K.J. Harrison & Partners Inc Takes $2.09 Million Position in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

K.J. Harrison & Partners Inc purchased a new position in DigitalOcean Holdings, Inc. (NASDAQ:DOCN) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 57,000 shares of the company’s stock, valued at approximately $2,091,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Tennessee Valley Asset Management Partners acquired a new position in shares of DigitalOcean in the 4th quarter valued at approximately $35,000. Geneos Wealth Management Inc. raised its holdings in DigitalOcean by 107.5% in the fourth quarter. Geneos Wealth Management Inc. now owns 2,123 shares of the company’s stock valued at $78,000 after acquiring an additional 1,100 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC boosted its stake in DigitalOcean by 41.0% during the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 2,399 shares of the company’s stock valued at $88,000 after acquiring an additional 698 shares during the last quarter. AtonRa Partners acquired a new position in DigitalOcean during the 3rd quarter worth $146,000. Finally, Fox Run Management L.L.C. acquired a new position in DigitalOcean during the 3rd quarter worth $211,000. 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. Oppenheimer increased their price target on shares of DigitalOcean from $37.00 to $46.00 and gave the stock an “outperform” rating in a research report on Thursday, February 22nd. Barclays upped their price objective on DigitalOcean from $37.00 to $43.00 and gave the company an “overweight” rating in a research note on Friday, January 12th. JMP Securities reiterated a “market outperform” rating and issued a $47.00 target price on shares of DigitalOcean in a research report on Thursday, March 21st. Finally, Piper Sandler upped their price target on DigitalOcean from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday, February 22nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $36.78.

DigitalOcean Stock Performance

Shares of DigitalOcean stock traded up $1.06 on Friday, reaching $33.50. 826,579 shares of the company were exchanged, compared to its average volume of 996,564. DigitalOcean Holdings, Inc. has a 1-year low of $19.39 and a 1-year high of $51.69. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of 3,353.35, a P/E/G ratio of 2.83 and a beta of 1.80. The company’s 50-day moving average is $37.19 and its two-hundred day moving average is $33.23.

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

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).