Empowered Funds LLC Boosts Stock Holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Empowered Funds LLC grew its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 8.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 9,245 shares of the company’s stock after buying an additional 697 shares during the period. Empowered Funds LLC’s holdings in DigitalOcean were worth $373,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its position in DigitalOcean by 11.5% during the first quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock valued at $256,897,000 after acquiring an additional 696,426 shares during the period. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of DigitalOcean during the 2nd quarter worth about $11,712,000. Bank of New York Mellon Corp raised its holdings in DigitalOcean by 66.9% in the second quarter. Bank of New York Mellon Corp now owns 766,043 shares of the company’s stock valued at $26,620,000 after buying an additional 307,162 shares during the period. Principal Financial Group Inc. lifted its position in DigitalOcean by 27.9% during the second quarter. Principal Financial Group Inc. now owns 1,178,848 shares of the company’s stock valued at $40,965,000 after buying an additional 257,229 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in DigitalOcean by 152.6% during the second quarter. Renaissance Technologies LLC now owns 375,600 shares of the company’s stock worth $13,052,000 after buying an additional 226,900 shares during the period. 49.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Bratin Saha sold 16,989 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $36.85, for a total transaction of $626,044.65. Following the sale, the insider now directly owns 390,296 shares in the company, valued at approximately $14,382,407.60. This represents a 4.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.74% of the stock is currently owned by company insiders.

DigitalOcean Stock Down 0.2 %

Shares of NYSE DOCN opened at $39.52 on Tuesday. The business has a 50 day moving average price of $40.53 and a two-hundred day moving average price of $37.14. DigitalOcean Holdings, Inc. has a fifty-two week low of $26.63 and a fifty-two week high of $44.80. The firm has a market cap of $3.65 billion, a PE ratio of 46.49, a price-to-earnings-growth ratio of 2.54 and a beta of 1.83.

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on DOCN shares. Barclays raised their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Stifel Nicolaus boosted their price objective on DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. UBS Group lowered their target price on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Canaccord Genuity Group boosted their price target on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $41.50.

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).