Intech Investment Management LLC Buys New Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Intech Investment Management LLC bought a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 17,240 shares of the company’s stock, valued at approximately $696,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC purchased a new position in shares of DigitalOcean in the third quarter valued at approximately $30,000. Advisors Asset Management Inc. boosted its stake in shares of DigitalOcean by 150.4% in the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after purchasing an additional 585 shares during the period. Blue Trust Inc. raised its position in DigitalOcean by 380.6% in the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after purchasing an additional 959 shares in the last quarter. Nisa Investment Advisors LLC grew 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 worth $54,000 after purchasing an additional 483 shares in the last quarter. Finally, KBC Group NV increased its stake in DigitalOcean by 47.6% in the third quarter. KBC Group NV now owns 2,096 shares of the company’s stock valued at $85,000 after purchasing an additional 676 shares during the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other DigitalOcean news, insider Bratin Saha sold 16,989 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $36.85, for a total transaction of $626,044.65. Following the completion of the sale, the insider now owns 390,296 shares of the company’s stock, valued at $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 available through the SEC website. 0.74% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

DOCN has been the topic of a number of recent research reports. Barclays lifted their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Stifel Nicolaus boosted their price objective on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. JPMorgan Chase & Co. raised their price target on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Finally, Canaccord Genuity Group lifted 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. Five 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, the stock presently has a consensus rating of “Hold” and a consensus price target of $41.50.

DigitalOcean Stock Up 0.7 %

DOCN stock opened at $38.13 on Friday. DigitalOcean Holdings, Inc. has a fifty-two week low of $26.63 and a fifty-two week high of $44.80. The company has a market capitalization of $3.52 billion, a P/E ratio of 44.86, a PEG ratio of 2.43 and a beta of 1.83. The company has a 50-day simple moving average of $40.33 and a 200 day simple moving average of $37.17.

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

About DigitalOcean

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).