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

Jacobs Levy Equity Management Inc. raised its stake in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 16.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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 approximately 1.77% of DigitalOcean worth $55,500,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in DigitalOcean by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 8,434,555 shares of the company's stock valued at $287,365,000 after buying an additional 117,133 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its position in shares of DigitalOcean by 7.3% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,545,642 shares of the company's stock valued at $52,660,000 after purchasing an additional 105,235 shares during the last quarter. First Trust Advisors LP grew its position in shares of DigitalOcean by 6.2% in the fourth quarter. First Trust Advisors LP now owns 1,533,699 shares of the company's stock valued at $52,253,000 after purchasing an additional 89,349 shares during the last quarter. Geode Capital Management LLC grew its position in shares of DigitalOcean by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 1,473,421 shares of the company's stock valued at $50,211,000 after purchasing an additional 9,088 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of DigitalOcean by 10.4% in the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company's stock valued at $52,568,000 after purchasing an additional 122,651 shares during the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of the stock in a transaction that occurred on Monday, April 21st. The shares were 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 $10,592,697.62. This trade represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.96% of the stock is currently owned by insiders.

DigitalOcean Stock Performance

NYSE DOCN traded up $0.37 during mid-day trading on Friday, reaching $31.05. 1,114,824 shares of the stock were exchanged, compared to its average volume of 1,243,067. The stock has a market capitalization of $2.83 billion, a PE ratio of 36.53, a PEG ratio of 3.12 and a beta of 1.88. DigitalOcean Holdings, Inc. has a 1-year low of $25.45 and a 1-year high of $47.02. The business's fifty day simple moving average is $31.47 and its 200 day simple moving average is $36.26.

DigitalOcean (NYSE:DOCN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share 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 net margin of 10.86% and a negative return on equity of 43.11%. DigitalOcean's revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.43 earnings per share. On average, analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently commented on DOCN. Citigroup lowered their price target on shares of DigitalOcean from $50.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Canaccord Genuity Group lowered their price target on shares of DigitalOcean from $50.00 to $45.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Bank of America increased their price target on shares of DigitalOcean from $28.00 to $31.00 and gave the company an "underperform" rating in a research report on Wednesday, February 26th. UBS Group lowered their price target on shares of DigitalOcean from $44.00 to $32.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Finally, Stifel Nicolaus decreased their target price on shares of DigitalOcean from $40.00 to $33.00 and set a "hold" rating on the stock in a research report on Monday, April 7th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $39.83.

About DigitalOcean

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).