Sincerus Advisory LLC Acquires New Stake in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Sincerus Advisory LLC purchased a new position in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 54,699 shares of the company's stock, valued at approximately $1,864,000. DigitalOcean makes up approximately 2.0% of Sincerus Advisory LLC's portfolio, making the stock its 12th largest position. Sincerus Advisory LLC owned 0.06% of DigitalOcean as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Versor Investments LP bought a new position in DigitalOcean in the third quarter worth approximately $751,000. FORA Capital LLC bought a new position in shares of DigitalOcean in the third quarter valued at approximately $1,149,000. Victory Capital Management Inc. lifted its holdings in shares of DigitalOcean by 79.8% in the third quarter. Victory Capital Management Inc. now owns 31,169 shares of the company's stock valued at $1,259,000 after purchasing an additional 13,837 shares in the last quarter. Public Sector Pension Investment Board lifted its holdings in shares of DigitalOcean by 13.5% in the third quarter. Public Sector Pension Investment Board now owns 134,214 shares of the company's stock valued at $5,421,000 after purchasing an additional 16,000 shares in the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of DigitalOcean in the fourth quarter valued at approximately $5,382,000. Institutional investors own 49.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Canaccord Genuity Group raised their target price on DigitalOcean from $48.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday. Stifel Nicolaus raised their target price on DigitalOcean from $35.00 to $40.00 and gave the company a "hold" rating in a report on Wednesday, December 18th. Cantor Fitzgerald raised their target price on DigitalOcean from $39.00 to $43.00 and gave the company a "neutral" rating in a report on Wednesday. UBS Group increased their price target on DigitalOcean from $39.00 to $44.00 and gave the company a "neutral" rating in a research report on Wednesday. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of DigitalOcean in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, DigitalOcean presently has a consensus rating of "Hold" and an average target price of $43.27.

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Insider Activity

In other news, CFO Matt Steinfort sold 12,498 shares of DigitalOcean stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the completion of the transaction, the chief financial officer now directly owns 517,498 shares in the company, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bratin Saha sold 3,468 shares of DigitalOcean stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $38.18, for a total value of $132,408.24. Following the completion of the transaction, the insider now owns 379,795 shares of the company's stock, valued at approximately $14,500,573.10. This trade represents a 0.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,255 shares of company stock worth $790,163. 0.74% of the stock is owned by corporate insiders.

DigitalOcean Stock Performance

NYSE:DOCN traded up $0.03 during trading hours on Friday, reaching $42.74. The stock had a trading volume of 1,198,218 shares, compared to its average volume of 1,348,071. The stock has a market cap of $3.94 billion, a P/E ratio of 50.29, a price-to-earnings-growth ratio of 3.12 and a beta of 1.81. DigitalOcean Holdings, Inc. has a 12-month low of $26.63 and a 12-month high of $47.02. The stock has a 50 day simple moving average of $39.17 and a 200 day simple moving average of $39.22.

DigitalOcean Company Profile

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).