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

Principal Financial Group Inc. decreased its position in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 3.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,251,932 shares of the company's stock after selling 49,567 shares during the period. Principal Financial Group Inc. owned 1.36% of DigitalOcean worth $42,654,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in DOCN. Geode Capital Management LLC boosted its stake in DigitalOcean by 7.9% during the third quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company's stock worth $59,156,000 after buying an additional 106,636 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in shares of DigitalOcean by 32.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company's stock worth $56,449,000 after acquiring an additional 345,119 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of DigitalOcean by 14.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 565,763 shares of the company's stock worth $22,851,000 after purchasing an additional 70,700 shares during the period. Nordea Investment Management AB increased its holdings in DigitalOcean by 4.5% in the 4th quarter. Nordea Investment Management AB now owns 267,244 shares of the company's stock valued at $9,196,000 after purchasing an additional 11,481 shares during the last quarter. Finally, Janus Henderson Group PLC increased its holdings in DigitalOcean by 2.1% in the 3rd quarter. Janus Henderson Group PLC now owns 185,823 shares of the company's stock valued at $7,505,000 after purchasing an additional 3,801 shares during the last quarter. Institutional investors and hedge funds own 49.77% of the company's stock.

DigitalOcean Trading Down 8.6 %

NYSE:DOCN traded down $3.70 during trading hours on Friday, hitting $39.35. The company's stock had a trading volume of 1,844,670 shares, compared to its average volume of 1,130,742. DigitalOcean Holdings, Inc. has a 52-week low of $26.63 and a 52-week high of $47.02. The stock has a market capitalization of $3.63 billion, a P/E ratio of 46.29, a price-to-earnings-growth ratio of 3.21 and a beta of 1.81. The stock has a fifty day moving average of $38.63 and a 200-day moving average of $38.75.

Insider Transactions at DigitalOcean

In other news, CFO Matt Steinfort sold 12,498 shares of DigitalOcean stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total transaction of $499,920.00. Following the sale, the chief financial officer now owns 517,498 shares in the company, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bratin Saha sold 3,468 shares of the company's stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $38.18, for a total value of $132,408.24. Following the completion of the sale, the insider now directly owns 379,795 shares of the company's stock, valued at approximately $14,500,573.10. This trade represents a 0.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,255 shares of company stock valued at $790,163. 0.74% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Citigroup assumed coverage on shares of DigitalOcean in a research note on Friday, January 24th. They set a "buy" rating and a $45.00 price target on the stock. JMP Securities lifted their price objective on shares of DigitalOcean from $47.00 to $55.00 and gave the company a "market outperform" rating in a report on Monday, January 27th. Cantor Fitzgerald started coverage on shares of DigitalOcean in a report on Friday, January 17th. They set a "neutral" rating and a $39.00 target price on the stock. Morgan Stanley upgraded shares of DigitalOcean from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $40.00 to $41.00 in a research note on Thursday, January 16th. Finally, JPMorgan Chase & Co. upped their price objective on DigitalOcean from $32.00 to $40.00 and gave the stock a "neutral" rating in a research report on Friday, October 25th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, DigitalOcean has an average rating of "Moderate Buy" and a consensus price target of $42.73.

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).