DigitalOcean Holdings, Inc. (NYSE:DOCN) Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 78.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 171,751 shares of the company’s stock after buying an additional 75,445 shares during the period. Allspring Global Investments Holdings LLC owned about 0.19% of DigitalOcean worth $5,803,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in DOCN. Viking Fund Management LLC acquired a new position in DigitalOcean during the first quarter worth about $2,170,000. Wesbanco Bank Inc. purchased a new position in shares of DigitalOcean during the 1st quarter worth approximately $808,000. Northern Trust Corp raised its position in shares of DigitalOcean by 14.8% during the 4th quarter. Northern Trust Corp now owns 725,960 shares of the company’s stock worth $24,733,000 after purchasing an additional 93,347 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new position in shares of DigitalOcean during the 4th quarter worth approximately $333,000. Finally, Bank of New York Mellon Corp lifted its stake in DigitalOcean by 19.7% in the 4th quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock valued at $26,979,000 after buying an additional 130,263 shares in the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.

DigitalOcean Stock Performance

DOCN opened at $29.19 on Friday. The company has a market capitalization of $2.66 billion, a PE ratio of 26.30, a P/E/G ratio of 2.14 and a beta of 1.76. The stock’s fifty day moving average is $29.18 and its 200-day moving average is $33.86. DigitalOcean Holdings, Inc. has a one year low of $25.45 and a one year high of $47.02.

DigitalOcean (NYSE:DOCN) last issued its earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.11. The business had revenue of $210.70 million for the quarter, compared to analysts’ expectations of $208.63 million. DigitalOcean had a negative return on equity of 60.69% and a net margin of 13.46%. The company’s quarterly revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.43 EPS. On average, equities research analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current fiscal year.

Insider Activity at DigitalOcean

In other news, insider Bratin Saha sold 3,461 shares of the business’s stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $27.77, for a total transaction of $96,111.97. Following the transaction, the insider directly owned 294,546 shares in the company, valued at $8,179,542.42. The trade was a 1.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.96% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on DOCN shares. Barclays dropped their price target on DigitalOcean from $48.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. The Goldman Sachs Group dropped their price objective on DigitalOcean from $46.00 to $41.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. Stifel Nicolaus reduced their target price on shares of DigitalOcean from $40.00 to $33.00 and set a “hold” rating on the stock in a report on Monday, April 7th. Canaccord Genuity Group decreased their price target on shares of DigitalOcean from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Finally, UBS Group cut their price objective on shares of DigitalOcean from $44.00 to $32.00 and set a “neutral” rating for the company in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, DigitalOcean currently has an average rating of “Hold” and a consensus target price of $39.83.

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).