Public Sector Pension Investment Board Buys 16,000 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Public Sector Pension Investment Board lifted its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 13.5% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 134,214 shares of the company's stock after purchasing an additional 16,000 shares during the quarter. Public Sector Pension Investment Board owned about 0.15% of DigitalOcean worth $5,421,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in DOCN. 180 Wealth Advisors LLC boosted its holdings in DigitalOcean by 4.4% in the second quarter. 180 Wealth Advisors LLC now owns 7,120 shares of the company's stock valued at $237,000 after purchasing an additional 297 shares during the last quarter. Harbor Capital Advisors Inc. lifted its stake in DigitalOcean by 4.5% in the second quarter. Harbor Capital Advisors Inc. now owns 8,426 shares of the company's stock valued at $293,000 after buying an additional 359 shares during the last quarter. Sei Investments Co. grew its position in DigitalOcean by 1.5% in the 2nd quarter. Sei Investments Co. now owns 30,834 shares of the company's stock worth $1,071,000 after purchasing an additional 468 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of DigitalOcean by 56.4% during the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company's stock valued at $54,000 after purchasing an additional 483 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV increased its stake in DigitalOcean by 17.8% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company's stock valued at $151,000 after buying an additional 566 shares during the period. 49.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on DOCN shares. Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a research note on Tuesday, November 5th. Barclays boosted their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an "overweight" rating in a research report on Friday, October 11th. UBS Group cut their target price on DigitalOcean from $40.00 to $34.00 and set a "neutral" rating on the stock in a report on Friday, August 9th. Canaccord Genuity Group boosted their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a "buy" rating in a research report on Friday, October 4th. Finally, JPMorgan Chase & Co. raised their price objective on shares of DigitalOcean from $32.00 to $40.00 and gave the stock a "neutral" rating in a research note on Friday, October 25th. Five equities research 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.com, DigitalOcean has a consensus rating of "Hold" and an average price target of $41.50.

Insider Transactions at DigitalOcean

In other news, insider Bratin Saha sold 16,989 shares of the company's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $36.85, for a total transaction of $626,044.65. Following the transaction, the insider now owns 390,296 shares in the company, valued at approximately $14,382,407.60. This represents a 4.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.74% of the company's stock.

DigitalOcean Trading Up 3.1 %

NYSE:DOCN traded up $1.17 on Monday, hitting $39.25. The company's stock had a trading volume of 891,724 shares, compared to its average volume of 1,235,366. DigitalOcean Holdings, Inc. has a one year low of $26.63 and a one year high of $44.80. The firm has a market capitalization of $3.62 billion, a P/E ratio of 46.79, a price-to-earnings-growth ratio of 2.45 and a beta of 1.83. The stock has a fifty day moving average of $40.23 and a two-hundred day moving average of $37.15.

DigitalOcean (NYSE:DOCN - Get Free Report) last released 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 company had revenue of $198.50 million for the quarter, compared to analyst estimates of $196.64 million. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. DigitalOcean's quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.17 EPS. As a group, sell-side analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 EPS 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).