DigitalOcean Holdings, Inc. $DOCN Stock Position Raised by Cherry Creek Investment Advisors Inc.

Cherry Creek Investment Advisors Inc. grew its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 18.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 45,831 shares of the company’s stock after purchasing an additional 7,228 shares during the period. Cherry Creek Investment Advisors Inc. owned about 0.05% of DigitalOcean worth $1,309,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Versor Investments LP purchased a new stake in shares of DigitalOcean during the second quarter valued at $568,000. Jennison Associates LLC purchased a new stake in shares of DigitalOcean during the second quarter valued at $455,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of DigitalOcean during the second quarter valued at $478,000. AlphaQuest LLC lifted its holdings in shares of DigitalOcean by 66.5% during the second quarter. AlphaQuest LLC now owns 15,386 shares of the company’s stock valued at $439,000 after purchasing an additional 6,145 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of DigitalOcean by 12.9% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 18,884 shares of the company’s stock valued at $539,000 after purchasing an additional 2,155 shares during the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at DigitalOcean

In other news, insider Bratin Saha sold 13,010 shares of the firm’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $31.87, for a total transaction of $414,628.70. Following the completion of the sale, the insider directly owned 269,465 shares of the company’s stock, valued at $8,587,849.55. This trade represents a 4.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.74% of the stock is owned by company insiders.

DigitalOcean Trading Down 5.6%

Shares of DigitalOcean stock opened at $39.11 on Wednesday. The stock has a 50-day moving average price of $37.15 and a 200 day moving average price of $32.16. The company has a market cap of $3.56 billion, a P/E ratio of 30.08, a P/E/G ratio of 2.35 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.

DigitalOcean (NYSE:DOCN) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.12. DigitalOcean had a negative return on equity of 73.19% and a net margin of 15.18%.The company had revenue of $218.70 million during the quarter, compared to the consensus estimate of $216.62 million. During the same period last year, the business earned $0.48 EPS. The business’s quarterly revenue was up 13.6% on a year-over-year basis. On average, equities analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently commented on DOCN shares. Canaccord Genuity Group upped their target price on DigitalOcean from $49.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, October 9th. Morgan Stanley upped their target price on DigitalOcean from $41.00 to $44.00 and gave the company an “overweight” rating in a report on Wednesday, August 6th. Wall Street Zen raised DigitalOcean from a “hold” rating to a “buy” rating in a report on Saturday. Weiss Ratings reissued a “hold (c)” rating on shares of DigitalOcean in a research note on Wednesday, October 8th. Finally, UBS Group began coverage on DigitalOcean in a research note on Tuesday, October 7th. They issued a “neutral” rating and a $40.00 price objective for the company. Six analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $42.73.

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).