Jacobs Levy Equity Management Inc. Boosts Stock Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Jacobs Levy Equity Management Inc. grew its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 16.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,628,995 shares of the company's stock after buying an additional 231,407 shares during the period. Jacobs Levy Equity Management Inc. owned 1.77% of DigitalOcean worth $55,500,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in DOCN. Tidal Investments LLC purchased a new stake in DigitalOcean during the 3rd quarter worth about $423,000. Franklin Resources Inc. grew its position in DigitalOcean by 17.1% during the 3rd quarter. Franklin Resources Inc. now owns 39,078 shares of the company's stock worth $1,714,000 after acquiring an additional 5,718 shares during the last quarter. Principal Financial Group Inc. grew its position in DigitalOcean by 10.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company's stock worth $52,568,000 after acquiring an additional 122,651 shares during the last quarter. JTC Employer Solutions Trustee Ltd bought a new position in DigitalOcean during the 4th quarter worth approximately $45,000. Finally, Hennion & Walsh Asset Management Inc. grew its position in shares of DigitalOcean by 20.2% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 11,845 shares of the company's stock worth $404,000 after buying an additional 1,990 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Morgan Stanley cut their price objective on DigitalOcean from $52.00 to $41.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Bank of America lifted their price objective on DigitalOcean from $28.00 to $31.00 and gave the company an "underperform" rating in a research note on Wednesday, February 26th. Barclays decreased their price target on DigitalOcean from $48.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Stifel Nicolaus decreased their price target on DigitalOcean from $40.00 to $33.00 and set a "hold" rating for the company in a research note on Monday, April 7th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of DigitalOcean in a report on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $39.83.

Insider Buying and Selling

In other news, insider Bratin Saha sold 3,461 shares of the company's stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $26.86, for a total transaction of $92,962.46. Following the transaction, the insider now owns 394,367 shares of the company's stock, valued at approximately $10,592,697.62. This represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.96% of the stock is owned by company insiders.

DigitalOcean Stock Down 2.4%

Shares of DigitalOcean stock opened at $29.17 on Monday. The stock's 50-day simple moving average is $32.25 and its 200-day simple moving average is $36.57. DigitalOcean Holdings, Inc. has a 52 week low of $25.45 and a 52 week high of $47.02. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of 34.32, a PEG ratio of 3.12 and a beta of 1.88.

DigitalOcean (NYSE:DOCN - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.56 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.11. The company had revenue of $210.70 million for the quarter, compared to the consensus estimate of $208.63 million. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The firm's revenue for the quarter was up 14.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.43 earnings per share. On average, equities analysts expect that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current 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).

Want to see what other hedge funds are holding DOCN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.