Pinnacle Wealth Management LLC Makes New Investment in DigitalOcean Holdings, Inc. $DOCN

Pinnacle Wealth Management LLC acquired a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) during the first quarter, HoldingsChannel.com reports. The institutional investor acquired 16,647 shares of the company’s stock, valued at approximately $556,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Northern Trust Corp increased its stake in DigitalOcean by 0.4% during the 1st quarter. Northern Trust Corp now owns 728,567 shares of the company’s stock worth $24,327,000 after acquiring an additional 2,607 shares during the period. Fox Run Management L.L.C. bought a new position in DigitalOcean during the 1st quarter worth $2,301,000. Kovitz Investment Group Partners LLC bought a new position in DigitalOcean during the 1st quarter worth $446,000. Russell Investments Group Ltd. increased its stake in shares of DigitalOcean by 75.5% in the 1st quarter. Russell Investments Group Ltd. now owns 285,079 shares of the company’s stock valued at $9,519,000 after purchasing an additional 122,612 shares during the last quarter. Finally, Public Sector Pension Investment Board increased its stake in shares of DigitalOcean by 27.5% in the 1st quarter. Public Sector Pension Investment Board now owns 201,955 shares of the company’s stock valued at $6,743,000 after purchasing an additional 43,539 shares during the last quarter. Institutional investors own 49.77% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on DOCN. Barclays lifted their price target on DigitalOcean from $38.00 to $40.00 and gave the company an “overweight” rating in a research note on Wednesday, August 6th. Canaccord Genuity Group boosted their price objective on DigitalOcean from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. Morgan Stanley lifted their target price on DigitalOcean from $41.00 to $44.00 and gave the stock an “overweight” rating in a report on Wednesday, August 6th. The Goldman Sachs Group dropped their price objective on DigitalOcean from $46.00 to $41.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. Finally, Stifel Nicolaus set a $36.00 target price on DigitalOcean in a report on Tuesday, August 5th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $41.45.

DigitalOcean Trading Up 1.6%

NYSE:DOCN opened at $31.03 on Monday. The company has a 50-day moving average of $29.13 and a 200-day moving average of $32.48. The firm has a market cap of $2.82 billion, a price-to-earnings ratio of 23.87, a price-to-earnings-growth ratio of 1.81 and a beta of 1.75. DigitalOcean Holdings, Inc. has a twelve month low of $25.45 and a twelve month high of $47.02.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.12. DigitalOcean had a net margin of 15.18% and a negative return on equity of 73.19%. The firm had revenue of $218.70 million for the quarter, compared to analyst estimates of $216.62 million. During the same quarter in the previous year, the firm posted $0.48 EPS. The business’s revenue for the quarter was up 13.6% on a year-over-year basis. On average, research analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

Insider Activity at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $27.77, for a total transaction of $96,111.97. Following the sale, the insider directly owned 294,546 shares in the company, valued at $8,179,542.42. This represents a 1.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.74% of the stock is currently owned by corporate insiders.

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).