Texas Permanent School Fund Corp Buys Shares of 46,075 DigitalOcean Holdings, Inc. (NASDAQ:DOCN)

Texas Permanent School Fund Corp bought a new stake in DigitalOcean Holdings, Inc. (NASDAQ:DOCN) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 46,075 shares of the company’s stock, valued at approximately $1,601,000. Texas Permanent School Fund Corp owned approximately 0.05% of DigitalOcean at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Van Berkom & Associates Inc. increased its stake in shares of DigitalOcean by 1.6% during the 2nd quarter. Van Berkom & Associates Inc. now owns 1,273,103 shares of the company’s stock worth $44,240,000 after purchasing an additional 19,731 shares in the last quarter. Quest Partners LLC increased its stake in shares of DigitalOcean by 11,041.9% during the 2nd quarter. Quest Partners LLC now owns 3,454 shares of the company’s stock worth $120,000 after purchasing an additional 3,423 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of DigitalOcean by 95.8% during the 2nd quarter. Victory Capital Management Inc. now owns 17,332 shares of the company’s stock worth $602,000 after purchasing an additional 8,481 shares in the last quarter. Wealth Effects LLC boosted its position in DigitalOcean by 5.7% during the second quarter. Wealth Effects LLC now owns 50,800 shares of the company’s stock worth $1,765,000 after acquiring an additional 2,750 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in DigitalOcean during the second quarter worth approximately $11,712,000. 49.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. UBS Group decreased their target price on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Barclays decreased their target price on shares of DigitalOcean from $43.00 to $38.00 and set an “overweight” rating on the stock in a research report on Friday, August 9th. Stifel Nicolaus raised their target price on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, Piper Sandler decreased their target price on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, DigitalOcean presently has an average rating of “Moderate Buy” and an average price target of $37.67.

DigitalOcean Price Performance

DigitalOcean stock opened at $40.78 on Thursday. DigitalOcean Holdings, Inc. has a 12-month low of $19.39 and a 12-month high of $41.93. The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of 76.94, a price-to-earnings-growth ratio of 3.15 and a beta of 1.83. The firm’s fifty day moving average price is $35.01 and its 200 day moving average price is $35.81.

DigitalOcean (NASDAQ:DOCN) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.09. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The firm had revenue of $192.00 million for the quarter, compared to the consensus estimate of $188.63 million. During the same quarter in the previous year, the firm posted $0.11 EPS. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. Analysts forecast that DigitalOcean Holdings, Inc. will post 0.86 earnings per share for the current fiscal year.

About DigitalOcean

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).