Northern Trust Corp Acquires 93,347 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Northern Trust Corp grew its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 14.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 725,960 shares of the company's stock after buying an additional 93,347 shares during the period. Northern Trust Corp owned approximately 0.79% of DigitalOcean worth $24,733,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of DOCN. Norges Bank acquired a new position in DigitalOcean in the fourth quarter valued at about $14,772,000. CenterBook Partners LP bought a new position in shares of DigitalOcean during the 4th quarter valued at about $7,633,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of DigitalOcean in the 4th quarter valued at approximately $5,382,000. Bank of New York Mellon Corp increased its stake in DigitalOcean by 19.7% during the 4th 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. increased its stake in DigitalOcean by 274.5% during the 4th 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 and hedge funds.

Analysts Set New Price Targets

DOCN has been the topic of a number of research reports. Barclays cut their price target on shares of DigitalOcean from $48.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Morgan Stanley cut their price objective on shares of DigitalOcean from $52.00 to $41.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. JPMorgan Chase & Co. upped their target price on shares of DigitalOcean from $40.00 to $45.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 26th. UBS Group dropped their price target on DigitalOcean from $44.00 to $32.00 and set a "neutral" rating on the stock in a research note on Thursday, May 8th. Finally, Stifel Nicolaus cut their price target on DigitalOcean from $40.00 to $33.00 and set a "hold" rating on the stock in a report on Monday, April 7th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $39.83.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of the company's stock in a transaction on Monday, April 21st. The stock was sold at an average price of $26.86, for a total value of $92,962.46. Following the transaction, the insider now directly owns 394,367 shares of the company's stock, valued at $10,592,697.62. This represents a 0.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.96% of the company's stock.

DigitalOcean Stock Performance

DOCN traded up $0.37 during trading on Friday, reaching $31.05. 1,114,824 shares of the stock were exchanged, compared to its average volume of 1,243,970. The stock's 50 day moving average price is $31.58 and its two-hundred day moving average price is $36.36. DigitalOcean Holdings, Inc. has a twelve month low of $25.45 and a twelve month high of $47.02. The stock has a market cap of $2.83 billion, a P/E ratio of 36.53, a price-to-earnings-growth ratio of 3.12 and a beta of 1.88.

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