Sumitomo Mitsui Trust Group Inc. Has $559,000 Stake in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Sumitomo Mitsui Trust Group Inc. increased its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 119.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,729 shares of the company's stock after buying an additional 9,110 shares during the quarter. Sumitomo Mitsui Trust Group Inc.'s holdings in DigitalOcean were worth $559,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in DOCN. Norges Bank bought a new position in shares of DigitalOcean in the fourth quarter worth $14,772,000. Jacobs Levy Equity Management Inc. grew its stake in shares of DigitalOcean by 16.6% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company's stock worth $55,500,000 after purchasing an additional 231,407 shares in the last quarter. CenterBook Partners LP bought a new position in shares of DigitalOcean in the fourth quarter worth $7,633,000. Bank of New York Mellon Corp grew its stake in shares of DigitalOcean by 19.7% in the fourth quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company's stock worth $26,979,000 after purchasing an additional 130,263 shares in the last quarter. Finally, Sei Investments Co. grew its stake in shares of DigitalOcean by 274.5% in the fourth quarter. Sei Investments Co. now owns 176,813 shares of the company's stock worth $6,024,000 after purchasing an additional 129,595 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors.

DigitalOcean Stock Up 2.8%

Shares of NYSE DOCN traded up $0.79 during mid-day trading on Friday, hitting $29.19. 739,743 shares of the company traded hands, compared to its average volume of 1,305,475. DigitalOcean Holdings, Inc. has a 1 year low of $25.45 and a 1 year high of $47.02. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 26.30, a PEG ratio of 2.14 and a beta of 1.76. The business has a 50 day moving average of $29.18 and a two-hundred day moving average of $33.86.

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. The firm had revenue of $210.70 million during the quarter, compared to the consensus estimate of $208.63 million. DigitalOcean had a negative return on equity of 60.69% and a net margin of 13.46%. The business's revenue for the quarter was up 14.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.43 EPS. As a group, research analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current year.

Insider Transactions at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of the company's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $27.77, for a total value of $96,111.97. Following the transaction, the insider directly owned 294,546 shares of the company's stock, valued at $8,179,542.42. This represents a 1.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.96% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Wall Street Zen raised DigitalOcean from a "hold" rating to a "buy" rating in a research note on Sunday, June 29th. Barclays cut their price objective on DigitalOcean from $48.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Needham & Company LLC restated a "hold" rating on shares of DigitalOcean in a report on Tuesday, May 6th. Canaccord Genuity Group cut their price objective on DigitalOcean from $50.00 to $45.00 and set a "buy" rating for the company in a report on Monday, April 7th. Finally, UBS Group cut their price objective on DigitalOcean from $44.00 to $32.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target 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).