Russell Investments Group Ltd. Raises Stake in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Russell Investments Group Ltd. boosted its position in DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 54.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 155,733 shares of the company’s stock after buying an additional 55,007 shares during the period. Russell Investments Group Ltd. owned approximately 0.18% of DigitalOcean worth $5,714,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Tennessee Valley Asset Management Partners purchased a new stake in DigitalOcean in the 4th quarter worth approximately $35,000. Headlands Technologies LLC purchased a new stake in DigitalOcean in the 4th quarter worth approximately $67,000. Geneos Wealth Management Inc. boosted its position in DigitalOcean by 107.5% in the 4th quarter. Geneos Wealth Management Inc. now owns 2,123 shares of the company’s stock worth $78,000 after purchasing an additional 1,100 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC boosted its position in DigitalOcean by 41.0% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 2,399 shares of the company’s stock worth $88,000 after purchasing an additional 698 shares in the last quarter. Finally, Fox Run Management L.L.C. purchased a new position in shares of DigitalOcean during the 3rd quarter valued at approximately $211,000. Hedge funds and other institutional investors own 49.77% of the company’s stock.

DigitalOcean Stock Performance

NASDAQ DOCN opened at $32.58 on Friday. DigitalOcean Holdings, Inc. has a one year low of $19.39 and a one year high of $51.69. The company has a market cap of $2.97 billion, a P/E ratio of 3,260.76, a P/E/G ratio of 2.94 and a beta of 1.83. The business has a fifty day moving average price of $36.68 and a 200 day moving average price of $33.91.

DigitalOcean (NASDAQ:DOCN) last issued its earnings results on Wednesday, February 21st. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.23. DigitalOcean had a negative return on equity of 19.85% and a net margin of 0.12%. The business had revenue of $180.87 million during the quarter, compared to the consensus estimate of $178.26 million. As a group, sell-side analysts predict that DigitalOcean Holdings, Inc. will post 0.77 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on DOCN. JMP Securities reiterated a “market outperform” rating and set a $47.00 target price on shares of DigitalOcean in a research report on Thursday, March 21st. Oppenheimer increased their target price on DigitalOcean from $37.00 to $46.00 and gave the company an “outperform” rating in a research report on Thursday, February 22nd. Piper Sandler increased their target price on DigitalOcean from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday, February 22nd. Finally, Barclays increased their target price on DigitalOcean from $37.00 to $43.00 and gave the company an “overweight” rating in a research report on Friday, January 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $36.78.

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).