Vontobel Holding Ltd. Takes $765,000 Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Vontobel Holding Ltd. purchased a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 18,936 shares of the company's stock, valued at approximately $765,000.

Other hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new stake in DigitalOcean during the 1st quarter worth approximately $2,045,000. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in DigitalOcean in the 1st quarter valued at $291,000. Principal Financial Group Inc. boosted its stake in DigitalOcean by 7.0% in the 1st quarter. Principal Financial Group Inc. now owns 921,619 shares of the company's stock worth $35,187,000 after purchasing an additional 60,600 shares during the period. Private Advisor Group LLC increased its holdings in DigitalOcean by 637.6% during the 1st quarter. Private Advisor Group LLC now owns 48,378 shares of the company's stock worth $1,847,000 after purchasing an additional 41,819 shares in the last quarter. Finally, FinTrust Capital Advisors LLC acquired a new stake in shares of DigitalOcean in the 1st quarter valued at about $36,000. 49.77% of the stock is currently owned by institutional investors and hedge funds.

DigitalOcean Stock Performance

NYSE:DOCN traded down $0.63 during mid-day trading on Monday, hitting $42.69. The stock had a trading volume of 697,746 shares, compared to its average volume of 1,264,754. DigitalOcean Holdings, Inc. has a twelve month low of $19.39 and a twelve month high of $44.80. The stock has a market cap of $3.89 billion, a price-to-earnings ratio of 80.55, a PEG ratio of 3.38 and a beta of 1.83. The company's 50 day simple moving average is $39.75 and its 200 day simple moving average is $36.30.

DigitalOcean (NYSE:DOCN - Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.39 by $0.09. The company had revenue of $192.00 million during the quarter, compared to the consensus estimate of $188.63 million. DigitalOcean had a negative return on equity of 31.71% and a net margin of 9.30%. The firm's revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.11 EPS. As a group, equities analysts forecast that DigitalOcean Holdings, Inc. will post 0.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

DOCN has been the topic of a number of recent research reports. Piper Sandler dropped their target price on DigitalOcean from $38.00 to $34.00 and set a "neutral" rating on the stock in a research report on Monday, July 15th. Stifel Nicolaus boosted their price objective on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a "hold" rating in a research report on Friday, August 9th. Canaccord Genuity Group raised their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the company a "buy" rating in a research report on Friday, October 4th. Barclays boosted their price target on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an "overweight" rating in a research report on Friday, October 11th. Finally, UBS Group reduced their price objective on shares of DigitalOcean from $40.00 to $34.00 and set a "neutral" rating for the company in a research note on Friday, August 9th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $40.63.

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).