K.J. Harrison & Partners Inc Buys New Holdings in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

K.J. Harrison & Partners Inc purchased a new position in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 57,000 shares of the company’s stock, valued at approximately $2,091,000. K.J. Harrison & Partners Inc owned approximately 0.07% of DigitalOcean as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Householder Group Estate & Retirement Specialist LLC grew its stake in shares of DigitalOcean by 41.0% during the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 2,399 shares of the company’s stock worth $88,000 after purchasing an additional 698 shares in the last quarter. Tennessee Valley Asset Management Partners purchased a new position in shares of DigitalOcean in the 4th quarter valued at about $35,000. Arizona State Retirement System raised its position in shares of DigitalOcean by 6.4% during the 4th quarter. Arizona State Retirement System now owns 16,144 shares of the company’s stock worth $592,000 after acquiring an additional 971 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in DigitalOcean by 8.2% during the third quarter. Harbor Capital Advisors Inc. now owns 13,174 shares of the company’s stock worth $317,000 after purchasing an additional 998 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in DigitalOcean by 1.1% during the third quarter. Rhumbline Advisers now owns 89,640 shares of the company’s stock worth $2,154,000 after purchasing an additional 1,017 shares during the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

DigitalOcean Stock Up 3.3 %

DOCN traded up $1.06 on Friday, hitting $33.50. 826,579 shares of the company traded hands, compared to its average volume of 996,564. DigitalOcean Holdings, Inc. has a 12-month low of $19.39 and a 12-month high of $51.69. The company has a 50 day moving average of $37.19 and a 200-day moving average of $33.23. The stock has a market capitalization of $3.05 billion, a PE ratio of 3,353.35, a PEG ratio of 2.83 and a beta of 1.80.

DigitalOcean (NASDAQ:DOCN) last issued its quarterly 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 during the quarter, compared to the consensus estimate of $178.26 million. DigitalOcean had a negative return on equity of 19.85% and a net margin of 0.12%. On average, research analysts anticipate that DigitalOcean Holdings, Inc. will post 0.77 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on DOCN shares. Barclays boosted their price objective on shares of DigitalOcean from $37.00 to $43.00 and gave the stock an “overweight” rating in a research report on Friday, January 12th. Oppenheimer boosted their price target on shares of DigitalOcean from $37.00 to $46.00 and gave the company an “outperform” rating in a research report on Thursday, February 22nd. JMP Securities reaffirmed a “market outperform” rating and set a $47.00 price objective on shares of DigitalOcean in a report on Thursday, March 21st. Finally, Piper Sandler boosted their target price on DigitalOcean from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, DigitalOcean presently has a consensus rating of “Moderate Buy” and an average target price of $36.78.

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).