US Bancorp DE Acquires 1,100 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

US Bancorp DE boosted its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 7.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,095 shares of the company’s stock after purchasing an additional 1,100 shares during the quarter. US Bancorp DE’s holdings in DigitalOcean were worth $537,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in DOCN. Focus Partners Wealth lifted its position in shares of DigitalOcean by 2.8% in the 4th quarter. Focus Partners Wealth now owns 12,455 shares of the company’s stock worth $424,000 after acquiring an additional 338 shares during the period. Summit Investment Advisors Inc. raised its holdings in shares of DigitalOcean by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 6,866 shares of the company’s stock worth $234,000 after buying an additional 436 shares in the last quarter. BSW Wealth Partners raised its holdings in shares of DigitalOcean by 4.8% in the 1st quarter. BSW Wealth Partners now owns 15,256 shares of the company’s stock worth $509,000 after buying an additional 700 shares in the last quarter. CWM LLC grew its holdings in shares of DigitalOcean by 4.7% during the first quarter. CWM LLC now owns 17,802 shares of the company’s stock worth $594,000 after purchasing an additional 799 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of DigitalOcean by 336.1% during the first quarter. GAMMA Investing LLC now owns 1,064 shares of the company’s stock worth $36,000 after purchasing an additional 820 shares during the last quarter. Institutional investors own 49.77% of the company’s stock.

DigitalOcean Price Performance

DOCN opened at $29.54 on Tuesday. The business’s 50-day moving average price is $28.99 and its two-hundred day moving average price is $32.77. DigitalOcean Holdings, Inc. has a 1 year low of $25.45 and a 1 year high of $47.02. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of 22.72, a P/E/G ratio of 2.36 and a beta of 1.75.

DigitalOcean (NYSE:DOCN) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.12. The firm had revenue of $218.70 million for the quarter, compared to the consensus estimate of $216.62 million. DigitalOcean had a negative return on equity of 73.19% and a net margin of 15.18%. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter last year, the business posted $0.48 EPS. Sell-side analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have commented on DOCN shares. The Goldman Sachs Group decreased their price objective on DigitalOcean from $46.00 to $41.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. UBS Group reduced their price target on DigitalOcean from $44.00 to $32.00 and set a “neutral” rating on the stock in a research report on Thursday, May 8th. Canaccord Genuity Group raised their price target on DigitalOcean from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. Barclays raised their price target on DigitalOcean from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 6th. Finally, Citigroup reduced their price target on DigitalOcean from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $41.45.

Insider Activity

In related news, insider Bratin Saha sold 3,461 shares of DigitalOcean stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $27.77, for a total value of $96,111.97. Following the sale, the insider owned 294,546 shares of the company’s stock, valued at approximately $8,179,542.42. The trade was a 1.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.74% of the company’s stock.

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).