Wesbanco Bank Inc. Invests $808,000 in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Wesbanco Bank Inc. purchased a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 24,200 shares of the company’s stock, valued at approximately $808,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Viking Fund Management LLC bought a new position in shares of DigitalOcean during the 1st quarter worth $2,170,000. Northern Trust Corp boosted its stake in DigitalOcean by 14.8% in the 4th quarter. Northern Trust Corp now owns 725,960 shares of the company’s stock worth $24,733,000 after purchasing an additional 93,347 shares during the period. Oppenheimer & Co. Inc. bought a new position in DigitalOcean in the 4th quarter worth about $333,000. Bank of New York Mellon Corp boosted its stake in DigitalOcean by 19.7% in the 4th quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock worth $26,979,000 after purchasing an additional 130,263 shares during the period. Finally, Illinois Municipal Retirement Fund bought a new position in DigitalOcean in the 4th quarter worth about $1,139,000. Institutional investors own 49.77% of the company’s stock.

DigitalOcean Trading Up 1.2%

Shares of NYSE DOCN opened at $28.97 on Tuesday. The stock has a market cap of $2.64 billion, a price-to-earnings ratio of 34.08, a P/E/G ratio of 3.12 and a beta of 1.78. DigitalOcean Holdings, Inc. has a 1-year low of $25.45 and a 1-year high of $47.02. The stock’s 50-day moving average is $29.21 and its 200 day moving average is $35.20.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.11. The company had revenue of $210.70 million for the quarter, compared to analysts’ expectations of $208.63 million. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. DigitalOcean’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same period last year, the firm posted $0.43 EPS. On average, analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have commented on DOCN. Stifel Nicolaus cut their target price on DigitalOcean from $40.00 to $33.00 and set a “hold” rating for the company in a research note on Monday, April 7th. Citigroup cut their target price on DigitalOcean from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. JPMorgan Chase & Co. raised their target price on DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 26th. Barclays cut their target price on DigitalOcean from $48.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Finally, Cantor Fitzgerald lifted their price target on DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $39.83.

Insiders Place Their Bets

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of DigitalOcean stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $36.63, for a total value of $144,615.24. Following the transaction, the insider now directly owns 358,696 shares of the company’s stock, valued at $13,139,034.48. The trade was a 1.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.96% of the company’s stock.

DigitalOcean Company 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).