Victory Capital Management Inc. Purchases 8,481 Shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Victory Capital Management Inc. lifted its position in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 95.8% in the second quarter, HoldingsChannel reports. The fund owned 17,332 shares of the company’s stock after buying an additional 8,481 shares during the period. Victory Capital Management Inc.’s holdings in DigitalOcean were worth $602,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in DOCN. Wolf Hill Capital Management LP bought a new stake in shares of DigitalOcean during the fourth quarter worth $86,834,000. Vanguard Group Inc. raised its position in shares of DigitalOcean by 11.5% during the first quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock worth $256,897,000 after acquiring an additional 696,426 shares during the last quarter. Mubadala Investment Co PJSC bought a new stake in DigitalOcean in the fourth quarter valued at about $21,881,000. Norges Bank bought a new stake in DigitalOcean in the fourth quarter valued at about $17,660,000. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in DigitalOcean in the second quarter valued at about $11,712,000. Institutional investors own 49.77% of the company’s stock.

DigitalOcean Trading Up 2.4 %

NASDAQ:DOCN opened at $43.23 on Monday. DigitalOcean Holdings, Inc. has a 1 year low of $19.39 and a 1 year high of $43.88. The stock has a market cap of $3.94 billion, a price-to-earnings ratio of 81.57, a PEG ratio of 3.15 and a beta of 1.83. The stock has a 50-day moving average price of $35.39 and a two-hundred day moving average price of $35.87.

DigitalOcean (NASDAQ:DOCN) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.09. The company had revenue of $192.00 million during the quarter, compared to analysts’ expectations of $188.63 million. DigitalOcean had a negative return on equity of 31.71% and a net margin of 9.30%. DigitalOcean’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.11 earnings per share. Sell-side analysts forecast that DigitalOcean Holdings, Inc. will post 0.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Piper Sandler dropped their price objective on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, July 15th. Barclays dropped their price objective on DigitalOcean from $43.00 to $38.00 and set an “overweight” rating for the company in a report on Friday, August 9th. Stifel Nicolaus upped their price objective on DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a report on Friday, August 9th. Finally, UBS Group dropped their price objective on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, DigitalOcean has an average rating of “Moderate Buy” and an average target price of $37.67.

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).