Fulcrum Asset Management LLP Makes New Investment in DigitalOcean Holdings, Inc. $DOCN

Fulcrum Asset Management LLP purchased a new position in DigitalOcean Holdings, Inc. (NYSE:DOCN) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 9,741 shares of the company’s stock, valued at approximately $1,315,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of DOCN. Bank of America Corp DE purchased a new stake in DigitalOcean during the second quarter valued at about $241,945,000. First Trust Advisors LP boosted its holdings in shares of DigitalOcean by 9.3% in the first quarter. First Trust Advisors LP now owns 1,441,151 shares of the company’s stock worth $123,622,000 after buying an additional 122,675 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of DigitalOcean in the second quarter worth approximately $98,011,000. Principal Financial Group Inc. increased its position in shares of DigitalOcean by 155.3% in the first quarter. Principal Financial Group Inc. now owns 1,108,420 shares of the company’s stock worth $95,080,000 after acquiring an additional 674,231 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of DigitalOcean by 18.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 580,462 shares of the company’s stock valued at $81,149,000 after acquiring an additional 90,897 shares during the period. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Stock Performance

Shares of DOCN opened at $87.26 on Thursday. The company has a market capitalization of $10.30 billion, a PE ratio of 281.49, a PEG ratio of 88.37 and a beta of 1.69. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.15 and a current ratio of 1.15. The company’s 50 day moving average price is $114.64 and its 200 day moving average price is $112.11. DigitalOcean Holdings, Inc. has a 52 week low of $41.96 and a 52 week high of $187.50.

DigitalOcean (NYSE:DOCN) last released its earnings results on Tuesday, November 3rd. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.13. DigitalOcean had a net margin of 3.11% and a return on equity of 15.01%. The company had revenue of $321.19 million during the quarter, compared to the consensus estimate of $306.74 million. During the same quarter in the prior year, the firm earned $0.54 EPS. The company’s revenue was up 39.6% compared to the same quarter last year. Research analysts expect that DigitalOcean Holdings, Inc. will post 0.73 EPS for the current fiscal year.

Analyst Ratings Changes

DOCN has been the subject of several research analyst reports. William Blair restated an “outperform” rating on shares of DigitalOcean in a research report on Wednesday, July 15th. Robert W. Baird initiated coverage on shares of DigitalOcean in a research report on Tuesday, July 21st. They set an “outperform” rating and a $165.00 price objective on the stock. KeyCorp restated an “overweight” rating on shares of DigitalOcean in a report on Tuesday, October 13th. Morgan Stanley reduced their target price on DigitalOcean from $175.00 to $150.00 and set an “overweight” rating for the company in a report on Wednesday, November 4th. Finally, Barclays decreased their target price on DigitalOcean from $161.00 to $140.00 and set an “overweight” rating for the company in a research report on Wednesday, November 4th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $141.06.

Insiders Place Their Bets

In other DigitalOcean news, CAO Cherie Barrett sold 3,985 shares of the company’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $105.73, for a total value of $421,334.05. Following the transaction, the chief accounting officer directly owned 58,399 shares of the company’s stock, valued at $6,174,526.27. This represents a 6.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Matt Steinfort sold 10,000 shares of DigitalOcean stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $105.73, for a total value of $1,057,300.00. Following the sale, the chief financial officer owned 503,692 shares of the company’s stock, valued at approximately $53,255,355.16. This represents a 1.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.96% of the stock is currently owned by company insiders.

About DigitalOcean

DigitalOcean Holdings, Inc. provides cloud computing services designed primarily for developers, startups, and small and midsize businesses. Founded in 2011, the company focuses on making it easier for customers to build, deploy, and scale applications without managing their own physical infrastructure. Its platform includes virtual machines known as Droplets, managed Kubernetes, an application platform, managed databases, object storage, and networking and monitoring tools. These services support tasks ranging from hosting websites and applications to developing and running cloud-native software.