Rhumbline Advisers Purchases 8,077 Shares of DigitalOcean Holdings, Inc. $DOCN

Rhumbline Advisers increased its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 4.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 188,111 shares of the company’s stock after purchasing an additional 8,077 shares during the period. Rhumbline Advisers’ holdings in DigitalOcean were worth $6,426,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of DigitalOcean in the 2nd quarter valued at approximately $22,633,000. Lazard Asset Management LLC grew its holdings in shares of DigitalOcean by 34.5% during the second quarter. Lazard Asset Management LLC now owns 1,660,731 shares of the company’s stock worth $47,430,000 after purchasing an additional 426,264 shares during the last quarter. Van Berkom & Associates Inc. increased its position in DigitalOcean by 33.1% in the 3rd quarter. Van Berkom & Associates Inc. now owns 1,564,991 shares of the company’s stock valued at $53,460,000 after acquiring an additional 389,161 shares in the last quarter. Mizuho Markets Americas LLC bought a new position in shares of DigitalOcean in the third quarter worth about $12,122,000. Finally, Frontier Capital Management Co. LLC increased its holdings in shares of DigitalOcean by 75.9% in the second quarter. Frontier Capital Management Co. LLC now owns 706,227 shares of the company’s stock valued at $20,170,000 after purchasing an additional 304,805 shares in the last quarter. Institutional investors own 49.77% of the company’s stock.

DigitalOcean Price Performance

Shares of NYSE:DOCN opened at $63.52 on Monday. The firm’s 50 day simple moving average is $55.15 and its 200 day simple moving average is $44.75. DigitalOcean Holdings, Inc. has a fifty-two week low of $25.45 and a fifty-two week high of $70.43. The company has a market capitalization of $5.81 billion, a price-to-earnings ratio of 25.61, a P/E/G ratio of 8.94 and a beta of 1.76.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on DOCN shares. Wall Street Zen downgraded DigitalOcean from a “buy” rating to a “hold” rating in a report on Sunday, January 4th. Cantor Fitzgerald upgraded DigitalOcean from a “neutral” rating to an “overweight” rating and raised their price target for the company from $47.00 to $68.00 in a report on Thursday, February 5th. Bank of America lifted their price objective on DigitalOcean from $60.00 to $72.00 and gave the stock a “buy” rating in a research report on Tuesday, January 27th. Weiss Ratings restated a “hold (c+)” rating on shares of DigitalOcean in a research report on Monday, December 29th. Finally, Barclays raised their target price on shares of DigitalOcean from $49.00 to $63.00 and gave the company an “overweight” rating in a research note on Monday, January 12th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $53.92.

About DigitalOcean

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.