DigitalOcean Holdings, Inc. (NYSE:DOCN) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its position in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 2.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,217,185 shares of the company's stock after selling 34,747 shares during the period. Principal Financial Group Inc. owned 1.33% of DigitalOcean worth $40,642,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Hillsdale Investment Management Inc. boosted its stake in DigitalOcean by 0.4% during the fourth quarter. Hillsdale Investment Management Inc. now owns 84,500 shares of the company's stock worth $2,879,000 after buying an additional 300 shares during the last quarter. Focus Partners Wealth boosted its stake in DigitalOcean by 2.8% during the fourth quarter. Focus Partners Wealth now owns 12,455 shares of the company's stock worth $424,000 after buying an additional 338 shares during the last quarter. Summit Investment Advisors Inc. boosted its stake in DigitalOcean by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 6,866 shares of the company's stock worth $234,000 after buying an additional 436 shares during the last quarter. BSW Wealth Partners boosted its stake in DigitalOcean by 4.8% during the first quarter. BSW Wealth Partners now owns 15,256 shares of the company's stock worth $509,000 after buying an additional 700 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in DigitalOcean by 336.1% during the first quarter. GAMMA Investing LLC now owns 1,064 shares of the company's stock worth $36,000 after buying an additional 820 shares during the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.

DigitalOcean Trading Up 2.8%

NYSE DOCN opened at $29.19 on Monday. DigitalOcean Holdings, Inc. has a 1-year low of $25.45 and a 1-year high of $47.02. The firm's fifty day simple moving average is $29.18 and its 200-day simple moving average is $33.85. The company has a market capitalization of $2.66 billion, a PE ratio of 26.30, a price-to-earnings-growth ratio of 2.14 and a beta of 1.76.

DigitalOcean (NYSE:DOCN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.11. DigitalOcean had a negative return on equity of 60.69% and a net margin of 13.46%. The business had revenue of $210.70 million during the quarter, compared to analyst estimates of $208.63 million. During the same period last year, the company earned $0.43 earnings per share. DigitalOcean's quarterly revenue was up 14.1% compared to the same quarter last year. As a group, analysts predict that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current year.

Insiders Place Their Bets

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of DigitalOcean stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $27.77, for a total transaction of $96,111.97. Following the sale, the insider directly owned 294,546 shares of the company's stock, valued at approximately $8,179,542.42. The trade was a 1.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.74% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. UBS Group reduced 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, May 8th. Needham & Company LLC restated a "hold" rating on shares of DigitalOcean in a research report on Tuesday, May 6th. Stifel Nicolaus reduced their target price on DigitalOcean from $40.00 to $33.00 and set a "hold" rating on the stock in a research report on Monday, April 7th. Barclays reduced their target price on DigitalOcean from $48.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Finally, Morgan Stanley cut their price objective on DigitalOcean from $52.00 to $41.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, DigitalOcean currently has an average rating of "Hold" and a consensus target price of $39.83.

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).

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