Teacher Retirement System of Texas Makes New $315,000 Investment in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Teacher Retirement System of Texas purchased a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,443 shares of the company's stock, valued at approximately $315,000.

A number of other large investors also recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its position in shares of DigitalOcean by 336.1% during the 1st 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. Farther Finance Advisors LLC boosted its stake in DigitalOcean by 135,100.0% during the 1st quarter. Farther Finance Advisors LLC now owns 1,352 shares of the company's stock worth $46,000 after purchasing an additional 1,351 shares during the period. New Age Alpha Advisors LLC acquired a new stake in DigitalOcean during the 4th quarter worth $115,000. Canada Pension Plan Investment Board acquired a new stake in DigitalOcean during the 4th quarter worth $133,000. Finally, Cibc World Markets Corp acquired a new stake in DigitalOcean during the 4th quarter worth $209,000. 49.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

DOCN has been the topic of several research analyst reports. The Goldman Sachs Group decreased their target price on shares of DigitalOcean from $46.00 to $41.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Barclays reduced their price target on shares of DigitalOcean from $48.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Canaccord Genuity Group cut their price target on shares of DigitalOcean from $50.00 to $45.00 and set a "buy" rating for the company in a report on Monday, April 7th. UBS Group cut their price objective on DigitalOcean from $44.00 to $32.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Finally, Morgan Stanley lowered their price target on shares of DigitalOcean from $52.00 to $41.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, DigitalOcean currently has an average rating of "Hold" and an average price target of $40.36.

DigitalOcean Trading Down 0.8%

NYSE:DOCN traded down $0.24 during trading hours on Tuesday, hitting $28.90. 1,848,758 shares of the company were exchanged, compared to its average volume of 1,314,365. The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of 26.04, a price-to-earnings-growth ratio of 2.14 and a beta of 1.76. DigitalOcean Holdings, Inc. has a one year low of $25.45 and a one year high of $47.02. The company has a fifty day simple moving average of $28.86 and a 200 day simple moving average of $33.43.

DigitalOcean (NYSE:DOCN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $208.63 million. During the same quarter in the previous year, the business earned $0.43 EPS. The company's quarterly revenue was up 14.1% on a year-over-year basis. Equities research analysts predict that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

Insider Activity at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $27.77, for a total transaction of $96,111.97. Following the sale, the insider owned 294,546 shares of the company's stock, valued at $8,179,542.42. The trade was a 1.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.74% of the company's stock.

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).