Illinois Municipal Retirement Fund Acquires Shares of 33,444 DigitalOcean Holdings, Inc. (NYSE:DOCN)

Illinois Municipal Retirement Fund acquired a new stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 33,444 shares of the company's stock, valued at approximately $1,139,000.

Several other hedge funds have also made changes to their positions in the stock. Bank of New York Mellon Corp lifted its position in DigitalOcean by 19.7% in the fourth quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company's stock worth $26,979,000 after purchasing an additional 130,263 shares during the period. Handelsbanken Fonder AB raised its stake in shares of DigitalOcean by 21.6% in the 4th quarter. Handelsbanken Fonder AB now owns 13,500 shares of the company's stock valued at $460,000 after buying an additional 2,400 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of DigitalOcean during the 4th quarter worth about $5,382,000. Truist Financial Corp boosted its position in shares of DigitalOcean by 4.4% during the 4th quarter. Truist Financial Corp now owns 20,480 shares of the company's stock valued at $698,000 after acquiring an additional 869 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in DigitalOcean in the fourth quarter valued at about $174,000. Institutional investors own 49.77% of the company's stock.

DigitalOcean Stock Performance

DOCN traded down $1.19 during midday trading on Thursday, hitting $40.35. The company had a trading volume of 360,932 shares, compared to its average volume of 1,326,689. DigitalOcean Holdings, Inc. has a twelve month low of $26.63 and a twelve month high of $47.02. The company has a market capitalization of $3.71 billion, a PE ratio of 47.46, a P/E/G ratio of 3.12 and a beta of 1.80. The firm's 50-day simple moving average is $39.48 and its 200-day simple moving average is $39.33.

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Insider Activity

In related news, insider Bratin Saha sold 4,289 shares of the firm's stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total value of $157,835.20. Following the transaction, the insider now owns 372,762 shares in the company, valued at $13,717,641.60. This trade represents a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.74% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. lifted their price objective on DigitalOcean from $40.00 to $45.00 and gave the company a "neutral" rating in a report on Wednesday, February 26th. Canaccord Genuity Group boosted their price target on DigitalOcean from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, February 26th. Citigroup initiated coverage on DigitalOcean in a research report on Friday, January 24th. They issued a "buy" rating and a $45.00 price target on the stock. Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a report on Wednesday, February 26th. Finally, Bank of America boosted their target price on shares of DigitalOcean from $28.00 to $31.00 and gave the company an "underperform" rating in a research note on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $43.27.

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).