DigitalOcean Holdings, Inc. $DOCN Stock: Retirement Systems of Alabama Grows Position

Retirement Systems of Alabama boosted its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 19.6% in the third quarter, Holdings Channel reports. The fund owned 100,660 shares of the company’s stock after purchasing an additional 16,464 shares during the quarter. Retirement Systems of Alabama’s holdings in DigitalOcean were worth $13,427,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Ausbil Investment Management Ltd purchased a new position in shares of DigitalOcean during the 3rd quarter worth $3,401,000. Assenagon Asset Management S.A. increased its position in DigitalOcean by 956.0% in the third quarter. Assenagon Asset Management S.A. now owns 150,248 shares of the company’s stock worth $20,042,000 after buying an additional 136,020 shares in the last quarter. Danske Bank A S bought a new position in shares of DigitalOcean in the second quarter worth about $1,488,000. Wealth High Governance Asset Management Ltda. purchased a new position in shares of DigitalOcean during the 1st quarter valued at about $8,986,000. Finally, Norris Financial Group LLC purchased a new stake in DigitalOcean in the 1st quarter worth approximately $7,234,000. 49.77% of the stock is currently owned by institutional investors.

DigitalOcean Stock Up 3.4%

Shares of DOCN opened at $90.14 on Friday. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.61. The business has a fifty day moving average of $114.34 and a 200 day moving average of $112.27. The company has a market cap of $10.64 billion, a PE ratio of 290.78, a P/E/G ratio of 96.85 and a beta of 1.69. DigitalOcean Holdings, Inc. has a 52-week low of $41.96 and a 52-week high of $187.50.

DigitalOcean (NYSE:DOCN) last released its earnings results on Tuesday, November 3rd. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.13. DigitalOcean had a net margin of 3.11% and a return on equity of 15.01%. The firm had revenue of $321.19 million during the quarter, compared to analyst estimates of $306.74 million. During the same quarter last year, the business earned $0.54 EPS. The business’s revenue was up 39.6% on a year-over-year basis. On average, sell-side analysts expect that DigitalOcean Holdings, Inc. will post 0.73 EPS for the current year.

Insider Transactions at DigitalOcean

In other DigitalOcean news, CFO Matt Steinfort sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $105.73, for a total value of $1,057,300.00. Following the transaction, the chief financial officer directly owned 503,692 shares in the company, valued at $53,255,355.16. This represents a 1.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Cherie Barrett sold 3,985 shares of DigitalOcean stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $105.73, for a total transaction of $421,334.05. Following the sale, the chief accounting officer directly owned 58,399 shares of the company’s stock, valued at $6,174,526.27. This represents a 6.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.96% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on DOCN shares. Oppenheimer increased their price objective on shares of DigitalOcean from $190.00 to $220.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 14th. Stifel Nicolaus set a $130.00 price objective on DigitalOcean in a research report on Tuesday, November 3rd. Zacks Research raised shares of DigitalOcean from a “hold” rating to a “strong-buy” rating in a report on Monday, October 19th. KeyCorp reaffirmed an “overweight” rating on shares of DigitalOcean in a research note on Tuesday, October 13th. Finally, UBS Group reduced their target price on DigitalOcean from $105.00 to $100.00 and set a “neutral” rating on the stock in a report on Wednesday, November 4th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $141.06.

DigitalOcean Profile

DigitalOcean Holdings, Inc. provides cloud computing services designed primarily for developers, startups, and small and midsize businesses. Founded in 2011, the company focuses on making it easier for customers to build, deploy, and scale applications without managing their own physical infrastructure. Its platform includes virtual machines known as Droplets, managed Kubernetes, an application platform, managed databases, object storage, and networking and monitoring tools. These services support tasks ranging from hosting websites and applications to developing and running cloud-native software.