Principal Financial Group Inc. Raises Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Principal Financial Group Inc. increased 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 firm owned 1,301,499 shares of the company's stock after purchasing an additional 122,651 shares during the period. Principal Financial Group Inc. owned approximately 1.41% of DigitalOcean worth $52,568,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in DOCN. Louisiana State Employees Retirement System bought a new position in shares of DigitalOcean during the 2nd quarter worth about $938,000. Bank of New York Mellon Corp increased its holdings in shares of DigitalOcean by 66.9% during 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 in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of DigitalOcean by 1.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 54,425 shares of the company's stock worth $1,891,000 after purchasing an additional 865 shares during the period. Ameritas Advisory Services LLC bought a new position in shares of DigitalOcean in the 2nd quarter worth $278,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in DigitalOcean by 34.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,676 shares of the company's stock valued at $406,000 after purchasing an additional 3,013 shares during the period. Institutional investors and hedge funds own 49.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Barclays upped their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an "overweight" rating in a report on Friday, October 11th. JPMorgan Chase & Co. lifted their target price on DigitalOcean from $32.00 to $40.00 and gave the company a "neutral" rating in a research report on Friday, October 25th. Needham & Company LLC reiterated a "hold" rating on shares of DigitalOcean in a report on Tuesday, November 5th. Canaccord Genuity Group upped their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a "buy" rating in a research note on Friday, October 4th. Finally, Stifel Nicolaus raised their price target on shares of DigitalOcean from $35.00 to $40.00 and gave the company a "hold" rating in a research report on Wednesday, December 18th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $42.13.

Insider Transactions at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,468 shares of the firm's stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total value of $132,408.24. Following the completion of the transaction, the insider now owns 379,795 shares in the company, valued at $14,500,573.10. This trade represents a 0.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Matt Steinfort sold 12,498 shares of DigitalOcean stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total value of $499,920.00. Following the transaction, the chief financial officer now directly owns 517,498 shares of the company's stock, valued at $20,699,920. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,955 shares of company stock worth $1,258,373 over the last quarter. Corporate insiders own 0.74% of the company's stock.

DigitalOcean Price Performance

Shares of DigitalOcean stock traded down $0.02 on Monday, reaching $35.68. 633,650 shares of the company traded hands, compared to its average volume of 1,207,860. The firm has a market capitalization of $3.29 billion, a PE ratio of 41.98, a PEG ratio of 2.47 and a beta of 1.76. The company has a 50 day moving average of $39.27 and a 200 day moving average of $37.27. 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, beating the consensus estimate of $0.40 by $0.12. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The firm had revenue of $198.50 million for the quarter, compared to analyst estimates of $196.64 million. During the same period in the previous year, the company posted $0.17 earnings per share. The business's revenue was up 12.1% on a year-over-year basis. As a group, analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

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).