Victory Capital Management Inc. Grows Stake in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Victory Capital Management Inc. lifted its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 79.8% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 31,169 shares of the company's stock after purchasing an additional 13,837 shares during the period. Victory Capital Management Inc.'s holdings in DigitalOcean were worth $1,259,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in DOCN. Farther Finance Advisors LLC bought a new position in DigitalOcean in the 3rd quarter worth approximately $30,000. Blue Trust Inc. boosted its position in shares of DigitalOcean by 380.6% during the third quarter. Blue Trust Inc. now owns 1,211 shares of the company's stock worth $49,000 after acquiring an additional 959 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in DigitalOcean by 56.4% during the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company's stock valued at $54,000 after acquiring an additional 483 shares in the last quarter. Quest Partners LLC increased its holdings in DigitalOcean by 11,041.9% in the 2nd quarter. Quest Partners LLC now owns 3,454 shares of the company's stock valued at $120,000 after acquiring an additional 3,423 shares during the last quarter. Finally, Creative Financial Designs Inc. ADV increased its holdings in DigitalOcean by 17.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company's stock valued at $151,000 after acquiring an additional 566 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on DOCN. Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a report on Tuesday, November 5th. 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. JPMorgan Chase & Co. upped their price objective on DigitalOcean from $32.00 to $40.00 and gave the stock a "neutral" rating in a report on Friday, October 25th. Barclays raised their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the company an "overweight" rating in a report on Friday, October 11th. Finally, 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. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $41.50.

Insider Transactions at DigitalOcean

In related news, insider Bratin Saha sold 16,989 shares of DigitalOcean stock in a transaction dated 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 sale, the insider now directly owns 390,296 shares in the company, valued at $14,382,407.60. The trade was a 4.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.74% of the company's stock.

DigitalOcean Stock Down 2.1 %

DOCN traded down $0.83 during trading on Wednesday, reaching $37.88. The company had a trading volume of 528,977 shares, compared to its average volume of 1,240,920. DigitalOcean Holdings, Inc. has a 52 week low of $26.63 and a 52 week high of $44.80. The stock has a market cap of $3.50 billion, a P/E ratio of 44.56, a PEG ratio of 2.54 and a beta of 1.83. The business has a 50 day simple moving average of $40.48 and a 200-day simple moving average of $37.16.

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

DigitalOcean 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).