Geode Capital Management LLC Has $59.16 Million Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Geode Capital Management LLC raised its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 7.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,464,333 shares of the company’s stock after acquiring an additional 106,636 shares during the quarter. Geode Capital Management LLC owned about 1.59% of DigitalOcean worth $59,156,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in DOCN. Farther Finance Advisors LLC bought a new stake in DigitalOcean in the third quarter worth $30,000. Advisors Asset Management Inc. lifted its position in shares of DigitalOcean by 150.4% in the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after buying an additional 585 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of DigitalOcean by 380.6% during the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after acquiring an additional 959 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of DigitalOcean by 56.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock valued at $54,000 after acquiring an additional 483 shares during the last quarter. Finally, KBC Group NV raised its stake in shares of DigitalOcean by 47.6% in the 3rd quarter. KBC Group NV now owns 2,096 shares of the company’s stock valued at $85,000 after acquiring an additional 676 shares in the last quarter. 49.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on DOCN shares. Stifel Nicolaus upped their target price on DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday. 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. Canaccord Genuity Group boosted their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. boosted their price objective on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $42.13.

DigitalOcean Trading Up 0.7 %

Shares of DOCN stock opened at $35.70 on Friday. DigitalOcean Holdings, Inc. has a 12 month low of $26.63 and a 12 month high of $44.80. The company has a market capitalization of $3.29 billion, a P/E ratio of 42.00, a P/E/G ratio of 2.47 and a beta of 1.76. The stock has a 50 day moving average of $39.27 and a two-hundred day moving average of $37.27.

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

Insiders Place Their Bets

In related news, CFO Matt Steinfort sold 12,498 shares of DigitalOcean stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the completion of the transaction, the chief financial officer now directly owns 517,498 shares of the company’s stock, valued at $20,699,920. This trade represents a 2.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bratin Saha sold 16,989 shares of the company’s stock in a transaction dated 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 $14,382,407.60. This represents a 4.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,955 shares of company stock worth $1,258,373 over the last quarter. Company insiders own 0.74% of the company’s stock.

DigitalOcean Company Profile

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).