Teacher Retirement System of Texas Invests $315,000 in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Teacher Retirement System of Texas acquired a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) during the first quarter, according to its most recent filing with the SEC. The firm acquired 9,443 shares of the company’s stock, valued at approximately $315,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. grew its position in DigitalOcean by 119.6% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 16,729 shares of the company’s stock valued at $559,000 after buying an additional 9,110 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in DigitalOcean by 78.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 171,751 shares of the company’s stock valued at $5,803,000 after buying an additional 75,445 shares during the last quarter. BSW Wealth Partners grew its position in DigitalOcean by 4.8% in the 1st quarter. BSW Wealth Partners now owns 15,256 shares of the company’s stock valued at $509,000 after buying an additional 700 shares during the last quarter. Cherry Creek Investment Advisors Inc. grew its position in DigitalOcean by 202.9% in the 1st quarter. Cherry Creek Investment Advisors Inc. now owns 38,603 shares of the company’s stock valued at $1,289,000 after buying an additional 25,858 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in DigitalOcean by 336.1% in the 1st 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 last quarter. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at DigitalOcean

In other news, insider Bratin Saha sold 3,461 shares of the company’s stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $27.77, for a total transaction of $96,111.97. Following the completion of the transaction, the insider 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.96% of the stock is currently owned by corporate insiders.

DigitalOcean Trading Up 1.2%

NYSE:DOCN opened at $29.48 on Friday. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 26.56, a price-to-earnings-growth ratio of 2.14 and a beta of 1.76. The company’s 50-day moving average is $28.86 and its two-hundred day moving average is $33.44. DigitalOcean Holdings, Inc. has a 12-month low of $25.45 and a 12-month high of $47.02.

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

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Stifel Nicolaus decreased their target price on shares of DigitalOcean from $40.00 to $33.00 and set a “hold” rating on the stock in a research report on Monday, April 7th. Wall Street Zen upgraded shares of DigitalOcean from a “hold” rating to a “buy” rating in a research report on Sunday, June 29th. Morgan Stanley decreased their price objective on shares of DigitalOcean from $52.00 to $41.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research report on Tuesday, May 6th. Finally, The Goldman Sachs Group decreased their price objective on shares of DigitalOcean from $46.00 to $41.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, DigitalOcean currently has an average rating of “Hold” and a consensus price target of $40.36.

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).