Concentric Capital Strategies LP Takes Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Concentric Capital Strategies LP bought a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 42,182 shares of the company's stock, valued at approximately $1,704,000.

A number of other institutional investors also recently modified their holdings of DOCN. Price T Rowe Associates Inc. MD boosted its holdings in shares of DigitalOcean by 4.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 33,457 shares of the company's stock worth $1,278,000 after buying an additional 1,527 shares during the last quarter. Tidal Investments LLC purchased a new position in shares of DigitalOcean in the 1st quarter worth about $220,000. Cetera Advisors LLC boosted its stake in shares of DigitalOcean by 341.3% in the 1st quarter. Cetera Advisors LLC now owns 36,253 shares of the company's stock valued at $1,384,000 after purchasing an additional 28,038 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in shares of DigitalOcean by 4.5% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 8,426 shares of the company's stock valued at $293,000 after acquiring an additional 359 shares during the last quarter. Finally, 180 Wealth Advisors LLC boosted its position in DigitalOcean by 4.4% during the 2nd quarter. 180 Wealth Advisors LLC now owns 7,120 shares of the company's stock valued at $237,000 after buying an additional 297 shares during the period. 49.77% of the stock is owned by institutional investors.

Insider Buying and Selling

In other DigitalOcean news, insider Bratin Saha sold 16,989 shares of DigitalOcean stock in a transaction on Monday, November 18th. The stock was sold at an average price of $36.85, for a total value of $626,044.65. Following the completion of the transaction, the insider now owns 390,296 shares in the company, valued at approximately $14,382,407.60. The trade was a 4.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.74% of the company's stock.

Analysts Set New Price Targets

DOCN has been the subject of several research reports. Barclays increased their target price on DigitalOcean from $38.00 to $48.00 and gave the stock an "overweight" rating in a research report on Friday, October 11th. Canaccord Genuity Group raised their price target on shares of DigitalOcean from $42.00 to $48.00 and gave the company a "buy" rating in a report on Friday, October 4th. Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a research report on Tuesday, November 5th. JPMorgan Chase & Co. lifted their target price on DigitalOcean from $32.00 to $40.00 and gave the company a "neutral" rating in a research report on Friday, October 25th. Finally, Stifel Nicolaus raised their price target on DigitalOcean from $32.00 to $35.00 and gave the company a "hold" rating in a report on Friday, August 9th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, DigitalOcean presently has an average rating of "Hold" and an average target price of $41.50.

DigitalOcean Price Performance

DOCN stock traded down $0.38 during midday trading on Tuesday, reaching $38.88. 302,655 shares of the company's stock traded hands, compared to its average volume of 1,231,321. DigitalOcean Holdings, Inc. has a fifty-two week low of $26.63 and a fifty-two week high of $44.80. The company has a market capitalization of $3.59 billion, a P/E ratio of 46.18, a PEG ratio of 2.45 and a beta of 1.77. The business has a 50-day moving average price of $40.23 and a two-hundred day moving average price of $37.15.

DigitalOcean (NYSE:DOCN - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.40 by $0.12. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The business had revenue of $198.50 million during the quarter, compared to analyst estimates of $196.64 million. During the same quarter in the previous year, the firm posted $0.17 EPS. The business's revenue for the quarter was up 12.1% compared to the same quarter last year. As a group, research analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

DigitalOcean Company Profile

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).