DigitalOcean Holdings, Inc. (NASDAQ:DOCN) Shares Bought by Arizona State Retirement System

Arizona State Retirement System boosted its stake in shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 6.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,144 shares of the company’s stock after buying an additional 971 shares during the quarter. Arizona State Retirement System’s holdings in DigitalOcean were worth $592,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in DigitalOcean by 3.3% during the third quarter. Vanguard Group Inc. now owns 6,391,293 shares of the company’s stock worth $153,583,000 after buying an additional 202,179 shares during the period. BlackRock Inc. grew its position in DigitalOcean by 6.2% during the first quarter. BlackRock Inc. now owns 4,113,371 shares of the company’s stock worth $237,960,000 after buying an additional 241,316 shares during the period. Alliancebernstein L.P. grew its position in DigitalOcean by 38.3% during the second quarter. Alliancebernstein L.P. now owns 3,422,743 shares of the company’s stock worth $137,389,000 after buying an additional 948,674 shares during the period. First Trust Advisors LP grew its position in DigitalOcean by 29.4% during the first quarter. First Trust Advisors LP now owns 3,241,162 shares of the company’s stock worth $187,501,000 after buying an additional 735,924 shares during the period. Finally, Van Berkom & Associates Inc. grew its position in shares of DigitalOcean by 25.2% in the third quarter. Van Berkom & Associates Inc. now owns 1,431,401 shares of the company’s stock valued at $34,397,000 after purchasing an additional 288,500 shares during the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

DigitalOcean Stock Performance

Shares of DOCN opened at $32.44 on Friday. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of 3,247.25, a PEG ratio of 2.85 and a beta of 1.80. The company’s 50 day simple moving average is $37.86 and its 200 day simple moving average is $32.88. DigitalOcean Holdings, Inc. has a 1 year low of $19.39 and a 1 year high of $51.69.

DigitalOcean (NASDAQ:DOCN) last announced its quarterly earnings data on Wednesday, February 21st. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.23. The business had revenue of $180.87 million for the quarter, compared to the consensus estimate of $178.26 million. DigitalOcean had a net margin of 0.12% and a negative return on equity of 19.85%. Equities analysts expect that DigitalOcean Holdings, Inc. will post 0.77 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. JMP Securities reiterated a “market outperform” rating and issued a $47.00 price target on shares of DigitalOcean in a research report on Thursday, March 21st. Piper Sandler increased their price target on shares of DigitalOcean from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday, February 22nd. Oppenheimer increased their price target on shares of DigitalOcean from $37.00 to $46.00 and gave the company an “outperform” rating in a research report on Thursday, February 22nd. Finally, Barclays increased their price target on shares of DigitalOcean from $37.00 to $43.00 and gave the company an “overweight” rating in a research report on Friday, January 12th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, DigitalOcean has an average rating of “Hold” and an average target price of $36.78.

About DigitalOcean

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).