Comerica Bank Raises Stock Holdings in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Comerica Bank boosted its holdings in DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 8,170.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 47,390 shares of the company’s stock after buying an additional 46,817 shares during the quarter. Comerica Bank owned 0.06% of DigitalOcean worth $1,739,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its position in DigitalOcean by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 6,391,293 shares of the company’s stock worth $153,583,000 after buying an additional 202,179 shares during the last quarter. Hillsdale Investment Management Inc. purchased a new stake in shares of DigitalOcean during the 4th quarter valued at about $3,133,000. K.J. Harrison & Partners Inc purchased a new stake in shares of DigitalOcean during the 4th quarter valued at about $2,091,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of DigitalOcean by 36.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 901,325 shares of the company’s stock valued at $33,070,000 after purchasing an additional 241,706 shares during the last quarter. Finally, Schroder Investment Management Group purchased a new stake in shares of DigitalOcean during the 3rd quarter valued at about $7,029,000. Hedge funds and other institutional investors own 49.77% of the company’s stock.

DigitalOcean Stock Down 0.5 %

DOCN stock traded down $0.17 during midday trading on Friday, hitting $36.19. The company’s stock had a trading volume of 499,642 shares, compared to its average volume of 2,295,204. DigitalOcean Holdings, Inc. has a 12 month low of $19.39 and a 12 month high of $51.69. The firm has a market capitalization of $3.30 billion, a price-to-earnings ratio of 68.28, a price-to-earnings-growth ratio of 3.56 and a beta of 1.83. The company has a 50 day moving average of $36.22 and a two-hundred day moving average of $35.19.

DigitalOcean (NASDAQ:DOCN) last posted 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. DigitalOcean had a negative return on equity of 26.29% and a net margin of 7.01%. The business had revenue of $180.87 million during the quarter, compared to the consensus estimate of $178.26 million. On average, analysts anticipate that DigitalOcean Holdings, Inc. will post 0.78 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Canaccord Genuity Group upped their price target on shares of DigitalOcean from $41.00 to $42.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Piper Sandler upped their price target on shares of DigitalOcean from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday, February 22nd. UBS Group assumed coverage on shares of DigitalOcean in a research report on Wednesday. They set a “neutral” rating and a $40.00 price target for the company. JMP Securities reaffirmed a “market outperform” rating and set a $47.00 price target on shares of DigitalOcean in a research report on Monday, May 13th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research note on Monday, May 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, DigitalOcean has an average rating of “Hold” and a consensus price target of $38.00.

DigitalOcean 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).