Principal Financial Group Inc. Sells 772,882 Shares of DigitalOcean Holdings, Inc. $DOCN

Principal Financial Group Inc. trimmed its stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 66.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 398,022 shares of the company’s stock after selling 772,882 shares during the period. Principal Financial Group Inc. owned 0.44% of DigitalOcean worth $13,596,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of DOCN. Thrivent Financial for Lutherans increased its position in DigitalOcean by 554.9% in the third quarter. Thrivent Financial for Lutherans now owns 302,504 shares of the company’s stock worth $10,334,000 after buying an additional 256,316 shares in the last quarter. Arizona State Retirement System lifted its position in shares of DigitalOcean by 7.4% during the 3rd quarter. Arizona State Retirement System now owns 20,203 shares of the company’s stock valued at $690,000 after buying an additional 1,395 shares in the last quarter. Knights of Columbus Asset Advisors LLC grew its stake in shares of DigitalOcean by 22.7% during the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 74,637 shares of the company’s stock valued at $2,550,000 after acquiring an additional 13,820 shares during the period. Federated Hermes Inc. purchased a new stake in DigitalOcean in the 3rd quarter worth approximately $8,551,000. Finally, Belpointe Asset Management LLC increased its holdings in DigitalOcean by 8.7% in the 3rd quarter. Belpointe Asset Management LLC now owns 13,542 shares of the company’s stock worth $463,000 after acquiring an additional 1,082 shares in the last quarter. 49.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

DOCN has been the topic of several analyst reports. Oppenheimer initiated coverage on shares of DigitalOcean in a report on Monday, November 10th. They set an “outperform” rating and a $60.00 price target on the stock. Canaccord Genuity Group lifted their target price on shares of DigitalOcean from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Cantor Fitzgerald raised shares of DigitalOcean from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $47.00 to $68.00 in a report on Thursday, February 5th. Piper Sandler raised their price target on DigitalOcean from $47.00 to $50.00 and gave the company a “neutral” rating in a report on Monday, January 5th. Finally, Bank of America upped their price objective on DigitalOcean from $60.00 to $72.00 and gave the stock a “buy” rating in a research note on Tuesday, January 27th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, DigitalOcean has an average rating of “Moderate Buy” and a consensus price target of $52.25.

DigitalOcean Stock Performance

Shares of NYSE DOCN opened at $64.25 on Wednesday. The company has a market cap of $5.88 billion, a P/E ratio of 25.91, a P/E/G ratio of 9.09 and a beta of 1.77. DigitalOcean Holdings, Inc. has a 52-week low of $25.45 and a 52-week high of $65.92. The firm’s fifty day moving average is $52.28 and its two-hundred day moving average is $42.69.

DigitalOcean Company Profile

DigitalOcean Holdings, Inc is a cloud infrastructure provider that focuses on simplicity, performance and developer experience. The company offers a range of cloud services designed to help software developers, startups and small- to medium-sized businesses deploy, manage and scale applications. Its flagship offering, Droplets, provides virtual private servers that can be configured with various CPU, memory and storage options. In addition to compute instances, DigitalOcean’s platform includes managed Kubernetes, scalable object and block storage, managed databases, load balancers and networking capabilities such as Virtual Private Cloud (VPC) and Floating IPs.

Founded in 2011 and headquartered in New York City, DigitalOcean was created with the goal of making cloud computing more accessible to individual developers and smaller teams.