New York State Teachers Retirement System Lowers Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

New York State Teachers Retirement System trimmed its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 16.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,072 shares of the company’s stock after selling 4,225 shares during the period. New York State Teachers Retirement System’s holdings in DigitalOcean were worth $704,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. GAMMA Investing LLC increased its holdings in DigitalOcean by 336.1% during the first quarter. GAMMA Investing LLC now owns 1,064 shares of the company’s stock valued at $36,000 after buying an additional 820 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of DigitalOcean by 135,100.0% in the 1st quarter. Farther Finance Advisors LLC now owns 1,352 shares of the company’s stock valued at $46,000 after acquiring an additional 1,351 shares during the period. New Age Alpha Advisors LLC bought a new position in shares of DigitalOcean in the 4th quarter worth $115,000. Canada Pension Plan Investment Board purchased a new stake in shares of DigitalOcean during the 4th quarter worth $133,000. Finally, Cibc World Markets Corp purchased a new stake in shares of DigitalOcean during the 4th quarter worth $209,000. Institutional investors own 49.77% of the company’s stock.

Insider Transactions at DigitalOcean

In other news, insider Bratin Saha sold 3,461 shares of the company’s stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $27.77, for a total transaction of $96,111.97. Following the completion of the transaction, the insider directly owned 294,546 shares of the company’s stock, valued at $8,179,542.42. This represents a 1.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.96% of the company’s stock.

DigitalOcean Stock Down 0.8%

DigitalOcean stock opened at $29.58 on Friday. The business’s 50-day moving average price is $29.04 and its 200 day moving average price is $33.70. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of 26.65, a price-to-earnings-growth ratio of 2.19 and a beta of 1.76. DigitalOcean Holdings, Inc. has a 52 week low of $25.45 and a 52 week high of $47.02.

DigitalOcean (NYSE:DOCN) last posted its earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.11. DigitalOcean had a net margin of 13.46% and a negative return on equity of 60.69%. The firm had revenue of $210.70 million during the quarter, compared to analyst estimates of $208.63 million. During the same period in the previous year, the firm earned $0.43 EPS. The business’s quarterly revenue was up 14.1% on a year-over-year basis. Equities analysts expect that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Citigroup lowered their price target on shares of DigitalOcean from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Stifel Nicolaus cut their price target on shares of DigitalOcean from $40.00 to $33.00 and set a “hold” rating on the stock in a report on Monday, April 7th. UBS Group decreased their price objective on DigitalOcean from $44.00 to $32.00 and set a “neutral” rating for the company in a report on Thursday, May 8th. Canaccord Genuity Group reduced their target price on DigitalOcean from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. Finally, Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $39.83.

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).