Alterity Financial Group LLC Invests $230,000 in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Alterity Financial Group LLC acquired a new position in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) during the fourth quarter, Holdings Channel.com reports. The fund acquired 6,260 shares of the company’s stock, valued at approximately $230,000.

Other hedge funds have also added to or reduced their stakes in the company. Advisors Asset Management Inc. bought a new stake in DigitalOcean during the 1st quarter worth approximately $42,000. Geneos Wealth Management Inc. raised its position in shares of DigitalOcean by 253.4% in the first quarter. Geneos Wealth Management Inc. now owns 1,258 shares of the company’s stock worth $72,000 after buying an additional 902 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC bought a new stake in DigitalOcean during the third quarter valued at $41,000. Macquarie Group Ltd. grew its position in DigitalOcean by 48.1% during the second quarter. Macquarie Group Ltd. now owns 1,747 shares of the company’s stock worth $72,000 after buying an additional 567 shares in the last quarter. Finally, State of Wyoming boosted its position in shares of DigitalOcean by 42.4% during the 2nd quarter. State of Wyoming now owns 1,988 shares of the company’s stock valued at $80,000 after acquiring an additional 592 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

DigitalOcean Price Performance

DOCN opened at $38.18 on Friday. The firm has a market capitalization of $3.47 billion, a price-to-earnings ratio of 66.24, a PEG ratio of 3.35 and a beta of 1.81. DigitalOcean Holdings, Inc. has a one year low of $19.39 and a one year high of $51.69. The business has a 50 day simple moving average of $37.56 and a two-hundred day simple moving average of $31.60.

DigitalOcean (NASDAQ:DOCN) last announced its quarterly earnings results on Wednesday, February 21st. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.23. The company had revenue of $180.87 million during the quarter, compared to analyst estimates of $178.26 million. DigitalOcean had a negative return on equity of 19.85% and a net margin of 0.12%. As a group, sell-side analysts expect that DigitalOcean Holdings, Inc. will post 0.77 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

DOCN has been the topic of a number of recent analyst reports. Oppenheimer raised their target price on shares of DigitalOcean from $37.00 to $46.00 and gave the company an “outperform” rating in a research note on Thursday, February 22nd. Barclays raised their price target on DigitalOcean from $37.00 to $43.00 and gave the company an “overweight” rating in a research report on Friday, January 12th. Piper Sandler upped their price objective on DigitalOcean from $35.00 to $38.00 and gave the stock a “neutral” rating in a report on Thursday, February 22nd. Finally, JMP Securities reissued a “market outperform” rating and set a $47.00 price objective on shares of DigitalOcean in a report on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $37.60.

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).