Pacer Advisors Inc. Acquires 1,419 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Pacer Advisors Inc. increased its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 33.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,712 shares of the company’s stock after purchasing an additional 1,419 shares during the quarter. Pacer Advisors Inc.’s holdings in DigitalOcean were worth $195,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its holdings in shares of DigitalOcean by 7.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company’s stock valued at $59,156,000 after acquiring an additional 106,636 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in DigitalOcean by 32.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock valued at $56,449,000 after purchasing an additional 345,119 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of DigitalOcean by 10.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock worth $52,568,000 after purchasing an additional 122,651 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake 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 in the last quarter. Finally, Nordea Investment Management AB boosted its holdings in shares of 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 buying an additional 11,481 shares during the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DOCN has been the topic of a number of recent analyst reports. Cantor Fitzgerald initiated 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. Stifel Nicolaus upped their target price on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. JMP Securities upped their price objective on DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a research note on Monday, January 27th. Finally, Citigroup assumed coverage on DigitalOcean in a research note on Friday, January 24th. They set a “buy” rating and a $45.00 target price for the company. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, DigitalOcean currently has an average rating of “Moderate Buy” and a consensus price target of $42.73.

DigitalOcean Stock Performance

Shares of DigitalOcean stock opened at $40.78 on Wednesday. The firm has a 50-day moving average of $37.23 and a 200-day moving average of $37.75. DigitalOcean Holdings, Inc. has a 52-week low of $26.63 and a 52-week high of $44.80. The stock has a market cap of $3.76 billion, a PE ratio of 47.98, a PEG ratio of 3.01 and a beta of 1.81.

DigitalOcean (NYSE:DOCN) last issued its quarterly 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 business had revenue of $198.50 million during the quarter, compared to analysts’ expectations of $196.64 million. During the same period in the previous year, the company posted $0.17 earnings per share. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. Equities research analysts predict that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

Insider Buying and Selling at DigitalOcean

In other news, insider Bratin Saha sold 3,468 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total transaction of $132,408.24. Following the completion of the transaction, the insider now owns 379,795 shares of the company’s stock, valued at approximately $14,500,573.10. The trade was a 0.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matt Steinfort sold 12,498 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the sale, the chief financial officer now owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,244 shares of company stock valued at $1,416,208 in the last three months. Corporate insiders own 0.74% of the company’s stock.

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).