Covestor Ltd Has $74,000 Stake in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Covestor Ltd raised its stake in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 571.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,947 shares of the company’s stock after buying an additional 1,657 shares during the period. Covestor Ltd’s holdings in DigitalOcean were worth $74,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of DOCN. Global Retirement Partners LLC acquired a new stake in shares of DigitalOcean during the 1st quarter valued at $34,000. Tennessee Valley Asset Management Partners acquired a new stake in shares of DigitalOcean during the 4th quarter valued at $35,000. FinTrust Capital Advisors LLC acquired a new stake in shares of DigitalOcean during the 1st quarter valued at $36,000. Headlands Technologies LLC acquired a new stake in shares of DigitalOcean during the 4th quarter valued at $67,000. Finally, Geneos Wealth Management Inc. boosted its stake in shares of DigitalOcean by 107.5% during the 4th 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 during the period. Institutional investors and hedge funds own 49.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. JMP Securities reissued a “market outperform” rating and set a $47.00 target price on shares of DigitalOcean in a research note on Monday, May 13th. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a report on Monday, May 13th. UBS Group assumed coverage on shares of DigitalOcean in a report on Wednesday, May 22nd. They set a “neutral” rating and a $40.00 price target on the stock. Piper Sandler dropped their target price on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Finally, Canaccord Genuity Group lifted their target price on shares of DigitalOcean from $41.00 to $42.00 and gave the stock a “buy” rating in a report on Monday, May 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $37.60.

Insider Transactions at DigitalOcean

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

DigitalOcean Stock Performance

NASDAQ:DOCN opened at $30.97 on Thursday. The firm’s 50-day moving average is $35.17 and its 200-day moving average is $36.05. DigitalOcean Holdings, Inc. has a 52-week low of $19.39 and a 52-week high of $49.60. The company has a market cap of $2.82 billion, a price-to-earnings ratio of 38.96, a PEG ratio of 3.16 and a beta of 1.81.

DigitalOcean (NASDAQ:DOCN) last posted its quarterly earnings data on Friday, May 10th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.06. DigitalOcean had a net margin of 7.01% and a negative return on equity of 26.29%. The company had revenue of $184.73 million for the quarter, compared to the consensus estimate of $182.70 million. Equities analysts predict that DigitalOcean Holdings, Inc. will post 0.78 EPS for the current year.

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).