DigitalOcean Holdings, Inc. (NYSE:DOCN) Stock Holdings Trimmed by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC decreased its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 3.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,273 shares of the company’s stock after selling 372 shares during the quarter. Mutual of America Capital Management LLC’s holdings in DigitalOcean were worth $310,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Envestnet Asset Management Inc. raised its stake in shares of DigitalOcean by 66.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 82,558 shares of the company’s stock valued at $2,813,000 after purchasing an additional 32,966 shares in the last quarter. Russell Investments Group Ltd. increased its stake in shares of DigitalOcean by 11.7% during the fourth quarter. Russell Investments Group Ltd. now owns 162,467 shares of the company’s stock valued at $5,535,000 after acquiring an additional 17,025 shares during the period. Legal & General Group Plc raised its holdings in DigitalOcean by 2.1% during the fourth quarter. Legal & General Group Plc now owns 182,674 shares of the company’s stock worth $6,224,000 after purchasing an additional 3,783 shares in the last quarter. Renaissance Technologies LLC lifted its position in DigitalOcean by 11.7% in the fourth quarter. Renaissance Technologies LLC now owns 488,700 shares of the company’s stock worth $16,650,000 after purchasing an additional 51,000 shares during the period. Finally, Raymond James Financial Inc. bought a new position in DigitalOcean during the 4th quarter valued at $2,970,000. 49.77% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of the company’s stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $27.77, for a total value of $96,111.97. Following the transaction, the insider directly owned 294,546 shares of the company’s stock, valued at $8,179,542.42. This represents a 1.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.74% of the company’s stock.

Wall Street Analysts Forecast Growth

DOCN has been the subject of several research analyst reports. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a report on Tuesday, May 6th. Stifel Nicolaus set a $36.00 target price on shares of DigitalOcean in a research note on Tuesday, August 5th. Canaccord Genuity Group upped their price target on DigitalOcean from $45.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. The Goldman Sachs Group reduced their price objective on DigitalOcean from $46.00 to $41.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. Finally, Wall Street Zen raised DigitalOcean from a “hold” rating to a “buy” rating in a research report on Sunday, June 29th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $41.45.

DigitalOcean Price Performance

NYSE:DOCN opened at $30.01 on Wednesday. The stock has a market cap of $2.73 billion, a PE ratio of 23.08, a price-to-earnings-growth ratio of 1.98 and a beta of 1.75. DigitalOcean Holdings, Inc. has a fifty-two week low of $25.45 and a fifty-two week high of $47.02. The stock’s 50-day moving average is $28.99 and its two-hundred day moving average is $32.75.

DigitalOcean (NYSE:DOCN) last issued its earnings results on Tuesday, August 5th. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.12. DigitalOcean had a net margin of 15.18% and a negative return on equity of 73.19%. The company had revenue of $218.70 million during the quarter, compared to analyst estimates of $216.62 million. During the same quarter last year, the business posted $0.48 EPS. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. On average, equities research analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

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).