Van Berkom & Associates Inc. Acquires 389,161 Shares of DigitalOcean Holdings, Inc. $DOCN

Van Berkom & Associates Inc. boosted its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 33.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,564,991 shares of the company’s stock after purchasing an additional 389,161 shares during the period. Van Berkom & Associates Inc.’s holdings in DigitalOcean were worth $53,460,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB purchased a new position in shares of DigitalOcean in the third quarter worth about $37,000. Farther Finance Advisors LLC boosted its position in DigitalOcean by 42.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,924 shares of the company’s stock valued at $55,000 after acquiring an additional 572 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in shares of DigitalOcean by 18.0% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,630 shares of the company’s stock worth $75,000 after acquiring an additional 401 shares during the period. SBI Securities Co. Ltd. raised its position in shares of DigitalOcean by 188.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 5,001 shares of the company’s stock worth $143,000 after acquiring an additional 3,265 shares in the last quarter. Finally, Pacer Advisors Inc. raised its position in shares of DigitalOcean by 205.1% in the 3rd quarter. Pacer Advisors Inc. now owns 5,044 shares of the company’s stock worth $172,000 after acquiring an additional 3,391 shares in the last quarter. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DOCN has been the topic of several recent research reports. Bank of America upped their price target on DigitalOcean from $60.00 to $72.00 and gave the stock a “buy” rating in a research note on Tuesday, January 27th. Barclays upped their price objective on shares of DigitalOcean from $49.00 to $63.00 and gave the stock an “overweight” rating in a report on Monday, January 12th. Cantor Fitzgerald set a $47.00 target price on shares of DigitalOcean and gave the company a “neutral” rating in a research note on Thursday, November 6th. Oppenheimer started coverage on DigitalOcean in a research report on Monday, November 10th. They issued an “outperform” rating and a $60.00 price target on the stock. Finally, UBS Group upped their price target on DigitalOcean from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Seven research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.50.

DigitalOcean Stock Down 2.6%

NYSE:DOCN opened at $58.25 on Wednesday. The stock has a market cap of $5.33 billion, a price-to-earnings ratio of 23.49, a PEG ratio of 8.59 and a beta of 1.77. The company’s 50 day moving average price is $50.62 and its 200-day moving average price is $41.54. DigitalOcean Holdings, Inc. has a 52 week low of $25.45 and a 52 week high of $64.09.

DigitalOcean (NYSE:DOCN) last posted its earnings results on Wednesday, November 5th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.23. DigitalOcean had a net margin of 29.15% and a negative return on equity of 92.51%. The business had revenue of $229.63 million for the quarter, compared to analysts’ expectations of $226.55 million. During the same quarter in the prior year, the business earned $0.52 EPS. The business’s revenue for the quarter was up 15.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

About DigitalOcean

DigitalOcean Holdings, Inc is a cloud infrastructure provider that focuses on simplicity, performance and developer experience. The company offers a range of cloud services designed to help software developers, startups and small- to medium-sized businesses deploy, manage and scale applications. Its flagship offering, Droplets, provides virtual private servers that can be configured with various CPU, memory and storage options. In addition to compute instances, DigitalOcean’s platform includes managed Kubernetes, scalable object and block storage, managed databases, load balancers and networking capabilities such as Virtual Private Cloud (VPC) and Floating IPs.

Founded in 2011 and headquartered in New York City, DigitalOcean was created with the goal of making cloud computing more accessible to individual developers and smaller teams.