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

Principal Financial Group Inc. grew its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 10.4% in the 3rd quarter, according to its most recent disclosure 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. owned about 1.41% of DigitalOcean worth $52,568,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Amalgamated Bank raised its holdings in DigitalOcean by 13.5% in the third quarter. Amalgamated Bank now owns 18,552 shares of the company's stock valued at $749,000 after acquiring an additional 2,205 shares in the last quarter. Harbor Capital Advisors Inc. raised its stake in shares of DigitalOcean by 369.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 39,518 shares of the company's stock valued at $1,596,000 after purchasing an additional 31,092 shares in the last quarter. Farther Finance Advisors LLC bought a new position in shares of DigitalOcean during the third quarter worth about $30,000. Creative Financial Designs Inc. ADV grew its stake in DigitalOcean by 17.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company's stock worth $151,000 after purchasing an additional 566 shares in the last quarter. Finally, US Bancorp DE increased its holdings in DigitalOcean by 16.2% in the third quarter. US Bancorp DE now owns 14,995 shares of the company's stock valued at $606,000 after buying an additional 2,087 shares during the last quarter. Institutional investors and hedge funds own 49.77% of the company's stock.

DigitalOcean Price Performance

Shares of NYSE DOCN traded up $0.93 during midday trading on Monday, reaching $39.43. 1,179,169 shares of the company traded hands, compared to its average volume of 1,261,757. The stock has a 50-day moving average price of $40.52 and a 200 day moving average price of $36.86. The company has a market cap of $3.64 billion, a price-to-earnings ratio of 46.39, a PEG ratio of 2.76 and a beta of 1.83. DigitalOcean Holdings, Inc. has a 52 week low of $24.60 and a 52 week high of $44.80.

DigitalOcean (NYSE:DOCN - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $198.50 million during the quarter, compared to analyst estimates of $196.64 million. During the same period in the prior year, the business posted $0.17 EPS. The business's revenue for the quarter was up 12.1% compared to the same quarter last year. As a group, analysts expect that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Canaccord Genuity Group increased their target price on DigitalOcean from $42.00 to $48.00 and gave the stock a "buy" rating in a report on Friday, October 4th. JPMorgan Chase & Co. lifted their price target on shares of DigitalOcean from $32.00 to $40.00 and gave the company a "neutral" rating in a report on Friday, October 25th. Barclays increased their price objective 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. UBS Group decreased their target price on DigitalOcean from $40.00 to $34.00 and set a "neutral" rating for the company in a research note on Friday, August 9th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target 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).