Teachers Retirement System of The State of Kentucky Takes $669,000 Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Teachers Retirement System of The State of Kentucky bought a new position in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 19,250 shares of the company's stock, valued at approximately $669,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DOCN. FinTrust Capital Advisors LLC acquired a new position in DigitalOcean in the first quarter valued at about $36,000. Covestor Ltd lifted its stake in DigitalOcean by 571.4% in the first quarter. Covestor Ltd now owns 1,947 shares of the company's stock valued at $74,000 after buying an additional 1,657 shares in the last quarter. Scarborough Advisors LLC acquired a new position in shares of DigitalOcean in the fourth quarter valued at approximately $98,000. Ables Iannone Moore & Associates Inc. bought a new stake in shares of DigitalOcean during the fourth quarter worth $102,000. Finally, Quest Partners LLC raised its holdings in shares of DigitalOcean by 11,041.9% during the second quarter. Quest Partners LLC now owns 3,454 shares of the company's stock worth $120,000 after acquiring an additional 3,423 shares during the period. 49.77% of the stock is owned by institutional investors.

DigitalOcean Stock Performance

NYSE:DOCN traded up $3.37 during mid-day trading on Friday, hitting $42.90. The stock had a trading volume of 1,112,436 shares, compared to its average volume of 1,288,158. The company's 50 day simple moving average is $36.96 and its 200 day simple moving average is $35.95. The stock has a market cap of $3.91 billion, a price-to-earnings ratio of 80.94, a PEG ratio of 3.26 and a beta of 1.83. DigitalOcean Holdings, Inc. has a twelve month low of $19.39 and a twelve month high of $43.88.

DigitalOcean (NYSE:DOCN - Get Free Report) last released its earnings results on Thursday, August 8th. The company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.39 by $0.09. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The firm had revenue of $192.00 million for the quarter, compared to analyst estimates of $188.63 million. During the same period last year, the firm earned $0.11 EPS. The business's quarterly revenue was up 13.1% compared to the same quarter last year. As a group, equities analysts forecast that DigitalOcean Holdings, Inc. will post 0.86 earnings per share for the current year.

Analyst Ratings Changes

DOCN has been the subject of a number of research reports. Piper Sandler lowered their target price on DigitalOcean from $38.00 to $34.00 and set a "neutral" rating for the company in a report on Monday, July 15th. UBS Group dropped their target price on DigitalOcean from $40.00 to $34.00 and set a "neutral" rating on the stock in a research report on Friday, August 9th. Barclays reduced their price target on DigitalOcean from $43.00 to $38.00 and set an "overweight" rating for the company in a research report on Friday, August 9th. Canaccord Genuity Group lifted their price objective on shares of DigitalOcean from $42.00 to $48.00 and gave the company a "buy" rating in a report on Friday. Finally, Stifel Nicolaus increased their target price on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a "hold" rating in a report on Friday, August 9th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, DigitalOcean presently has an average rating of "Moderate Buy" and a consensus price target of $38.33.

DigitalOcean 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).