Amalgamated Bank Raises Stock Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Amalgamated Bank lifted its position in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 13.5% during the third quarter, Holdings Channel reports. The institutional investor owned 18,552 shares of the company’s stock after buying an additional 2,205 shares during the quarter. Amalgamated Bank’s holdings in DigitalOcean were worth $749,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Farther Finance Advisors LLC purchased a new stake in DigitalOcean during the 3rd quarter worth approximately $30,000. Blue Trust Inc. grew its position in DigitalOcean by 380.6% during the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after purchasing an additional 959 shares during the last quarter. Nisa Investment Advisors LLC grew its position in DigitalOcean by 56.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock worth $54,000 after purchasing an additional 483 shares during the last quarter. Covestor Ltd grew its position in DigitalOcean by 571.4% during the 1st quarter. Covestor Ltd now owns 1,947 shares of the company’s stock worth $74,000 after purchasing an additional 1,657 shares during the last quarter. Finally, Quest Partners LLC grew its position in DigitalOcean by 11,041.9% during the 2nd quarter. Quest Partners LLC now owns 3,454 shares of the company’s stock worth $120,000 after purchasing an additional 3,423 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

DigitalOcean Price Performance

DOCN opened at $36.85 on Friday. The firm has a fifty day moving average price of $40.67 and a 200 day moving average price of $36.93. DigitalOcean Holdings, Inc. has a 1 year low of $26.10 and a 1 year high of $44.80. The stock has a market cap of $3.40 billion, a P/E ratio of 43.35, a P/E/G ratio of 2.44 and a beta of 1.83.

DigitalOcean (NYSE:DOCN) last posted its earnings results on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $196.64 million. During the same period in the previous year, the business posted $0.17 EPS. The business’s revenue was up 12.1% compared to the same quarter last year. Equities analysts expect that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on DOCN shares. Canaccord Genuity Group boosted their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Barclays upped their price objective on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. JPMorgan Chase & Co. upped their price objective on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Finally, Stifel Nicolaus upped their price objective on shares of DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a report on Friday, August 9th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, DigitalOcean currently has an average rating of “Hold” and a consensus price target of $41.50.

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).