Principal Financial Group Inc. Raises Stock Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Principal Financial Group Inc. boosted its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 10.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,301,499 shares of the company’s stock after buying an additional 122,651 shares during the period. Principal Financial Group Inc. owned 1.41% of DigitalOcean worth $52,568,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Sei Investments Co. lifted its position in DigitalOcean by 1.5% during the second quarter. Sei Investments Co. now owns 30,834 shares of the company’s stock worth $1,071,000 after buying an additional 468 shares in the last quarter. Nisa Investment Advisors LLC raised its position in DigitalOcean by 56.4% in 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 during the period. Creative Financial Designs Inc. ADV lifted 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 worth $151,000 after acquiring an additional 566 shares in the last quarter. 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. Finally, KBC Group NV increased its position in shares of DigitalOcean by 47.6% during the third quarter. KBC Group NV now owns 2,096 shares of the company’s stock worth $85,000 after acquiring an additional 676 shares during the period. 49.77% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other DigitalOcean news, insider Bratin Saha sold 16,989 shares of the 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 transaction, the insider now owns 390,296 shares of the company’s stock, valued at $14,382,407.60. This trade represents a 4.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Matt Steinfort sold 12,498 shares of DigitalOcean stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total transaction of $499,920.00. Following the completion of the transaction, the chief financial officer now directly owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. This represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,955 shares of company stock worth $1,258,373 over the last ninety days. 0.74% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

DOCN has been the topic of several analyst reports. Canaccord Genuity Group raised their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a report on Friday, October 4th. JPMorgan Chase & Co. lifted their target price on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Barclays upped 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. Stifel Nicolaus increased their price target on DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $42.13.

DigitalOcean Stock Up 0.7 %

DigitalOcean stock opened at $35.70 on Monday. DigitalOcean Holdings, Inc. has a 52 week low of $26.63 and a 52 week high of $44.80. The firm has a market capitalization of $3.29 billion, a PE ratio of 42.00, a P/E/G ratio of 2.47 and a beta of 1.76. The firm’s 50-day simple moving average is $39.27 and its 200 day simple moving average is $37.27.

DigitalOcean (NYSE:DOCN) last posted 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 business had revenue of $198.50 million for the quarter, compared to analyst estimates of $196.64 million. During the same quarter last year, the company earned $0.17 earnings per share. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, research analysts expect that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current fiscal 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).