Geode Capital Management LLC Acquires 106,636 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Geode Capital Management LLC boosted its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 7.9% during the third quarter, Holdings Channel reports. The fund owned 1,464,333 shares of the company’s stock after acquiring an additional 106,636 shares during the period. Geode Capital Management LLC’s holdings in DigitalOcean were worth $59,156,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC bought a new stake in shares of DigitalOcean during the third quarter valued at approximately $30,000. Advisors Asset Management Inc. lifted its holdings in DigitalOcean by 150.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after buying an additional 585 shares in the last quarter. Blue Trust Inc. boosted its position in DigitalOcean by 380.6% in the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after buying an additional 959 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of DigitalOcean by 56.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock valued at $54,000 after buying an additional 483 shares during the period. Finally, KBC Group NV raised its position in shares of DigitalOcean by 47.6% during the third quarter. KBC Group NV now owns 2,096 shares of the company’s stock worth $85,000 after acquiring an additional 676 shares during the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Stock Up 0.7 %

DOCN opened at $35.70 on Friday. The stock has a market cap of $3.29 billion, a P/E ratio of 42.00, a P/E/G ratio of 2.47 and a beta of 1.76. DigitalOcean Holdings, Inc. has a 12 month low of $26.63 and a 12 month high of $44.80. The company has a fifty day simple moving average of $39.27 and a 200 day simple moving average of $37.27.

DigitalOcean (NYSE:DOCN) last released its quarterly earnings results on Monday, November 4th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The company had revenue of $198.50 million for the quarter, compared to analyst estimates of $196.64 million. During the same quarter last year, the firm posted $0.17 earnings per share. DigitalOcean’s revenue was up 12.1% compared to the same quarter last year. On average, equities research analysts expect that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on DOCN. Stifel Nicolaus raised their price target on DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Canaccord Genuity Group increased their price objective on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a report on Friday, October 4th. Barclays lifted their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Finally, JPMorgan Chase & Co. increased their price target on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $42.13.

Insider Activity

In related news, CFO Matt Steinfort sold 12,498 shares of DigitalOcean stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the sale, the chief financial officer now owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. This trade represents a 2.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bratin Saha sold 3,468 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total value of $132,408.24. Following the transaction, the insider now directly owns 379,795 shares of the company’s stock, valued at approximately $14,500,573.10. This trade represents a 0.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,955 shares of company stock worth $1,258,373 over the last quarter. 0.74% of the stock is currently owned by company insiders.

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).