Wesbanco Bank Inc. Has $1.95 Million Position in DigitalOcean Holdings, Inc. $DOCN

Wesbanco Bank Inc. increased its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 136.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 57,200 shares of the company’s stock after purchasing an additional 33,000 shares during the period. Wesbanco Bank Inc.’s holdings in DigitalOcean were worth $1,954,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of DOCN. Advisors Asset Management Inc. increased its stake in DigitalOcean by 18.0% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,630 shares of the company’s stock worth $75,000 after purchasing an additional 401 shares in the last quarter. Man Group plc boosted its holdings in shares of DigitalOcean by 0.5% in the second quarter. Man Group plc now owns 82,485 shares of the company’s stock valued at $2,356,000 after buying an additional 420 shares during the period. CWM LLC increased its position in shares of DigitalOcean by 2.6% during the second quarter. CWM LLC now owns 18,272 shares of the company’s stock worth $522,000 after acquiring an additional 470 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of DigitalOcean by 6.5% during the second quarter. PNC Financial Services Group Inc. now owns 10,242 shares of the company’s stock worth $293,000 after acquiring an additional 628 shares during the period. Finally, Vanguard Personalized Indexing Management LLC lifted its position in DigitalOcean by 9.2% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 7,978 shares of the company’s stock valued at $273,000 after acquiring an additional 674 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Barclays increased their target price on DigitalOcean from $49.00 to $63.00 and gave the stock an “overweight” rating in a report on Monday, January 12th. Bank of America increased their price objective on DigitalOcean from $60.00 to $72.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. UBS Group lifted their target price on DigitalOcean from $40.00 to $48.00 and gave the company a “neutral” rating in a research report on Thursday, November 6th. Piper Sandler upped their price target on DigitalOcean from $47.00 to $50.00 and gave the stock a “neutral” rating in a research report on Monday, January 5th. Finally, Oppenheimer assumed coverage on shares of DigitalOcean in a report on Monday, November 10th. They issued an “outperform” rating and a $60.00 price objective on the stock. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.25.

DigitalOcean Stock Performance

Shares of NYSE DOCN opened at $64.25 on Wednesday. The stock has a 50 day moving average price of $52.28 and a 200 day moving average price of $42.69. The stock has a market capitalization of $5.88 billion, a PE ratio of 25.91, a price-to-earnings-growth ratio of 9.09 and a beta of 1.77. DigitalOcean Holdings, Inc. has a 52 week low of $25.45 and a 52 week high of $65.92.

About DigitalOcean

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.