Principal Financial Group Inc. Has $22.48 Million Stake in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Principal Financial Group Inc. trimmed its stake in DigitalOcean Holdings, Inc. (NASDAQ:DOCN – Get Rating) by 5.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 882,656 shares of the company’s stock after selling 53,189 shares during the period. Principal Financial Group Inc.’s holdings in DigitalOcean were worth $22,481,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Citigroup Inc. increased its holdings in DigitalOcean by 9.6% in the fourth quarter. Citigroup Inc. now owns 11,493 shares of the company’s stock valued at $293,000 after purchasing an additional 1,006 shares during the period. Edmond DE Rothschild Holding S.A. boosted its position in DigitalOcean by 9.4% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 11,117 shares of the company’s stock valued at $283,000 after acquiring an additional 956 shares during the last quarter. Belpointe Asset Management LLC boosted its position in DigitalOcean by 16.2% during the fourth quarter. Belpointe Asset Management LLC now owns 5,225 shares of the company’s stock valued at $133,000 after acquiring an additional 728 shares during the last quarter. Nordea Investment Management AB boosted its position in DigitalOcean by 1.1% during the fourth quarter. Nordea Investment Management AB now owns 158,548 shares of the company’s stock valued at $4,013,000 after acquiring an additional 1,651 shares during the last quarter. Finally, LPL Financial LLC boosted its position in DigitalOcean by 97.1% during the fourth quarter. LPL Financial LLC now owns 90,404 shares of the company’s stock valued at $2,303,000 after acquiring an additional 44,544 shares during the last quarter. 52.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently commented on DOCN. Needham & Company LLC cut shares of DigitalOcean from a “buy” rating to a “hold” rating in a research report on Tuesday, April 25th. Oppenheimer cut shares of DigitalOcean from an “outperform” rating to a “market perform” rating and set a $40.00 price objective on the stock. in a research report on Friday, March 17th. The Goldman Sachs Group boosted their price objective on shares of DigitalOcean from $29.00 to $33.00 and gave the company a “sell” rating in a research report on Friday, February 17th. William Blair restated an “outperform” rating on shares of DigitalOcean in a research report on Tuesday, May 9th. Finally, Barclays boosted their price objective on shares of DigitalOcean from $32.00 to $42.00 in a research report on Friday, February 17th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, DigitalOcean has an average rating of “Hold” and an average target price of $38.67.

Insider Buying and Selling

In related news, CMO Carly D. Brantz sold 106,419 shares of the business’s stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $34.42, for a total transaction of $3,662,941.98. Following the sale, the chief marketing officer now owns 76,358 shares of the company’s stock, valued at $2,628,242.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CMO Carly D. Brantz sold 106,419 shares of the business’s stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $34.42, for a total transaction of $3,662,941.98. Following the sale, the chief marketing officer now owns 76,358 shares of the company’s stock, valued at $2,628,242.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Harold Matthew Norman sold 21,499 shares of the business’s stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $34.03, for a total transaction of $731,610.97. Following the sale, the insider now directly owns 145,696 shares in the company, valued at approximately $4,958,034.88. The disclosure for this sale can be found here. Insiders have sold 191,139 shares of company stock valued at $6,600,935 over the last quarter. Corporate insiders own 4.10% of the company’s stock.

DigitalOcean Price Performance

Shares of NASDAQ DOCN opened at $34.04 on Friday. DigitalOcean Holdings, Inc. has a 1 year low of $23.38 and a 1 year high of $53.88. The company has a debt-to-equity ratio of 28.78, a current ratio of 3.75 and a quick ratio of 3.75. The company’s 50-day moving average is $34.37 and its 200 day moving average is $31.10. The stock has a market capitalization of $3.02 billion, a P/E ratio of -79.16, a P/E/G ratio of 1.72 and a beta of 1.21.

DigitalOcean (NASDAQ:DOCN – Get Rating) last announced its quarterly earnings results on Tuesday, May 9th. The company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.01). DigitalOcean had a negative net margin of 6.69% and a negative return on equity of 65.61%. The company had revenue of $165.13 million for the quarter, compared to analysts’ expectations of $164.13 million. During the same quarter in the prior year, the firm earned ($0.16) EPS. DigitalOcean’s quarterly revenue was up 29.7% compared to the same quarter last year. On average, sell-side analysts expect that DigitalOcean Holdings, Inc. will post 0.49 earnings per share for the current year.

DigitalOcean Profile

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DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. Its platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and medium size businesses. The company offers infrastructure solutions across compute, storage, and networking, as well as enables developers to extend the native capabilities of its cloud with fully managed application, container, and database offerings.