Maryland State Retirement & Pension System Decreases Stock Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Maryland State Retirement & Pension System lessened its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 13.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 18,564 shares of the company’s stock after selling 2,879 shares during the period. Maryland State Retirement & Pension System’s holdings in DigitalOcean were worth $620,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of DOCN. GAMMA Investing LLC increased its stake in DigitalOcean by 336.1% in the first quarter. GAMMA Investing LLC now owns 1,064 shares of the company’s stock worth $36,000 after purchasing an additional 820 shares during the period. Farther Finance Advisors LLC increased its stake in DigitalOcean by 135,100.0% in the first quarter. Farther Finance Advisors LLC now owns 1,352 shares of the company’s stock worth $46,000 after purchasing an additional 1,351 shares during the period. Canada Pension Plan Investment Board purchased a new stake in DigitalOcean in the fourth quarter worth $133,000. Mariner LLC increased its stake in DigitalOcean by 14.4% in the fourth quarter. Mariner LLC now owns 6,685 shares of the company’s stock worth $228,000 after purchasing an additional 839 shares during the period. Finally, Cerity Partners LLC purchased a new stake in DigitalOcean in the first quarter worth $223,000. Hedge funds and other institutional investors own 49.77% of the company’s stock.

Insider Activity

In other news, insider Bratin Saha sold 3,461 shares of the firm’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 completion of the transaction, the insider directly owned 294,546 shares in the company, valued at $8,179,542.42. This trade represents a 1.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.96% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on DOCN. Citigroup reduced their target price on DigitalOcean from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. Wall Street Zen raised DigitalOcean from a “hold” rating to a “buy” rating in a research report on Sunday, June 29th. Stifel Nicolaus set a $36.00 price target on DigitalOcean in a research report on Tuesday, August 5th. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research report on Tuesday, May 6th. Finally, Canaccord Genuity Group raised their price objective on DigitalOcean from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, August 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, DigitalOcean currently has an average rating of “Hold” and a consensus target price of $41.45.

DigitalOcean Stock Performance

Shares of NYSE DOCN opened at $31.72 on Thursday. The company has a market cap of $2.89 billion, a PE ratio of 24.40, a P/E/G ratio of 2.01 and a beta of 1.75. The business has a 50-day simple moving average of $29.03 and a two-hundred day simple moving average of $32.75. DigitalOcean Holdings, Inc. has a fifty-two week low of $25.45 and a fifty-two week high of $47.02.

DigitalOcean (NYSE:DOCN) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.12. The business had revenue of $218.70 million during the quarter, compared to the consensus estimate of $216.62 million. DigitalOcean had a negative return on equity of 73.19% and a net margin of 15.18%. The company’s quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter last year, the company earned $0.48 earnings per share. On average, sell-side 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).