16,464 DigitalOcean Holdings, Inc. $DOCN Shares Purchased by Retirement Systems of Alabama

Retirement Systems of Alabama raised its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 19.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 100,660 shares of the company’s stock after purchasing an additional 16,464 shares during the period. Retirement Systems of Alabama owned 0.10% of DigitalOcean worth $13,427,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Parallel Advisors LLC boosted its holdings in DigitalOcean by 66.2% in the 1st quarter. Parallel Advisors LLC now owns 324 shares of the company’s stock worth $28,000 after buying an additional 129 shares during the period. Root Financial Partners LLC bought a new position in shares of DigitalOcean in the third quarter valued at approximately $31,000. Optiver Holding B.V. increased its holdings in DigitalOcean by 1,063.9% during the 1st quarter. Optiver Holding B.V. now owns 419 shares of the company’s stock worth $36,000 after acquiring an additional 383 shares during the period. SSI Investment Management LLC bought a new position in DigitalOcean in the 2nd quarter valued at $37,000. Finally, Hilltop National Bank bought a new position in shares of DigitalOcean in the second quarter worth $38,000. Hedge funds and other institutional investors own 49.77% of the company’s stock.

DigitalOcean Stock Up 3.4%

DOCN stock opened at $90.14 on Friday. DigitalOcean Holdings, Inc. has a fifty-two week low of $41.96 and a fifty-two week high of $187.50. The company has a market capitalization of $10.64 billion, a price-to-earnings ratio of 290.78, a price-to-earnings-growth ratio of 96.85 and a beta of 1.69. The business’s 50 day moving average price is $114.34 and its two-hundred day moving average price is $112.27. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.15 and a current ratio of 1.15.

DigitalOcean (NYSE:DOCN) last issued its quarterly earnings results on Tuesday, November 3rd. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.13. DigitalOcean had a net margin of 3.11% and a return on equity of 15.01%. The company had revenue of $321.19 million during the quarter, compared to analyst estimates of $306.74 million. During the same period last year, the business earned $0.54 EPS. DigitalOcean’s quarterly revenue was up 39.6% compared to the same quarter last year. As a group, analysts forecast that DigitalOcean Holdings, Inc. will post 0.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other DigitalOcean news, CAO Cherie Barrett sold 3,985 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $105.73, for a total transaction of $421,334.05. Following the completion of the sale, the chief accounting officer directly owned 58,399 shares in the company, valued at approximately $6,174,526.27. This trade represents a 6.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Matt Steinfort sold 10,000 shares of DigitalOcean stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $105.73, for a total transaction of $1,057,300.00. Following the completion of the transaction, the chief financial officer directly owned 503,692 shares of the company’s stock, valued at $53,255,355.16. This trade represents a 1.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.96% of the stock is owned by company insiders.

Analysts Set New Price Targets

DOCN has been the subject of a number of research analyst reports. Robert W. Baird began coverage on shares of DigitalOcean in a report on Tuesday, July 21st. They set an “outperform” rating and a $165.00 price objective for the company. Zacks Research upgraded shares of DigitalOcean from a “hold” rating to a “strong-buy” rating in a report on Monday, October 19th. Canaccord Genuity Group decreased their target price on shares of DigitalOcean from $200.00 to $180.00 and set a “buy” rating on the stock in a research report on Wednesday, November 4th. KeyCorp reiterated an “overweight” rating on shares of DigitalOcean in a report on Tuesday, October 13th. Finally, Stifel Nicolaus set a $130.00 price target on DigitalOcean in a research report on Tuesday, November 3rd. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, DigitalOcean has a consensus rating of “Moderate Buy” and a consensus target price of $141.06.

About DigitalOcean

DigitalOcean Holdings, Inc. provides cloud computing services designed primarily for developers, startups, and small and midsize businesses. Founded in 2011, the company focuses on making it easier for customers to build, deploy, and scale applications without managing their own physical infrastructure. Its platform includes virtual machines known as Droplets, managed Kubernetes, an application platform, managed databases, object storage, and networking and monitoring tools. These services support tasks ranging from hosting websites and applications to developing and running cloud-native software.