BSW Wealth Partners Sells 6,671 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

BSW Wealth Partners decreased its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 32.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,956 shares of the company’s stock after selling 6,671 shares during the period. BSW Wealth Partners’ holdings in DigitalOcean were worth $564,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in DOCN. Farther Finance Advisors LLC purchased a new stake in DigitalOcean in the 3rd quarter worth $30,000. FinTrust Capital Advisors LLC purchased a new stake in shares of DigitalOcean in the first quarter worth about $36,000. Blue Trust Inc. grew its holdings in DigitalOcean by 380.6% during the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after buying an additional 959 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in DigitalOcean by 56.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock worth $54,000 after acquiring an additional 483 shares during the last quarter. Finally, Covestor Ltd raised its holdings in shares of DigitalOcean by 571.4% during the 1st quarter. Covestor Ltd now owns 1,947 shares of the company’s stock worth $74,000 after acquiring an additional 1,657 shares in the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

Wall Street Analyst Weigh In

DOCN has been the topic of a number of research reports. UBS Group reduced their target price on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. JPMorgan Chase & Co. raised their price objective on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Barclays boosted their target price on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Piper Sandler lowered their price target on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a research report on Monday, July 15th. Finally, Canaccord Genuity Group lifted their price objective on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, DigitalOcean has an average rating of “Moderate Buy” and an average price target of $40.56.

DigitalOcean Stock Performance

DigitalOcean stock traded up $1.25 during mid-day trading on Friday, reaching $40.83. 1,460,970 shares of the company were exchanged, compared to its average volume of 825,955. DigitalOcean Holdings, Inc. has a 12-month low of $20.21 and a 12-month high of $44.80. The business has a fifty day moving average of $40.45 and a 200 day moving average of $36.62. The firm has a market cap of $3.76 billion, a P/E ratio of 56.71, a PEG ratio of 3.14 and a beta of 1.83.

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

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).