Raymond James Financial Inc. Makes New $2.97 Million Investment in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Raymond James Financial Inc. purchased a new position in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 87,175 shares of the company's stock, valued at approximately $2,970,000. Raymond James Financial Inc. owned 0.09% of DigitalOcean as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Harbor Investment Advisory LLC lifted its stake in DigitalOcean by 380.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company's stock valued at $25,000 after buying an additional 570 shares during the period. Advisors Asset Management Inc. lifted its position in shares of DigitalOcean by 150.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company's stock valued at $39,000 after acquiring an additional 585 shares during the period. BSW Wealth Partners lifted its position in shares of DigitalOcean by 4.3% during the 4th quarter. BSW Wealth Partners now owns 14,556 shares of the company's stock valued at $496,000 after acquiring an additional 600 shares during the period. Stifel Financial Corp grew its holdings in DigitalOcean by 3.6% in the third quarter. Stifel Financial Corp now owns 22,218 shares of the company's stock worth $897,000 after purchasing an additional 777 shares during the period. Finally, KBC Group NV grew its holdings in DigitalOcean by 37.6% in the fourth quarter. KBC Group NV now owns 2,884 shares of the company's stock worth $98,000 after purchasing an additional 788 shares during the period. 49.77% of the stock is owned by institutional investors.

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Analyst Ratings Changes

Several analysts have recently commented on DOCN shares. Bank of America raised their target price on DigitalOcean from $28.00 to $31.00 and gave the company an "underperform" rating in a research note on Wednesday, February 26th. Cantor Fitzgerald raised their price objective on DigitalOcean from $39.00 to $43.00 and gave the company a "neutral" rating in a research note on Wednesday, February 26th. Stifel Nicolaus upped their target price on DigitalOcean from $35.00 to $40.00 and gave the stock a "hold" rating in a research report on Wednesday, December 18th. The Goldman Sachs Group reissued a "buy" rating on shares of DigitalOcean in a research report on Saturday, March 1st. Finally, JPMorgan Chase & Co. raised their price objective on shares of DigitalOcean from $40.00 to $45.00 and gave the company a "neutral" rating in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $43.27.

DigitalOcean Stock Up 2.9 %

NYSE DOCN traded up $0.99 during trading hours on Wednesday, reaching $34.78. 226,730 shares of the company were exchanged, compared to its average volume of 1,239,064. The stock has a market capitalization of $3.20 billion, a P/E ratio of 40.81, a P/E/G ratio of 3.12 and a beta of 1.80. DigitalOcean Holdings, Inc. has a 1 year low of $26.63 and a 1 year high of $47.02. The business's 50 day simple moving average is $40.07 and its 200-day simple moving average is $39.19.

Insider Transactions at DigitalOcean

In related news, insider Bratin Saha sold 3,948 shares of DigitalOcean stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $36.63, for a total value of $144,615.24. Following the completion of the sale, the insider now owns 358,696 shares of the company's stock, valued at approximately $13,139,034.48. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.74% of the stock is currently owned by company 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).