Allspring Global Investments Holdings LLC Raises Holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Allspring Global Investments Holdings LLC boosted its position in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 36.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 74,206 shares of the company's stock after purchasing an additional 19,781 shares during the period. Allspring Global Investments Holdings LLC owned about 0.08% of DigitalOcean worth $2,997,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. FinTrust Capital Advisors LLC bought a new stake in DigitalOcean during the first quarter valued at approximately $36,000. Blue Trust Inc. increased its stake in shares of DigitalOcean by 380.6% in the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company's stock worth $49,000 after purchasing an additional 959 shares in the last quarter. Covestor Ltd raised its holdings in DigitalOcean by 571.4% in the 1st quarter. Covestor Ltd now owns 1,947 shares of the company's stock worth $74,000 after purchasing an additional 1,657 shares during the period. Quest Partners LLC lifted its position in DigitalOcean by 11,041.9% during the second quarter. Quest Partners LLC now owns 3,454 shares of the company's stock valued at $120,000 after purchasing an additional 3,423 shares in the last quarter. Finally, Tidal Investments LLC bought a new stake in DigitalOcean during the first quarter valued at about $220,000. Hedge funds and other institutional investors own 49.77% of the company's stock.

Wall Street Analyst Weigh In

DOCN has been the topic of a number of recent analyst reports. Piper Sandler decreased their target price on shares of DigitalOcean from $38.00 to $34.00 and set a "neutral" rating on the stock in a research note on Monday, July 15th. JPMorgan Chase & Co. upped their price target on DigitalOcean from $32.00 to $40.00 and gave the stock a "neutral" rating in a research note on Friday, October 25th. Stifel Nicolaus lifted their price target on shares of DigitalOcean from $32.00 to $35.00 and gave the company a "hold" rating in a report on Friday, August 9th. UBS Group cut their price objective on DigitalOcean from $40.00 to $34.00 and set a "neutral" rating for the company in a research report on Friday, August 9th. Finally, Barclays increased their price target on DigitalOcean from $38.00 to $48.00 and gave the company an "overweight" rating in a research note on Friday, October 11th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, DigitalOcean has an average rating of "Moderate Buy" and a consensus price target of $40.56.

DigitalOcean Trading Down 0.7 %

NYSE:DOCN traded down $0.27 during midday trading on Wednesday, hitting $40.95. 852,130 shares of the company traded hands, compared to its average volume of 1,246,860. The firm has a market capitalization of $3.77 billion, a P/E ratio of 57.36, a P/E/G ratio of 3.38 and a beta of 1.83. The firm's fifty day moving average is $40.26 and its 200-day moving average is $36.50. DigitalOcean Holdings, Inc. has a 12-month low of $19.39 and a 12-month high of $44.80.

DigitalOcean (NYSE:DOCN - Get Free Report) last released its earnings results on Thursday, August 8th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.09. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The firm had revenue of $192.00 million during the quarter, compared to analyst estimates of $188.63 million. During the same quarter last year, the business earned $0.11 EPS. The business's revenue was up 13.1% on a year-over-year basis. On average, research analysts expect that DigitalOcean Holdings, Inc. will post 0.86 EPS 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).