Price T Rowe Associates Inc. MD Raises Stock Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Price T Rowe Associates Inc. MD increased its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 16.3% in the 4th quarter, HoldingsChannel reports. The fund owned 44,821 shares of the company’s stock after acquiring an additional 6,274 shares during the period. Price T Rowe Associates Inc. MD’s holdings in DigitalOcean were worth $1,528,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of DOCN. Vanguard Group Inc. increased its position in shares of DigitalOcean by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 8,434,555 shares of the company’s stock worth $287,365,000 after purchasing an additional 117,133 shares in the last quarter. First Trust Advisors LP increased its position in DigitalOcean by 6.2% during the 4th quarter. First Trust Advisors LP now owns 1,533,699 shares of the company’s stock valued at $52,253,000 after buying an additional 89,349 shares in the last quarter. Geode Capital Management LLC raised its stake in DigitalOcean by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 1,473,421 shares of the company’s stock valued at $50,211,000 after buying an additional 9,088 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of DigitalOcean by 10.4% during the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock worth $52,568,000 after acquiring an additional 122,651 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of DigitalOcean by 6.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,231,125 shares of the company’s stock valued at $41,944,000 after acquiring an additional 77,145 shares in the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

DigitalOcean Trading Up 4.4 %

Shares of NYSE:DOCN opened at $29.89 on Friday. The company has a market capitalization of $2.72 billion, a PE ratio of 35.16, a PEG ratio of 3.12 and a beta of 1.88. DigitalOcean Holdings, Inc. has a 12-month low of $25.45 and a 12-month high of $47.02. The business has a 50 day moving average of $32.47 and a two-hundred day moving average of $36.72.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.11. The firm had revenue of $210.70 million for the quarter, compared to the consensus estimate of $208.63 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The firm’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.43 earnings per share. Equities research analysts predict that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Morgan Stanley lowered their target price on shares of DigitalOcean from $52.00 to $41.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Canaccord Genuity Group dropped their price objective on shares of DigitalOcean from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, April 7th. UBS Group cut their target price on DigitalOcean from $44.00 to $32.00 and set a “neutral” rating on the stock in a research report on Thursday. Stifel Nicolaus lowered their price target on DigitalOcean from $40.00 to $33.00 and set a “hold” rating for the company in a research report on Monday, April 7th. Finally, Barclays reduced their price objective on DigitalOcean from $48.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. One analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, DigitalOcean currently has a consensus rating of “Hold” and an average target price of $39.83.

Insider Activity

In other news, insider Bratin Saha sold 3,461 shares of the stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $26.86, for a total transaction of $92,962.46. Following the transaction, the insider now owns 394,367 shares in the company, valued at $10,592,697.62. This trade represents a 0.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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).