Charles Schwab Investment Management Inc. Buys 70,700 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Charles Schwab Investment Management Inc. boosted its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 14.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 565,763 shares of the company's stock after purchasing an additional 70,700 shares during the period. Charles Schwab Investment Management Inc. owned about 0.61% of DigitalOcean worth $22,851,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Principal Financial Group Inc. grew its position in shares of DigitalOcean by 10.4% in the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company's stock valued at $52,568,000 after purchasing an additional 122,651 shares in the last quarter. Van Berkom & Associates Inc. lifted its holdings in shares of DigitalOcean by 1.6% in the 2nd quarter. Van Berkom & Associates Inc. now owns 1,273,103 shares of the company's stock worth $44,240,000 after acquiring an additional 19,731 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in DigitalOcean by 23.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company's stock valued at $37,512,000 after buying an additional 205,007 shares during the period. Bank of New York Mellon Corp increased its stake in DigitalOcean by 66.9% in 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 during the period. Finally, Renaissance Technologies LLC raised its holdings in DigitalOcean by 152.6% during the 2nd quarter. Renaissance Technologies LLC now owns 375,600 shares of the company's stock valued at $13,052,000 after buying an additional 226,900 shares during the last quarter. Institutional investors own 49.77% of the company's stock.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 16,989 shares of the stock in a transaction dated 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 owns 390,296 shares of the company's stock, valued at approximately $14,382,407.60. This represents a 4.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.74% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on DOCN. Stifel Nicolaus lifted their price target on shares of DigitalOcean from $32.00 to $35.00 and gave the company a "hold" rating in a report on Friday, August 9th. UBS Group cut their target price on shares of DigitalOcean from $40.00 to $34.00 and set a "neutral" rating on the stock in a research note on Friday, August 9th. Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a research note on Tuesday, November 5th. JPMorgan Chase & Co. upped their target price on DigitalOcean from $32.00 to $40.00 and gave the stock a "neutral" rating in a report on Friday, October 25th. Finally, Canaccord Genuity Group raised their target price on DigitalOcean from $42.00 to $48.00 and gave the company a "buy" rating in a research note on Friday, October 4th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $41.50.

DigitalOcean Stock Performance

Shares of DOCN traded up $0.63 during trading hours on Friday, hitting $40.17. The company had a trading volume of 544,470 shares, compared to its average volume of 1,224,587. The stock has a market capitalization of $3.71 billion, a price-to-earnings ratio of 46.52, a P/E/G ratio of 2.50 and a beta of 1.76. The firm has a fifty day moving average price of $40.09 and a 200-day moving average price of $37.21. DigitalOcean Holdings, Inc. has a 52-week low of $26.63 and a 52-week high of $44.80.

DigitalOcean (NYSE:DOCN - Get Free Report) last issued its earnings results on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.12. The firm had revenue of $198.50 million for 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 business's revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.17 earnings per share. Research analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

About DigitalOcean

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).