Jacobs Levy Equity Management Inc. Increases Stock Position in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Jacobs Levy Equity Management Inc. raised its stake in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 8.0% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 864,514 shares of the company’s stock after acquiring an additional 63,771 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 0.95% of DigitalOcean worth $33,007,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Wolf Hill Capital Management LP bought a new stake in shares of DigitalOcean in the fourth quarter worth $86,834,000. Vanguard Group Inc. grew its stake in shares of DigitalOcean by 11.5% during the 1st quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock valued at $256,897,000 after purchasing an additional 696,426 shares during the period. Mubadala Investment Co PJSC purchased a new stake in shares of DigitalOcean during the 4th quarter valued at about $21,881,000. Norges Bank bought a new position in shares of DigitalOcean in the 4th quarter worth approximately $17,660,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of DigitalOcean by 36.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 901,325 shares of the company’s stock worth $33,070,000 after buying an additional 241,706 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

Insider Activity at DigitalOcean

In other DigitalOcean news, Director Amy Butte sold 5,220 shares of DigitalOcean stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $37.46, for a total value of $195,541.20. Following the sale, the director now owns 36,417 shares of the company’s stock, valued at approximately $1,364,180.82. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.74% of the stock is owned by corporate insiders.

DigitalOcean Price Performance

Shares of DOCN stock traded down $0.67 during mid-day trading on Tuesday, hitting $31.80. The company had a trading volume of 830,618 shares, compared to its average volume of 1,213,858. The stock’s 50 day moving average price is $34.87 and its 200-day moving average price is $35.95. DigitalOcean Holdings, Inc. has a 52-week low of $19.39 and a 52-week high of $49.60. The company has a market capitalization of $2.90 billion, a P/E ratio of 38.77, a P/E/G ratio of 3.14 and a beta of 1.82.

DigitalOcean (NASDAQ:DOCN) last announced its quarterly earnings results on Friday, May 10th. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.18 by $0.06. The business had revenue of $184.73 million for the quarter, compared to analysts’ expectations of $182.70 million. DigitalOcean had a net margin of 7.01% and a negative return on equity of 26.29%. On average, equities research analysts expect that DigitalOcean Holdings, Inc. will post 0.78 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on DOCN shares. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a report on Monday, May 13th. UBS Group began coverage on DigitalOcean in a research report on Wednesday, May 22nd. They set a “neutral” rating and a $40.00 price objective on the stock. Canaccord Genuity Group increased their target price on shares of DigitalOcean from $41.00 to $42.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Piper Sandler lowered their price target on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $47.00 price target on shares of DigitalOcean in a research report on Monday, May 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, DigitalOcean presently has a consensus rating of “Hold” and a consensus 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).