DigitalOcean Holdings, Inc. (NYSE:DOCN) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. increased its stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 10.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,301,499 shares of the company’s stock after acquiring an additional 122,651 shares during the period. Principal Financial Group Inc.’s holdings in DigitalOcean were worth $52,568,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Geode Capital Management LLC grew its holdings in shares of DigitalOcean by 7.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company’s stock worth $59,156,000 after acquiring an additional 106,636 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its stake in DigitalOcean by 32.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock valued at $56,449,000 after acquiring an additional 345,119 shares in the last quarter. Van Berkom & Associates Inc. increased its stake in DigitalOcean by 1.6% in the 2nd quarter. Van Berkom & Associates Inc. now owns 1,273,103 shares of the company’s stock valued at $44,240,000 after buying an additional 19,731 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of DigitalOcean by 23.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company’s stock worth $37,512,000 after acquiring an additional 205,007 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of DigitalOcean by 66.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 766,043 shares of the company’s stock worth $26,620,000 after purchasing an additional 307,162 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at DigitalOcean

In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the completion of the sale, the chief financial officer now directly owns 517,498 shares in the company, valued at $20,699,920. This trade represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Bratin Saha sold 3,468 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $38.18, for a total value of $132,408.24. Following the completion of the sale, the insider now owns 379,795 shares of the company’s stock, valued at $14,500,573.10. This trade represents a 0.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,955 shares of company stock worth $1,258,373 in the last 90 days. Corporate insiders own 0.74% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Stifel Nicolaus raised their price target on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. JPMorgan Chase & Co. upped their price target on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Canaccord Genuity Group increased their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Finally, Barclays raised their price target on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $42.13.

DigitalOcean Stock Up 0.7 %

Shares of DOCN stock opened at $35.70 on Monday. The company has a market capitalization of $3.29 billion, a price-to-earnings ratio of 42.00, a P/E/G ratio of 2.47 and a beta of 1.76. The firm has a fifty day moving average of $39.27 and a 200-day moving average of $37.27. DigitalOcean Holdings, Inc. has a 12-month low of $26.63 and a 12-month high of $44.80.

DigitalOcean (NYSE:DOCN) last released its earnings results on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. The business had revenue of $198.50 million during the quarter, compared to the consensus estimate of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.17 earnings per share. On average, equities analysts expect that DigitalOcean Holdings, Inc. will post 1.01 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).