Allspring Global Investments Holdings LLC Takes Position in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Allspring Global Investments Holdings LLC bought a new position in DigitalOcean Holdings, Inc. (NASDAQ:DOCN) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 53,560 shares of the company’s stock, valued at approximately $2,045,000. Allspring Global Investments Holdings LLC owned about 0.06% of DigitalOcean at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in DOCN. Wolf Hill Capital Management LP bought a new stake in shares of DigitalOcean in the fourth quarter worth about $86,834,000. Mubadala Investment Co PJSC bought a new stake in DigitalOcean during the fourth quarter worth approximately $21,881,000. Norges Bank bought a new stake in DigitalOcean during the fourth quarter worth approximately $17,660,000. Schroder Investment Management Group bought a new stake in DigitalOcean during the third quarter worth approximately $7,029,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in DigitalOcean by 36.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 901,325 shares of the company’s stock worth $33,070,000 after acquiring an additional 241,706 shares during the last quarter. 49.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

DOCN has been the topic of several analyst reports. JMP Securities reissued a “market outperform” rating and set a $47.00 price objective on shares of DigitalOcean in a research note on Monday, May 13th. Canaccord Genuity Group upped their target price on DigitalOcean from $41.00 to $42.00 and gave the company a “buy” rating in a research note on Monday, May 13th. UBS Group began coverage on DigitalOcean in a report on Wednesday, May 22nd. They issued a “neutral” rating and a $40.00 price target for the company. Finally, Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a report on Monday, May 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $38.00.

DigitalOcean Trading Up 1.0 %

Shares of DOCN traded up $0.36 during midday trading on Tuesday, hitting $35.03. 92,027 shares of the company’s stock traded hands, compared to its average volume of 1,224,075. DigitalOcean Holdings, Inc. has a 1 year low of $19.39 and a 1 year high of $51.69. The firm’s fifty day moving average is $35.63 and its 200-day moving average is $36.41. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of 41.87, a price-to-earnings-growth ratio of 3.40 and a beta of 1.82.

DigitalOcean (NASDAQ:DOCN) last released its earnings results on Friday, May 10th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.06. DigitalOcean had a negative return on equity of 26.29% and a net margin of 7.01%. The firm had revenue of $184.73 million for the quarter, compared to the consensus estimate of $182.70 million. On average, equities research analysts anticipate that DigitalOcean Holdings, Inc. will post 0.78 EPS for the current year.

Insider Activity at DigitalOcean

In other DigitalOcean news, Director Amy Butte sold 5,220 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $37.46, for a total transaction of $195,541.20. Following the sale, the director now directly owns 36,417 shares of the company’s stock, valued at approximately $1,364,180.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.74% of the stock is owned by insiders.

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).