Public Sector Pension Investment Board Purchases 16,000 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Public Sector Pension Investment Board grew its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 13.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 134,214 shares of the company’s stock after purchasing an additional 16,000 shares during the quarter. Public Sector Pension Investment Board’s holdings in DigitalOcean were worth $5,421,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of DOCN. University of Texas Texas AM Investment Management Co. purchased a new stake in DigitalOcean during the 2nd quarter worth about $11,712,000. Bank of New York Mellon Corp boosted its position in shares of DigitalOcean by 66.9% in the second quarter. Bank of New York Mellon Corp now owns 766,043 shares of the company’s stock valued at $26,620,000 after acquiring an additional 307,162 shares during the period. Principal Financial Group Inc. boosted its position in shares of DigitalOcean by 27.9% in the second quarter. Principal Financial Group Inc. now owns 1,178,848 shares of the company’s stock valued at $40,965,000 after acquiring an additional 257,229 shares during the period. Renaissance Technologies LLC increased its holdings in DigitalOcean by 152.6% during the 2nd quarter. Renaissance Technologies LLC now owns 375,600 shares of the company’s stock worth $13,052,000 after acquiring an additional 226,900 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in DigitalOcean by 23.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company’s stock worth $37,512,000 after purchasing an additional 205,007 shares in the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

DigitalOcean Price Performance

NYSE:DOCN opened at $38.08 on Monday. The company has a market capitalization of $3.51 billion, a price-to-earnings ratio of 44.80, a PEG ratio of 2.45 and a beta of 1.83. The business has a 50 day moving average of $40.23 and a 200 day moving average of $37.16. DigitalOcean Holdings, Inc. has a 1-year low of $26.63 and a 1-year high of $44.80.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The firm had revenue of $198.50 million during the quarter, compared to analyst estimates of $196.64 million. During the same period in the previous year, the business posted $0.17 EPS. The business’s quarterly revenue was up 12.1% on a year-over-year basis. As a group, sell-side analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current year.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 16,989 shares of DigitalOcean stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $36.85, for a total value of $626,044.65. Following the transaction, the insider now directly owns 390,296 shares of the company’s stock, valued at $14,382,407.60. The trade was a 4.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.74% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on DOCN. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Canaccord Genuity Group upped their target price on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. UBS Group dropped their price target on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Stifel Nicolaus boosted their price objective on DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. lifted their target price on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $41.50.

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).