Arizona State Retirement System Raises Position in DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Arizona State Retirement System boosted its stake in DigitalOcean Holdings, Inc. (NASDAQ:DOCN) by 6.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,144 shares of the company’s stock after buying an additional 971 shares during the quarter. Arizona State Retirement System’s holdings in DigitalOcean were worth $592,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Baird Financial Group Inc. lifted its stake in DigitalOcean by 0.8% in the 3rd quarter. Baird Financial Group Inc. now owns 38,215 shares of the company’s stock valued at $1,382,000 after buying an additional 321 shares in the last quarter. Vident Investment Advisory LLC lifted its stake in DigitalOcean by 4.3% in the 4th quarter. Vident Investment Advisory LLC now owns 9,047 shares of the company’s stock worth $230,000 after purchasing an additional 369 shares in the last quarter. Macquarie Group Ltd. lifted its stake in DigitalOcean by 48.1% in the 2nd quarter. Macquarie Group Ltd. now owns 1,747 shares of the company’s stock worth $72,000 after purchasing an additional 567 shares in the last quarter. State of Wyoming lifted its stake in DigitalOcean by 42.4% in the 2nd quarter. State of Wyoming now owns 1,988 shares of the company’s stock worth $80,000 after purchasing an additional 592 shares in the last quarter. Finally, Householder Group Estate & Retirement Specialist LLC lifted its stake in DigitalOcean by 41.0% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 2,399 shares of the company’s stock worth $88,000 after purchasing an additional 698 shares in the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

DigitalOcean Stock Performance

DigitalOcean stock opened at $32.44 on Friday. DigitalOcean Holdings, Inc. has a fifty-two week low of $19.39 and a fifty-two week high of $51.69. The firm has a 50 day moving average price of $37.86 and a 200 day moving average price of $32.88. The company has a market capitalization of $2.95 billion, a PE ratio of 3,247.25, a price-to-earnings-growth ratio of 2.85 and a beta of 1.80.

DigitalOcean (NASDAQ:DOCN) last posted its earnings results on Wednesday, February 21st. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.23. DigitalOcean had a net margin of 0.12% and a negative return on equity of 19.85%. The firm had revenue of $180.87 million during the quarter, compared to the consensus estimate of $178.26 million. As a group, equities research analysts forecast that DigitalOcean Holdings, Inc. will post 0.77 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on DOCN. Oppenheimer raised their target price on shares of DigitalOcean from $37.00 to $46.00 and gave the stock an “outperform” rating in a research note on Thursday, February 22nd. JMP Securities reissued a “market outperform” rating and issued a $47.00 target price on shares of DigitalOcean in a research note on Thursday, March 21st. Piper Sandler lifted their price target on shares of DigitalOcean from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday, February 22nd. Finally, Barclays lifted their price target on shares of DigitalOcean from $37.00 to $43.00 and gave the company an “overweight” rating in a research report on Friday, January 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $36.78.

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).