Harbor Capital Advisors Inc. Has $1.60 Million Stock Holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Harbor Capital Advisors Inc. raised its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 369.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 39,518 shares of the company's stock after purchasing an additional 31,092 shares during the period. Harbor Capital Advisors Inc.'s holdings in DigitalOcean were worth $1,596,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Point72 Hong Kong Ltd acquired a new stake in shares of DigitalOcean in the second quarter worth $877,000. Private Advisor Group LLC boosted its stake in DigitalOcean by 637.6% during the first quarter. Private Advisor Group LLC now owns 48,378 shares of the company's stock worth $1,847,000 after buying an additional 41,819 shares in the last quarter. Public Sector Pension Investment Board acquired a new stake in DigitalOcean during the second quarter worth $4,108,000. University of Texas Texas AM Investment Management Co. acquired a new stake in DigitalOcean during the second quarter worth $11,712,000. Finally, Vanguard Group Inc. boosted its stake in DigitalOcean by 11.5% during the first quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company's stock worth $256,897,000 after buying an additional 696,426 shares in the last quarter. 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 weighed in on the stock. UBS Group decreased their price target on shares of DigitalOcean from $40.00 to $34.00 and set a "neutral" rating on the stock in a research note on Friday, August 9th. Barclays lifted their price target on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an "overweight" rating in a research note on Friday, October 11th. Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a report on Tuesday. Canaccord Genuity Group lifted their price objective on DigitalOcean from $42.00 to $48.00 and gave the company a "buy" rating in a report on Friday, October 4th. Finally, Piper Sandler cut their price objective on DigitalOcean from $38.00 to $34.00 and set a "neutral" rating for the company in a report on Monday, July 15th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $40.56.

DigitalOcean Stock Performance

NYSE:DOCN traded up $2.97 on Wednesday, hitting $38.82. 2,225,464 shares of the stock were exchanged, compared to its average volume of 1,263,703. The stock has a market capitalization of $3.57 billion, a price-to-earnings ratio of 52.71, a P/E/G ratio of 3.24 and a beta of 1.83. DigitalOcean Holdings, Inc. has a 52 week low of $24.07 and a 52 week high of $44.80. The company's 50-day moving average price is $40.37 and its 200 day moving average price is $36.69.

DigitalOcean (NYSE:DOCN - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.12. The firm had revenue of $198.50 million during the quarter, compared to analysts' expectations of $196.64 million. DigitalOcean had a negative return on equity of 31.71% and a net margin of 9.30%. The company's quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.17 EPS. As a group, equities research analysts predict that DigitalOcean Holdings, Inc. will post 0.86 earnings per share 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).