Northern Trust Corp Increases Stock Holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Northern Trust Corp increased its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 14.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 725,960 shares of the company's stock after purchasing an additional 93,347 shares during the quarter. Northern Trust Corp owned 0.79% of DigitalOcean worth $24,733,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Oberweis Asset Management Inc. lifted its position in DigitalOcean by 0.8% in the fourth quarter. Oberweis Asset Management Inc. now owns 425,700 shares of the company's stock worth $14,504,000 after buying an additional 3,500 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its stake in shares of DigitalOcean by 7.3% during 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 buying an additional 105,235 shares during the period. Price T Rowe Associates Inc. MD grew its stake in DigitalOcean by 16.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 44,821 shares of the company's stock valued at $1,528,000 after purchasing an additional 6,274 shares during the last quarter. Stifel Financial Corp grew its stake in DigitalOcean by 12.8% in the fourth quarter. Stifel Financial Corp now owns 25,072 shares of the company's stock valued at $854,000 after purchasing an additional 2,854 shares during the last quarter. Finally, State of Tennessee Department of Treasury raised its position in DigitalOcean by 11.1% during the fourth quarter. State of Tennessee Department of Treasury now owns 25,176 shares of the company's stock valued at $858,000 after acquiring an additional 2,511 shares in the last quarter. Institutional investors own 49.77% of the company's stock.

DigitalOcean Price Performance

Shares of DOCN stock traded up $0.37 on Friday, reaching $31.05. 1,114,824 shares of the company were exchanged, compared to its average volume of 1,243,067. The company has a market cap of $2.83 billion, a price-to-earnings ratio of 36.53, a PEG ratio of 3.12 and a beta of 1.88. The company has a 50-day moving average of $31.47 and a 200-day moving average of $36.24. DigitalOcean Holdings, Inc. has a one year low of $25.45 and a one year high of $47.02.

DigitalOcean (NYSE:DOCN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.45 by $0.11. The firm had revenue of $210.70 million during the quarter, compared to analyst estimates of $208.63 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The company's revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter last year, the business posted $0.43 EPS. As a group, sell-side analysts predict that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on DOCN shares. The Goldman Sachs Group reduced their price target on DigitalOcean from $46.00 to $41.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Citigroup decreased their target price on DigitalOcean from $50.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. JPMorgan Chase & Co. upped their price target on DigitalOcean from $40.00 to $45.00 and gave the company a "neutral" rating in a research report on Wednesday, February 26th. Morgan Stanley dropped their target price on DigitalOcean from $52.00 to $41.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Canaccord Genuity Group lowered their target price on DigitalOcean from $50.00 to $45.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $39.83.

Insiders Place Their Bets

In other news, insider Bratin Saha sold 3,461 shares of the firm's stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $26.86, for a total value of $92,962.46. Following the completion of the sale, the insider now owns 394,367 shares in the company, valued at approximately $10,592,697.62. This trade represents a 0.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.96% of the company's stock.

DigitalOcean Company 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).