Thrivent Financial for Lutherans Acquires 5,072 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Thrivent Financial for Lutherans increased its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 11.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,687 shares of the company’s stock after acquiring an additional 5,072 shares during the quarter. Thrivent Financial for Lutherans owned about 0.05% of DigitalOcean worth $2,007,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of DOCN. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of DigitalOcean in the second quarter worth $11,712,000. Bank of New York Mellon Corp increased its stake in DigitalOcean by 66.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 766,043 shares of the company’s stock valued at $26,620,000 after purchasing an additional 307,162 shares in the last quarter. Principal Financial Group Inc. raised its holdings in DigitalOcean by 27.9% in the second quarter. Principal Financial Group Inc. now owns 1,178,848 shares of the company’s stock worth $40,965,000 after buying an additional 257,229 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of DigitalOcean by 152.6% in the second quarter. Renaissance Technologies LLC now owns 375,600 shares of the company’s stock worth $13,052,000 after buying an additional 226,900 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of DigitalOcean by 23.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company’s stock valued at $37,512,000 after buying an additional 205,007 shares during the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on DOCN. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research note on Tuesday, November 5th. Barclays lifted their price objective on DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. JPMorgan Chase & Co. upped their target price on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Canaccord Genuity Group lifted their price target 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, UBS Group lowered their price objective on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $41.50.

DigitalOcean Trading Down 2.1 %

DOCN opened at $37.88 on Friday. The firm’s 50 day simple moving average is $40.42 and its two-hundred day simple moving average is $37.17. The company has a market capitalization of $3.50 billion, a PE ratio of 44.56, a PEG ratio of 2.54 and a beta of 1.83. DigitalOcean Holdings, Inc. has a 1-year low of $26.63 and a 1-year high of $44.80.

DigitalOcean (NYSE:DOCN) last announced its earnings results on Monday, November 4th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. The company had revenue of $198.50 million for the quarter, compared to analysts’ expectations of $196.64 million. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. DigitalOcean’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period last year, the firm earned $0.17 EPS. Equities analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

Insider Activity at DigitalOcean

In related news, insider Bratin Saha sold 16,989 shares of DigitalOcean stock in a transaction on 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. The trade was a 4.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.74% of the stock is currently owned by corporate insiders.

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).