DNB Asset Management AS Buys Shares of 24,778 DigitalOcean Holdings, Inc. $DOCN

DNB Asset Management AS purchased a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 24,778 shares of the company’s stock, valued at approximately $846,000.

Several other institutional investors and hedge funds also recently modified their holdings of DOCN. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of DigitalOcean by 9.4% in the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 49,577 shares of the company’s stock worth $1,694,000 after purchasing an additional 4,275 shares during the last quarter. Fox Run Management L.L.C. increased its stake in DigitalOcean by 57.7% in the 3rd quarter. Fox Run Management L.L.C. now owns 24,106 shares of the company’s stock valued at $823,000 after buying an additional 8,823 shares during the period. Hillsdale Investment Management Inc. raised its holdings in shares of DigitalOcean by 158.9% during the third quarter. Hillsdale Investment Management Inc. now owns 199,600 shares of the company’s stock worth $6,818,000 after acquiring an additional 122,500 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in shares of DigitalOcean during the 3rd quarter valued at about $362,000. Finally, Vanguard Group Inc. lifted its stake in DigitalOcean by 5.0% in the third quarter. Vanguard Group Inc. now owns 9,362,889 shares of the company’s stock valued at $319,836,000 after acquiring an additional 442,617 shares during the last quarter. Institutional investors own 49.77% of the company’s stock.

Analyst Ratings Changes

DOCN has been the topic of a number of analyst reports. Oppenheimer increased their price objective on DigitalOcean from $60.00 to $85.00 and gave the company an “outperform” rating in a report on Wednesday, February 25th. Canaccord Genuity Group increased their target price on shares of DigitalOcean from $65.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, February 20th. Piper Sandler reiterated a “neutral” rating and set a $67.00 price target on shares of DigitalOcean in a research note on Tuesday, February 24th. Bank of America increased their target price on DigitalOcean from $72.00 to $86.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. Finally, UBS Group boosted their price target on shares of DigitalOcean from $48.00 to $68.00 and gave the company a “neutral” rating in a research report on Wednesday, February 25th. Nine research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $69.23.

DigitalOcean Stock Down 4.9%

Shares of NYSE:DOCN opened at $55.41 on Wednesday. The firm has a market cap of $5.10 billion, a price-to-earnings ratio of 21.90, a PEG ratio of 56.60 and a beta of 1.76. The company’s fifty day simple moving average is $56.74 and its 200 day simple moving average is $46.06. DigitalOcean Holdings, Inc. has a 12 month low of $25.45 and a 12 month high of $70.43.

Insider Buying and Selling at DigitalOcean

In related news, CFO Matt Steinfort sold 20,000 shares of DigitalOcean stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $55.40, for a total transaction of $1,108,000.00. Following the completion of the sale, the chief financial officer directly owned 545,916 shares of the company’s stock, valued at approximately $30,243,746.40. This trade represents a 3.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Cherie Barrett sold 22,000 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $54.77, for a total transaction of $1,204,940.00. Following the transaction, the chief accounting officer directly owned 62,469 shares in the company, valued at $3,421,427.13. This represents a 26.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.74% of the stock is currently owned by company insiders.

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.