Mirae Asset Global Investments Co. Ltd. Reduces Stake in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Mirae Asset Global Investments Co. Ltd. trimmed its stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 12.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,337 shares of the company’s stock after selling 3,071 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in DigitalOcean were worth $916,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. 180 Wealth Advisors LLC boosted its stake in DigitalOcean by 4.4% in the second quarter. 180 Wealth Advisors LLC now owns 7,120 shares of the company’s stock valued at $237,000 after acquiring an additional 297 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in shares of DigitalOcean by 4.5% in the second quarter. Harbor Capital Advisors Inc. now owns 8,426 shares of the company’s stock valued at $293,000 after purchasing an additional 359 shares during the period. Sei Investments Co. raised its position in shares of DigitalOcean by 1.5% in the second quarter. Sei Investments Co. now owns 30,834 shares of the company’s stock valued at $1,071,000 after purchasing an additional 468 shares during the period. Empowered Funds LLC raised its position in shares of DigitalOcean by 10.0% in the first quarter. Empowered Funds LLC now owns 7,852 shares of the company’s stock valued at $300,000 after purchasing an additional 711 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in shares of DigitalOcean by 1.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 54,425 shares of the company’s stock valued at $1,891,000 after purchasing an additional 865 shares during the period. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

DOCN has been the topic of several research reports. Canaccord Genuity Group boosted their price target on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, October 4th. UBS Group lowered their price target on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Stifel Nicolaus boosted their price target on shares of DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, August 9th. JPMorgan Chase & Co. upped their target price on shares of DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Finally, Barclays upped their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $40.56.

DigitalOcean Price Performance

Shares of NYSE:DOCN opened at $40.81 on Friday. The company’s fifty day moving average price is $40.45 and its 200-day moving average price is $36.60. The firm has a market capitalization of $3.76 billion, a price-to-earnings ratio of 56.68, a PEG ratio of 3.25 and a beta of 1.83. DigitalOcean Holdings, Inc. has a one year low of $20.21 and a one year high of $44.80.

DigitalOcean (NYSE:DOCN) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.09. The firm had revenue of $192.00 million for the quarter, compared to analyst estimates of $188.63 million. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.11 EPS. As a group, equities research analysts expect that DigitalOcean Holdings, Inc. will post 0.86 EPS 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).