Van Berkom & Associates Inc. Purchases 389,161 Shares of DigitalOcean Holdings, Inc. $DOCN

Van Berkom & Associates Inc. boosted its position in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 33.1% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,564,991 shares of the company’s stock after purchasing an additional 389,161 shares during the period. Van Berkom & Associates Inc. owned about 1.72% of DigitalOcean worth $53,460,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Penserra Capital Management LLC bought a new stake in shares of DigitalOcean in the 2nd quarter worth approximately $6,580,000. Allspring Global Investments Holdings LLC increased its position in DigitalOcean by 25.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 215,483 shares of the company’s stock worth $6,038,000 after buying an additional 43,732 shares during the last quarter. Jennison Associates LLC purchased a new stake in DigitalOcean in the second quarter worth $455,000. Cherry Creek Investment Advisors Inc. raised its stake in shares of DigitalOcean by 18.7% in the second quarter. Cherry Creek Investment Advisors Inc. now owns 45,831 shares of the company’s stock valued at $1,309,000 after buying an additional 7,228 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of DigitalOcean by 248.2% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 45,302 shares of the company’s stock worth $1,294,000 after acquiring an additional 32,290 shares during the period. Institutional investors own 49.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on DOCN. Wall Street Zen cut DigitalOcean from a “buy” rating to a “hold” rating in a research note on Sunday, January 4th. Oppenheimer assumed coverage on shares of DigitalOcean in a research note on Monday, November 10th. They issued an “outperform” rating and a $60.00 target price for the company. Bank of America upped their price target on shares of DigitalOcean from $60.00 to $72.00 and gave the company a “buy” rating in a research note on Tuesday, January 27th. Canaccord Genuity Group lifted their price objective on shares of DigitalOcean from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Finally, Piper Sandler increased their target price on DigitalOcean from $47.00 to $50.00 and gave the stock a “neutral” rating in a research report on Monday, January 5th. Seven equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $50.50.

DigitalOcean Stock Performance

DigitalOcean stock opened at $58.25 on Wednesday. DigitalOcean Holdings, Inc. has a fifty-two week low of $25.45 and a fifty-two week high of $64.09. The stock has a market cap of $5.33 billion, a P/E ratio of 23.49, a PEG ratio of 8.59 and a beta of 1.77. The firm’s fifty day moving average price is $50.62 and its 200-day moving average price is $41.54.

DigitalOcean (NYSE:DOCN) last posted its earnings results on Wednesday, November 5th. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.31 by $0.23. The business had revenue of $229.63 million during the quarter, compared to analysts’ expectations of $226.55 million. DigitalOcean had a negative return on equity of 92.51% and a net margin of 29.15%.The firm’s revenue was up 15.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.52 earnings per share. Sell-side analysts predict that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

DigitalOcean Company Profile

DigitalOcean Holdings, Inc is a cloud infrastructure provider that focuses on simplicity, performance and developer experience. The company offers a range of cloud services designed to help software developers, startups and small- to medium-sized businesses deploy, manage and scale applications. Its flagship offering, Droplets, provides virtual private servers that can be configured with various CPU, memory and storage options. In addition to compute instances, DigitalOcean’s platform includes managed Kubernetes, scalable object and block storage, managed databases, load balancers and networking capabilities such as Virtual Private Cloud (VPC) and Floating IPs.

Founded in 2011 and headquartered in New York City, DigitalOcean was created with the goal of making cloud computing more accessible to individual developers and smaller teams.