DigitalOcean Holdings, Inc. $DOCN Stock: New York Life Investment Management LLC Boosts Stake

New York Life Investment Management LLC boosted its position in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 68.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 14,300 shares of the company’s stock after buying an additional 5,830 shares during the quarter. New York Life Investment Management LLC’s holdings in DigitalOcean were worth $1,907,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Ausbil Investment Management Ltd acquired a new position in DigitalOcean during the third quarter worth $3,401,000. Assenagon Asset Management S.A. increased its stake in DigitalOcean by 956.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 150,248 shares of the company’s stock valued at $20,042,000 after buying an additional 136,020 shares during the last quarter. Danske Bank A S acquired a new stake in DigitalOcean in the 2nd quarter valued at $1,488,000. Wealth High Governance Asset Management Ltda. bought a new stake in DigitalOcean during the 1st quarter worth about $8,986,000. Finally, Norris Financial Group LLC bought a new stake in DigitalOcean during the 1st quarter worth about $7,234,000. Institutional investors own 49.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on DOCN. KeyCorp restated an “overweight” rating on shares of DigitalOcean in a report on Tuesday, October 13th. Citigroup dropped their target price on DigitalOcean from $190.00 to $160.00 and set a “buy” rating on the stock in a report on Wednesday, November 4th. Robert W. Baird assumed coverage on DigitalOcean in a research report on Tuesday, July 21st. They set an “outperform” rating and a $165.00 price target for the company. Oppenheimer raised their price target on DigitalOcean from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Wednesday, October 14th. Finally, Piper Sandler raised DigitalOcean from a “neutral” rating to an “overweight” rating and lowered their price target for the stock from $142.00 to $126.00 in a research report on Wednesday, October 21st. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $141.06.

DigitalOcean Stock Performance

NYSE:DOCN traded down $3.85 during mid-day trading on Friday, hitting $86.22. The stock had a trading volume of 2,624,343 shares, compared to its average volume of 4,025,077. DigitalOcean Holdings, Inc. has a twelve month low of $41.96 and a twelve month high of $187.50. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.15 and a current ratio of 1.15. The stock has a market cap of $10.17 billion, a price-to-earnings ratio of 278.14, a PEG ratio of 100.09 and a beta of 1.69. The company’s 50 day simple moving average is $113.87 and its 200 day simple moving average is $112.39.

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

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, CFO Matt Steinfort sold 10,000 shares of the firm’s stock in a transaction on 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 sale, the chief financial officer owned 503,692 shares of the company’s stock, valued at $53,255,355.16. This trade represents a 1.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available 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, CAO Cherie Barrett sold 3,985 shares of the 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 transaction, the chief accounting officer directly owned 58,399 shares in the company, valued at $6,174,526.27. The trade was a 6.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Company insiders own 0.96% of the company’s stock.

DigitalOcean Profile

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.