their target price on shares of DigitalOcean from $37.00 to $43.00 and gave the stock an “overweight” rating in a research note on Friday, January 12th. Finally, Piper Sandler raised their price target on shares of DigitalOcean from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday, February 22nd. 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. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $36.78.

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).